GE stock’s 5-day plunge of 15% is its worst run in 9 years

General Electric Co.’s stock tumbled 3.6% in morning trade Friday, putting it on track to suffer the worst five-day stretch since the depths of the Great Recession, in the aftermath of the company’s disclosure of a surprise massive loss in its legacy insurance business. The stock, which was trading at the lowest level seen since Dec. 2, 2011, has now plunged 15.0% amid a five-session losing streak. That would be the biggest five-day percentage decline since it plunged 17.0% in the five days ending March 6, 2009, which was the day after it closed at a 16 1/2-year low of $6.66. On Monday, GE said it take a fourth-quarter after-tax charge of $6.2 billion and make a $3 billion capital contribution to its insurance subsidiary that will grow to $15 billion by 2024. That follows GE’s transformation plan announced in November, which also helped extend price declines. The stock has now shed 48% over the past 12 months, while the Dow Jones Industrial Average has rallied 32%.

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From:: Stock Market News

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