Why General Electric Stock Plunged Today
Shares of General Electric (NYSE: GE) fell 7.7% on Monday after the industrial conglomerate said it would exit the coal power business.
GE will stop building new coal-fired power plants and shift its focus toward renewable energy sources, such as wind turbines and nuclear power plants. The company said the change in strategy will likely require asset sales, site closings, and job cuts.
"With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory," GE Power CEO Russell Stokes said in a press release.
Source Fool.com
