Why Shares of General Electric Are Up Today
Shares of General Electric (NYSE: GE) were up more than 6% Wednesday after a prominent analyst returned from a breakfast with management encouraged about the progress GE is making. The jump is not enough to recover all of what was lost last month when it was the target of a short attack, but the stock has been moving in the right direction in recent weeks.
Onetime highflier General Electric has fallen far off the list of top growth stocks, plagued by financial weakness made worse by poor acquisitions and mismanagement. CEO Larry Culp took over in October 2018 with a plan to streamline operations and return the company to growth, but even bulls concede his ambitious plan will take years to play out.
Some, including Bernie Madoff whistleblower Harry Markopolos, have suggested that the rot inside GE is much worse than the company has disclosed.
Source Fool.com
