General Electric Sharply Higher After CEO Shake-Up

General Electric Company (NYSE:GE) shares are trading higher by $1.06 (3.7 percent) at $29.00 in Monday's session.

The catalyst for the rally in a weak tape is the announcement that John Flannery has been named Chairman and CEO of the company, replacing Jeff Immelt, who has had that title since 2001.

After a higher open, GE's stock continued in direction, reaching $29.47, and then reversed course. That marks the highest level for the stock since April 26, when it peaked at $29.55.

Since reaching that elevated level, profit-takers have come into the issue nudging it to $28.73. At this time, it's struggling to remain in the $29.00 handle.