|Bid||6.68 x 27000|
|Ask||6.69 x 21500|
|Day's range||6.53 - 6.72|
|52-week range||5.48 - 13.26|
|Beta (5Y monthly)||0.96|
|PE ratio (TTM)||N/A|
|Earnings date||29 Jul 2020|
|Forward dividend & yield||0.04 (0.61%)|
|Ex-dividend date||26 Jun 2020|
|1y target est||8.19|
In the latest trading session, General Electric (GE) closed at $6.69, marking a +1.67% move from the previous day.
Shares of battered industrial conglomerate General Electric (NYSE: GE) tumbled 38.8% in the first six months of 2020, according to data provided by S&P Global Market Intelligence. Poorly timed investments in consumer credit and oilfield services conspired with the disastrous acquisition of Alstom Power to tank the company's finances. In March, CEO Larry Culp also managed to score a win by closing the sale of the company's biopharma unit to his former company Danaher in a $21.4 billion deal.
The troubles that industrial icon General Electric (NYSE: GE) has been dealing with are headline grabbers. The biggest story has been its heavy debt load and the efforts to sell assets to get its balance sheet back into shape. The first really big issue for General Electric to deal with, without question, was its balance sheet.
General Electric's (GE) service offerings on the gas and steam turbines at the Besmaya power plant minimize the unplanned downtime risk of power generation equipment at the facility.
For the sixth time this year, the stock price of beaten-down conglomerate General Electric (NYSE: GE) has dropped below $7 per share, near its all-time low. Investors who enjoy sniffing out bargains are probably wondering if it's a good time to buy. While some of the company's valuation metrics have slipped to all-time lows, there are good reasons for that.
GE (NYSE:GE) announced today that, following a thorough and competitive review process, its Audit Committee selected Deloitte as the company’s independent auditor for the 2021 fiscal year.
The Board of Directors of GE (NYSE:GE) today declared a $0.01 per share dividend on the outstanding common stock of the Company. The dividend is payable July 27, 2020 to shareowners of record at the close of business on June 29, 2020. The ex-dividend date is June 26, 2020.
(Bloomberg) -- Pandemic relief efforts by the Treasury and the Federal Reserve boosted the corporate bond market, but may be falling short in helping small business and state and local governments get access to loans, according to a report from a bipartisan congressional watchdog.The Fed’s announcement in March that it would buy corporate bonds was enough to rally credit markets, with many large companies endangered by the pandemic finding enough cash in capital markets to cushion the blow.Yet several of the lending facilities that are aimed to help smaller businesses aren’t fully in operation, a report released Thursday by the Congressional Oversight Commission found, and only one state has received a loan.The panel said it’s an “open question” whether the central bank should continue using public funds to purchase some corporate bonds, and urged the Fed to instead do more for small businesses, states and cities.“In some areas of the economy, such as the ability of larger companies to issue debt to continue operations, the agencies’ actions have had a clear and powerful impact,” the report says. “There is less evidence that the actions of the Treasury and the Federal Reserve have been as beneficial for small and mid-sized businesses and state and local governments.”In all, the Treasury and Fed have tapped just $6.7 billion of the half-trillion dollar pandemic rescue package that Congress authorized them to tap in March, the panel found, leaving lots of cash still to flow into the economy.$500 BillionThe report is the second from the bipartisan congressional panel responsible for overseeing $500 billion in grants and loans from the Treasury Department and the Fed to help struggling businesses, including airlines, during the coronavirus pandemic. The panel said it plans to meet with Treasury and Fed officials later this month.“The agencies should bear in mind that the Federal Reserve’s emergency lending powers are statutorily limited to ‘unusual and exigent circumstances’,” the report said. “The Covid-19 crisis clearly created such circumstances. However, it is important that the Federal Reserve’s use of these emergency powers not extend for a longer period of time than is necessary.”The central bank’s emergency lending programs has helped stabilize financial markets, the panel said. The Treasury Department has issued loans and grants to airlines through a separate package meant for payroll assistance.In April and May, U.S. corporate bond issuance, including investment grade and high-yield bonds, totaled over $300 billion each month, far outpacing the $105 billion and $130 billion in issuances in April, according