Why General Electric Stock Just Popped 6%
General Electric (NYSE: GE) stock got rocked by a scandal yesterday, falling more than 11% by the close of trading after media outlets reported on a 175-page whistleblower report alleging financial malfeasance at the company's long-term care and oil and gas divisions. The report's author concluded that GE is quite simply "a bigger fraud than Enron."
Today that momentum is reversing, and GE stock is up a good 6.4% as of 10:35 AM EDT on news that GE CEO Larry Culp went out and bought himself $2 million worth of GE shares after the sell-off.
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Source Fool.com
