Shares of General Electric Co. (GE) slumped 1.7% in morning trading Friday, which puts them on track to snap a six-session win streak, which would match the longest win streaks in over three years. The stock has already had two 6-day win streaks this year (ending on June 13 and Jan. 7) and three others (ended Oct. 8, 2018, Feb. 16, 2017 and Nov. 11, 2016), since it rose for 10 straight days through July 19, 2016. GE's stock had rallied 11.1% over the previous six sessions, after closing at a near 8-month low of $7.93 on Aug. 27, weighed down by a bearish report on GE's accounting ( ) and the company's second-quarter report ( ) which included the resignation of the Chief Financial Officer. On Thursday, the stock was up as much as 4.9% intraday but closed up just 0.1%, after Morgan Stanley analyst Joshua Pokrzywinski said while GE has made "progress" on its turnaround plan and risk-versus-reward for investors appeared "reasonable," continued uncertainty surrounding the company and unresolved risks outside its core business prevented him from turning bullish ( ). GE's stock has shed 12.7% over the past three months, while the Dow Jones Industrial Average has gained 4.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 06, 2019 11:33 ET (15:33 GMT)
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