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For the first time in nearly 10 years, shares of General Electric Company (NYSE:GE) traded below the $10 per share mark.
GE's stock lost 8 percent Tuesday after the global conglomerate giant reported its third-quarter results and slashed its dividend payout from 12 cents per share to a penny. The stock touched a session low of $9.98 Tuesday afternoon.
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Here's how multiple experts reacted on CNBC:
- Jack De Gan of Habor Advisory told CNBC that GE made the right move in slashing its dividend, as investors won't wait around another two to three years for ex-CEO John Flannery's strategy to payoff, and immediate action is required.
- Stephanie Link, head of global equities research at Nuveen, said GE now has the right leadership that can put a "game plan in place," creating the potential for a turnaround in GE stock.
- Josh Brown of Ritholtz Wealth Management said there is no reason for investors to buy GE, as the chart isn't showing any signs that the multiyear-long downtrend is "showing any fatigue."
- Godon Haskett's John Inch said GE's dividend slash and other problems suggests the company's woes are only starting to "unravel." For example, GE Capital could potentially owe billions of dollars in the future, he said.
Feinseth: Difficult Times To Continue
GE's dividend cut to a "symbolic" 1 cent per share is consistent with the difficulties the company has faced over the years, Tigress Financial Partners' Ivan Feinseth said in his daily newsletter. GE's woes will likely continue, especially within a power business that will be impacted by slowing coal and gas turbine demand, he said.
Under a best-case scenario, GE stock will trade sideways through the end of the year, although it is more likely to dip lower, Feinseth said. The company offers investors little value and should be avoided, he said.
GE's stock was trading around $10.20 at time of publication Wednesday.
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GE Grabs A Pair Of New Upgrades Following CEO Change
Photo by Bubba73/Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.