General Electric (GE): A blue chip bargain
Today's Financial News - Posted October 13, 2008
Now is the time to get in on this blue chip stock.
by Laura Cadden, TodaysFinancialNews.com
Baltimore — (TFN): General Electric Company (NYSE:GE) is seeing dramatic trading volume today. After a quick bump this morning the share price has descended below its close on Friday of $21.50.
This kind of action is not terribly surprising when you consider GE’s third quarter results (ending September 30)…
As anticipated, revenues came in at $4.5 billion — that’s 12% down from Q3 2007. Net income, in comparison to last year, was down 22%.
Of particular note:
- The company’s finance arm, GE Capital experienced a 33% decline in profits.
- The consumer and industrial unit was hit by an 81.7% decrease in profits.
- On a positive note, GE’s Energy Infrastructure and NBC Universal businesses saw a 31% increase in revenue and a profit of 10%, respectively.
Investors are clearly conflicted.
But this is GE we’re talking about… at practically half it’s 52-week high of $42.09.
If you are in a position to buy General Electric Company (NYSE:GE), you should at or under $22 a share. I expect to see at least 10% gains by mid-December.
**If you’d like us to update you on this and other picks… give our free daily TFN eNews a try. It’s short and sweet and enables you to find out what’s going on at TFN every day of the week.
***Laura Cadden’s Editor’s PIC last week actually saw gains amidst the market meltdown. Check it out here.
Next Article: Wall Street rally: Check out Goldcorp (GG) and Barrick (ABX) and buy gold
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