General Electric Retreats After Bernstein Downgrade

General Electric

shares are trading lower by $0.75 at $31.18 in Monday's session. After climbing above $32 in back to back session last Thursday and Friday for the first time since May 2008, the issue is now much closer the $31 level. The catalyst for the decline is a downgrade from Bernstein from Outperform to Marketperform, but in contradicted itself by raising its price target from $33 to $34. After a lower open, it managed only a $0.02 to $31.71 before resuming it moves lower. So far, it has $31.08 and is attempting to rebound. That level coincides with its March 28 low ($31.09).