General Electric GE shares are trading higher on Thursday, after the company gave an update on first-quarter guidance.
The company sees preliminary first-quarter adjusted EPS "materially below" prior guidance of 10 cents and withdrew guidance.
"We are taking swift actions across the company to position GE to come out stronger on the other side of the COVID-19 crisis,” GE CEO Lawrence Culp said in a statement.
“With net proceeds of about $20 billion from the BioPharma transaction now in hand, we have more flexibility to de-risk and further strengthen our balance sheet. We are committed to bringing down our leverage over time as we navigate this period of uncertainty and position ourselves for the future."
General Electric shares were trading up 2.47% at $7.48 on Thursday. The stock has a 52-week high of $5.90 and a 52-week low of $5.90.
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