Why General Electric Shares Are Up Today
General Electric (NYSE: GE) delivered second-quarter results before the bell Tuesday that were well ahead of expectations. Investors reacted with a cheer, sending GE shares up as much as 6.8% in morning trading. As of 12:08 p.m., the stock was still up by 6.4%.
General Electric has fallen considerably since its heyday -- the stock is down by more than 70% over the past five years. Investors have endured a number of CEO changes and failed attempts to restructure, and the pandemic slowed the company's progress in rebuilding its business.
But current CEO Larry Culp has done a lot to restore GE's credibility with investors, and the second-quarter results contributed to that momentum. GE reported adjusted earnings of $0.78 per share on revenue of $18.65 billion, easily surpassing the consensus estimates for earnings of $0.38 per share on revenue of $17.6 billion.
Source Fool.com
