Shares of General Electric Co. (GE) slid 1.6% in afternoon trading Monday, to put them on track for the eighth loss in the nine sessions since the industrial conglomerate reported second-quarter results. The stock is on track for the lowest close since April 15. It has tumbled 14% since GE reported before the July 31 open earnings that beat expectations ( ), but said its CFO was leaving after less than two months in the role. J.P. Morgan analyst analyst Stephen Tusa reiterated his underweight rating and $5 stock price target, which is 44% below current levels. He wrote in a note to clients that GE's results support his view that "the company may have fewer options than many think, forcing a protracted, drawn-out approach to the problems, a negative given cycle timing, and at odds with the message of urgency from last fall." The stock has still gained 23.7% year to date but has shed 26.7% over the past 12 months. In comparison, the Dow Jones Industrial Average has gained 11.4% this year and tacked on 2.6% over the past year.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 12, 2019 14:17 ET (18:17 GMT)
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