General Electric Lower Despite Q1 Beat
General Electric Company (NYSE: GE) shares are trading lower by $0.35 (1.1 percent) at $29.92 in Friday's session.
Despite a Q1 EPS beat of $0.04 along with strong revenue beat of $1.3 billion, the issue is trading in the red in the regular session.
That wasn't the case in pre-market trading. In fact, the issue bolted to $30.99 after the release and sharply reversed course. After a flat open, it had a brief pop to $30.38 before sellers swarmed the stock. It breached Thursday's low ($30.03) and continues to make new lows for the session, with current one standing at $29.88, which is one penny above Wednesday's low of $29.87.
If the decline continues, there may be additional support at the series of four lows from April 12 to April 17 in the $29.55 to $29.65 area.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.