to the report. The Fed has launched its secondary market lending facility, purchasing $1.3 billion in exchange traded funds by mid May. The central bank also has a primary credit program, which has not yet begun buying new bonds.Boeing Co. was able to raise $25 billion from private investors, meaning it turned down its share of Treasury’s $17 billion direct loan program for companies deemed critical to national security.Still, small businesses have not yet been able to tap the Main Street lending programs that just opened on Monday to support three facilities in lending up to $600 billion to small and mid-sized businesses.The loans will go to businesses with as many as 15,000 employees or $5 billion in revenue last year, and the loans will range in size from $250,000 to $300 million. The program is an alternative to the popular Paycheck Protection Program, which will stop accepting applications at the end of June.None of the money for airline loans has yet to be distributed, according to the report. American Airlines has said it applied for a $4.75 billion loan, and several other airlines, including United Airlines, Southwest Airlines and Jet Blue Airways, have said they are planning to tap some of the money, according to the report. The Treasury Department has issued loans and grants to airlines through a separate package meant for payroll assistance.Boeing and GEThe Treasury Department is considering delaying distribution of the $17 billion for national security businesses in case Boeing and General Electric Co. eventually need the money. The loan program was created with those two defense giants in mind, according to Treasury Secretary Steven Mnuchin. But so far both companies have taken a pass.The congressional oversight panel has four members but still lacks a chairman. House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell are supposed to choose that person jointly but have yet to announce an agreement. Pelosi said earlier this month that a selection was “imminent.”The rest of the congressional panel was chosen by Pelosi, McConnell, Senate Democratic leader Chuck Schumer and House Republican leader Kevin McCarthy. The members are Democratic Representative Donna Shalala of Florida; GOP Senator Pat Toomey of Pennsylvania; Bharat Ramamurti, a former aide to Senator Elizabeth Warren of Massachusetts; and Representative French Hill, an Arkansas Republican.The panel, one of three oversight bodies created by Congress to oversee the government’s coronavirus response spending, is not alone in facing delays in becoming fully operational. Trump removed the official who was supposed to head a separate accountability committee. And a special inspector general, confirmed earlier this month, is facing pushback from Democrats who express doubts he can act independently because he was previously a White House lawyer.(Updates with details throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The U.S. Treasury Department is reportedly considering holding back up to $17 billion in CARES Act relief funds in case Boeing (NYSE: BA) or General Electric (NYSE: GE) eventually need bailout money. Congress created a loan program as part of the $2.2 trillion CARES Act with companies like Boeing and GE, which are considered vital to national security, in mind. GE's aviation business makes engines and other systems for a variety of U.S. military platforms, and Boeing has a large defense business that makes fighter planes, space systems, and other military components.
If one of the nation's most important industries, aviation, is on the ropes, and the head of aviation at one of America's biggest blue chip industrial companies has just announced he will resign on Sept. 1, what conclusions should investors draw from this? General Electric shares fell as much as 5.5% in Monday trading but rebounded to close slightly lower by 0.1%. Credit for the recovery goes to the Federal Reserve, which on Monday afternoon promised to expand its economic stimulus by buying corporate bonds, supporting their value and helping to lower the interest rates that heavily indebted companies like GE must offer investors to buy their bonds.
Shares of Embraer (NYSE: ERJ) traded down nearly 5% on Monday afternoon, and were down more than 9% earlier in the session, after the Brazilian aerospace giant lost a key executive to General Electric (NYSE: GE). It's a time of transition for Embraer, which will now have to plot a course forward with a new head of commercial aviation. On Monday GE named John S. Slattery, CEO of Embraer's commercial aviation division, to head its GE Aviation unit.
After a 40 year career at General Electric's (NYSE: GE) Aviation unit, David Joyce has announced his retirement. He will be replaced by John Slattery, president and CEO of Commercial Aviation at Brazilian plane maker Embraer (NYSE: ERJ).
