General Electric is doing its best to hold the S&P industrial sector in positive territory, the only sector currently clinging to green. (It’s the largest market cap stock in the market-weighted index.)
The stock’s positive performance, up 1.3%, follows Barclays Capital analyst Robert Cornell’s price target raise on GE shares. Cornell’s target raise stems in part from his view that losses from GE Capital’s commercial and consumer portfolio could come in lower than previously expected. That would mean that GE Capital wouldn’t have to sock away quite as much in provisions to cover loan losses, lightening any drag on earnings....MORE
From StockCharts:
All of the major stock indices were down Thursday afternoon, but General Electric (GE) was bucking the downdraft with a modest gain. The stock opened weak, but rallied above its prior high in the afternoon. Should current level holds, the stock would form a bullish engulfing near support.
