GE Raises Outlook Sending Shares Up
General Electric shares went up after the company raised its outlook for first quarter earnings.
The company raised its expectations based on growth in its businesses’ end markets and the sale of Genworth Financial shares.
A Reuters article says:
“GE continues to benefit from an improving global manufacturing demand, a rebounding commercial aviation market and earnings improvements at its media and health-care units.
GE, whose business include gas turbines, television shows and credit cards, said it now expects first-quarter earnings to be either 37 cents or 38 cents per share. Previously it had forecast 36 cents to 37 cents per share.”
GE is shifting its resources to consumer and commercial finance, as well as health care and security.
According to a Bloomberg article,
“General Electric sold 80.5 million Class A shares of Genworth Financial Inc. at $26.50 each, a 0.9 percent discount to Genworth’s closing price of $26.75 yesterday. Genworth, based in Richmond, Virginia, also repurchased $500 million in Class B stock from GE.
The share sale cut GE’s stake in Genworth to 52 percent, down from 70 percent after Genworth stock was first sold to the public last May.”
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