Mystery Surrounds General Electric’s Price Drop Today (GE) [Mod note - article is from 9/12]

dividend.com ^ | September 12th, 2008 | staff

[BenLurkin]

General Electric (GE) is getting hit hard today, with the only news catalyst being an AP story on the company’s inability to sell its private-label credit card business.

It’s quite possible that GE’s downward move may just be a result of more hedge fund liquidation maneuvers that have rolled through different stocks and sectors recently. GE’s stock has been resilient since mid-June, holding the $27-28 area, but that level has now broken. Volume is running at more than double the daily average traded with almost two hours left in the trading day.

The Bottom Line

Without much to go on, long-term investors will need to regard this as nothing more than rumors at this point. The company has a 4.40% dividend yield, based on last night’s closing stock price of $28.16.

General Electric (GE) is a a “Recommended” dividend stock, holding a Dividend.com Rating of 3.5 out of 5 stars.

[mgc1122]

I can hope it’s due to their idiocy in retaining the news division at NBC.

[tongass kid]

Consumer credit is the next problem we will read about.

[savedbygrace]

As of 10:16am Eastern, the Dow is down 176.

[meatloaf]

I’m not sure if GE still owns it’s finance division. Back in the 90’s Westinghouse’s finance group took the company down.

[FreedomProtector]

GE broke support at around $32 a couple of months ago.

The company now run by a frat house club. Many of GE’s best engineers left several years ago.

[Richbee]

Huh?

Is this an Investors Forum?

If you listen to CNBC you would know that GE’s Commercial Paper is getting hit hard in the International Credit Crisis. (Over a 160 basis point rise from yesterday;)

Some idiots think that Congress is working to bail out Wall Street “Fat Cats” and have no clue that all people - every where - down to Main Street USA need our Credit Markets to unfreeze and operate fairly for AAA compainies like GE and AT&T.

[Yo-Yo]

Let's see, there's GE Capital Credit, Genworth Financial, GE Commercial Finance, and GE Money.

GE is one of the world's largest commercial equipment leasing companies.

[silverleaf]

Jack Welch has been tap dancing daily while shilling on network finance talk shows for this bailout

[Richbee]

Hmmm, the Olympics were very profitable and the SuperBowl ads are SOLD OUT!

[silverleaf]

are they still doing business with Iran?

[Renegade]

Still has its credit card division as of today when I paid on the statement .

[SueRae]

NBC, MSNBC, CNBC revulsion.

I sold my GE last year because of Cramer’s arrogance and GE Corporate did nothing, not even a response. Maybe people have had enough, especially after the Obama youth video.

[scooby321]

50% of their business is financial services and they are not considered a Bank

They lucky got on the no short list but they are TOAST

[CatOwner]

Back in the Spring I sold off my GE stock (GE employee 401k) for around $34 per share and move the funds into bond investments. I wondered at the time if it was a mistake, but seeing where GE is at today, I think not.

[FreedomProtector]

I don’t know. A quick search .. lastest article I saw was April 2008.

http://www.foxnews.com/story/0,2933,351332,00.html

[PGalt]

50% of their business is financial services and they are not considered a Bank

Interersting.

They lucky got on the no short list but they are TOAST

VERY interesting. Thanks for posting.

[Cousin Eddie]

when was this written? GE closed at $25.50 yesterday.

[silverleaf]

Thanks
It may have been a small thing but when I needed to replace some appliances this summer I passed on anything made by GE, because of the iran connection

[Cousin Eddie]

no. Last contracts w/ Iran were finished in June IIRC, but they have definitely shut down Iran biz per their website.