GE Stock Lower Than Day It Revealed GE Capital Sale, Buyback Program

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

General Electric Company
GE
shares are trading sharply lower by $0.40 at $25.70. It is trading lower than its closing price on April 9 ($25.72), when the company pulled out all stops to boost its lagging share price. On April 10, the company revealed the sale of GE Capital real estate assets for $26.5 billion and a new $50 billion buyback program. At that time, the short-term goal appeared to be achieved, as GE soared to $28.51 on the heels of the announcement. Interestingly, that elevated level was never seen again, even on an intraday basis. Instead, the issue meandered between $26.60 and $27.50 for the next few months. After failing at the top of range for good by only reaching $27.33 on July 17. The issue has collapsed into the $25 handle for the first time since April 9. Off the open, it found resistance just above Friday's close ($26.10), reaching $26.13 before swooning to $25.60 and is having a hard time distance itself from that level. If the decline continues over the next few days there may not be any identifiable support until the low before the announcement was made on April 9 at $24.92.
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Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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