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General Electric Capital Corporation stock price
General Electric Capital Corporation latest news:
GE's stock pares gains; J.P. Morgan analyst gets more bearish
Shares of General Electric Co. ticked up 0.2% in morning trade, paring earlier gains of as much as 1.3%. J.P. Morgan analyst Stephen Tusa cut his stock price target to $14 from $16, while reiterating the underweight rating he's had on the stock since May 2016, citing continued underperformance in its businesses, challenged fundamentals and lack of many signs of a "snap back." He said he expects an "expedited evolution of outcomes" at GE, after the company said it was evaluating portfolio structure. He said it's possible the company will stay in its current form and "grind it out," but he believes there is more "urgency" to GE's situation given the recent weakness in GE bonds and balance sheet challenges. He said there is a risk of an equity raise, as it would help boost its balance sheet and would shield the company from increased capital markets volatility. "In other words, it's either a steady grind in uncertain markets, with risk that things get more extreme in more volatile capital markets, or it's a change in structure to try and de-risk, and simplify the portfolio to grow it in a more focused way in the future, and we see a bit of a mix," Tusa wrote in a research note. The stock has plunged 26.9% over the past three months, while the Dow Jones Industrial Average has gained 4.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GE stock's 5-day plunge of 15% is its worst run in 9 years
General Electric Co.'s stock tumbled 3.6% in morning trade Friday, putting it on track to suffer the worst five-day stretch since the depths of the Great Recession, in the aftermath of the company's disclosure of a surprise massive loss in its legacy insurance business. The stock, which was trading at the lowest level seen since Dec. 2, 2011, has now plunged 15.0% amid a five-session losing streak. That would be the biggest five-day percentage decline since it plunged 17.0% in the five days ending March 6, 2009, which was the day after it closed at a 16 1/2-year low of $6.66. On Monday, GE said it take a fourth-quarter after-tax charge of $6.2 billion and make a $3 billion capital contribution to its insurance subsidiary that will grow to $15 billion by 2024. That follows GE's transformation plan announced in November, which also helped extend price declines. The stock has now shed 48% over the past 12 months, while the Dow Jones Industrial Average has rallied 32%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GE credit ratings affirmed at Moody's, with 'stable' outlooks
General Electric Co.'s credit ratings were affirmed Tuesday at Moody's Investors Service, based on the plans GE Capital plans to take in response to the billions in insurance-related charges and statutory capital contributions announced before the market's open. The long-term debt rating is A2 and the short-term rating is P-1, and the outlooks on the ratings are "stable." The actions GE Capital plans to undertake to restore capital adequacy and preserve liquidity in the face of the charges and capital contributions include the suspension of dividends to GE and a further reduction of assets. "Together with the increase in insurance reserves, this will moderate asset and refinancing risks and strengthen capital levels," Moody's said in a statement. "Moody's estimates that GE Capital's plan will restore leverage to the company's September levels within two years and to within a more acceptable long-term range of 11% to 12% within three years." Earlier, Fitch Ratings affirmed GE's rating, but said the risk of a downgrade increased after the insurance charge. The stock dropped 3.7% in midday trade. It has plunged 23% over the past three months, while the Dow Jones Industrial Average has climbed 13%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
GE's stock falls to snap 5-day win streak after J.P. Morgan cuts price target
General Electric Co.'s stock slumped 1.7% in afternoon trade Monday, to be the Dow Jones Industrial Average's biggest decliner, after J.P. Morgan analyst C. Stephen Tusa cut his price target, saying there were "too many risks" to change his bearish view on the industrial conglomerate. He after taking a "fresh" look into GE's potential this year, after the stock's extremely poor relative performance last year, he said the consensus analyst outlook for earnings per share of about $1 is "reasonable," but remains the "lowest quality $1 of EPS in the sector." He wrote in a note to clients that the consensus presumption that free cash flow "can grow meaningfully from here banks on working capital remaining positive..., restructuring collapsing..., and an opaque, negative 'other account,' including contract assets, getting significantly less negative." Tusa reiterated his underweight rating, and cut his price target to $16 from $17. The stock had rallied 6.8% amid a 5-session win streak through Friday, the longest such streak since February 2017, and the biggest five-day gain since November 2016. In 2017, the stock had plunged 44.8%, the worst one-year performance since 2008, while the Dow rallied 25.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Fitch cuts GE rating, outlook negative
Fitch Ratings on Tuesday downgraded General Electric Co (GE) and its finance arm, GE Capital, citing deterioration in the industrial conglomerate's operating and financial performance. The credit rating agency lowered the long-term issuer default ratings for GE and GE Capital to "A+" from "AA-" and their short-term issuer default ratings to "F1" from "F1+", with a negative outlook.
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