Shares of General Electric Co. (GE) sank 3.9% in very active afternoon trading, extending the pullback in the wake of second-quarter results and the selloff in the broader stock market. Trading volume swelled to 49.5 million shares, enough to make GE's stock the most actively traded on major U.S. exchanges. On Wednesday, the stock had rallied as much as 2.6% in intraday trading after GE beat profit expectations ( ) but said Chief Financial Officer was stepping down after less than 2 years in the role. Gimme Credit analyst Carol Levenson reiterated her underperform rating on GE, saying she questioned the timing of the departure of Chief Financial Officer Jaimer Miller, but reversed course to close down 0.7%, weighed down by a sharp late selloff in the broader market ( ) on the back of disappointing rhetoric from the Federal Reserve. "We wonder about all these things, especially if things really are looking up, as management contends," Levenson wrote in a research note. On Thursday, the Dow Jones Industrial Average fell 193 points, reversing earlier intraday gains of as much as 311 points. GE's stock has now lost 0.6% over the past three months, while the Dow has gained 1.0%
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 01, 2019 14:11 ET (18:11 GMT)
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