Market Overview

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

Related GE
Boeing, Pfizer And Others Band Together To Ask Congress For More Taxes
Border Tax Polarizes U.S Companies As Exporters Take Side With Trump Team
Tracking Nelson Peltz's Trian Fund Management Portfolio - Q4 2016 Update (Seeking Alpha)

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

General Electric Company (NYSE: 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 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.

If the decline continues over the next few days, there may not be any identifiable support until the low before the April 9 announcement was made.

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas


Related Articles (GE)

View Comments and Join the Discussion!