General Electric Co.’s stock surged 2% in premarket trade Monday, after the dividend cut announced earlier kept its dividend yield above its peers and the broader market. At the new quarterly dividend rate of 12 cents a share, and based on Friday’s stock closing price of $20.49, the new annual dividend rate implies a yield of 2.34%. That’s above the implied yield for the SPDR Industrial Select Sector ETF of 1.86% and for the Dow Jones Industrial Average of 2.19%. GE is hosting an investor meeting Monday, in which the company is expected to announce a new business focus. The dividend cut was expected. GE’s stock has tumbled 35.2% year to date through Friday, while the industrial ETF has climbed 14.2% and the Dow has run up 18.5%.
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