Why Shares of General Electric Are Falling Today
Shares of General Electric (NYSE: GE) traded down more than 5% on Monday after the company said it would cut 13,000 aviation jobs, five times more than the number of positions the company had previously announced it would trim. GE's stock is down considerably from its heyday, but it is getting harder by the day to see what is going to get the shares moving higher any time soon.
In a letter to employees Monday, GE vice chairman and head of GE Aviation David Joyce said the COVID-19 pandemic's impact on the airline business, and the subsequent fall-off in demand for new planes, was forcing the company to make deep cuts. The company had previously announced plans to cut its aviation workforce by about 10%, or about 2,600 positions, but it has become clear that further actions are needed.
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Source Fool.com