(Bloomberg Opinion) -- A pandemic that’s reduced air travel to a trickle makes for an unusual time to replace the head of one of the world’s biggest jet-engine makers, but that’s exactly what General Electric Co. is doing. The industrial giant announced Monday that David Joyce, the long-time CEO of its aviation unit, was stepping down and would be replaced by John Slattery, head of commercial aviation at Brazilian planemaker Embraer SA. “There’s never an ideal time for a transition like this, but I think the combination of where the business is in terms of the progress they’ve made in terms of getting their arms around all things Covid-related and, in turn, our view that John is simply an excellent candidate to replace the very big shoes that David will leave behind, came together at this moment,” GE CEO Larry Culp told me in a phone interview Monday after the news was announced. It also helps that Slattery’s former company Embraer failed to complete a planned joint venture with Boeing Co. after the buyer backed out earlier this year. Slattery was “somebody we’ve had our eyes on,” Culp said, “He clearly would have had a big role in all likelihood at Boeing with the venture if that had played out. But it didn’t. And here we are.” Slattery becomes president and CEO-elect of GE Aviation effective July 13, but won't officially assume the CEO role until September. Joyce will remain a vice chairman of the company until the end of this year and continue to serve as an adviser to GE into 2021. That extended transition should be lengthy enough to quell any speculation that this change is somehow meant to paper over bigger problems at aviation. But Slattery will no doubt have a tough job: As of May, spare engine sales and maintenance and repair-shop visits, two of the most profitable businesses for the aviation unit, were both trending down 60% for the second quarter. In a sign of just how strapped for cash airlines remain even amid a modest improvement in domestic air travel, United Airlines Holdings Inc. said Monday it would raise $5 billion by borrowing against its customer loyalty program. United expects to burn $30 million of cash a day in the third quarter, an improvement from the $40 million it’s blowing through on average in the current period but still an untenable situation. GE shares fell more than 5% on Monday morning but that appears to be more of a reflection of a broader market sell-off. Curious timing aside, I think this is a smart move. Joyce has largely evaded investor scrutiny because he was in charge of what up until recently was GE’s cash cow and best-performing business, but he’s still part of the old-guard of leadership left over from the tumultuous reign of Jeff Immelt, as evidenced by the rather silly vice-chairmanship title he retained that was once a staple of the company. (1)One criticism of Culp has been that he should have moved more aggressively to instill outside leadership, something that’s easier said than done in such a sprawling company that’s had many pockets of challenges over the last few years. There was likely something of a “if it ain’t broke, don’t fix it” mentality with the aviation division in particular. But now that the aviation unit is on the rocks for the first time in years as a result of the pandemic, there’s an opportunity to accelerate the cultural and operating reforms that are taking place across the rest of the company. A set of fresh eyes from someone with lengthy experience in the world of planemaking can only help and it’s nice to see GE again looking outside its internal ranks for a big hire, as it did with new CFO Carolina Dybeck Happe. Culp emphasized that he wouldn’t have felt comfortable making this kind of leadership change in mid-March when the world of aviation was in free fall, but at this point, the company feels like it at least has a sense of how the pandemic will affect its business and has a plan to deal with that. That doesn’t mean he is unmindful of the challenges facing the business.“It’s going to be a slow crawl out of the downturn,” Culp said. “While it’s getting a little bit better, the emphasis has to be on little.” (1) Upon Joyce’s retirement, there will be no more vice chairmen; the others — including former CFO Jeff Bornstein and former head of Business Innovations, Beth Comstock — were swept out as part of former CEO and Immelt successor John Flannery’s overhaul. Another former vice chairman, John Rice, was brought back by Culp to serve as chairman of the power unit, earning a $2 million annual salary for a part-time job.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
GE Renewable Energy doesn't get a lot of attention during investor conferences. It might seem bizarre to single out the renewable energy business. Since the power segment is being restructured, investors can expect more margin improvement to come with positive FCF in the 2021-2022 time frame.
Irishman John Slattery, 51, succeeds influential veteran David Joyce, retiring after 40 years with the U.S. conglomerate. The appointment comes weeks after the collapse of a planned aerospace alliance between Embraer and Boeing Co, which Slattery had defended, and marks what one observer referred to as a shift of culture as the industry faces its worst crisis. GE’s once-high-flying Aviation unit has been hit by the drop in air travel, adding to the toll from hundreds of grounded Boeing 737 MAX jetliners.
GE (NYSE:GE) announced today that David Joyce, vice chair of GE and president and CEO of GE Aviation, will retire from the Company after 40 years of service.
General Electric's (GE) Renewable Energy to soon deliver 12 units of 2.5-132 onshore wind turbine units to PowerChina. Also, it enters a five-year FSA deal with Naturgy in Spain.