Shares of industrial titan General Electric (NYSE:GE) are hopping in afternoon trading Wednesday, up 7.5% at that time of 1:10 p.m. EDT as GE CEO Larry Culp expounds on the company’s plans at a Morgan Stanley investor event currently in progress.
What’s driving GE shares higher? TheFly.com is giving updates that are minute-by-minute the CEO’s responses. Among the news that is motivating
GE’s present quarter that is second the results from which was in fact not great — is likely to have been the ” period that is toughest” GE will expertise in 2010.
GE burned through $3 billion in negative money that is free in the first half of this year, according to information from S&P worldwide Market Intelligence. Nevertheless, this year’s second half should show improvement, with income (or even cash that is free) at minimum turning good. (Cash movement alone finished up being negative $1.4 billion in to the half that is first with the rest for the money burn accounted for by capital investments.)
And GE expects to have momentum on its component as it emerges from 2020 into 2021.
Stock up arrow rising over 2020
In brief, this bellwether that is industrial to be guaranteeing a brighter future after it emerges from the shadow of COVID-19. Another spin at a price not the maximum amount of as 16 times earnings, paying a modest 0.6% dividend yield, and using the prospect of self-sustaining cash that is free on the horizon, investors today appear prepared to just simply take the CEO at his word, and present GE stock. Shares of industrial titan General Electric (NYSE:GE) are hopping and this means something big for investors in the coming weeks.