Shares of General Electric Co. (GE) rallied 2.9% in premarket trade Wednesday, after Bloomberg reported that diversified industrial company had confidentially filed for an initial public offering of its health-care unit. Bloomberg reported, citing people familiar with the matter, that GE is working with Goldman Sachs, Bank of America, Citigroup, J.P. Morgan Chase and Morgan Stanley on the planned IPO. GE said earlier this year that it planned to spin off its health-care business (http://www.marketwatch.com/story/ge-to-spin-off-health-care-business-unload-baker-hughes-2018-06-26), as part of the company's strategy to focus on its power, aviation and renewable-energy businesses. The stock has tumbled 43.5% over the past three months and has dropped 58.3% year to date, while the Dow Jones Industrial Average has lost 10.3% over the past three months and has slipped 4.2% this year.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 19, 2018 07:41 ET (12:41 GMT)
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