GE (GE) CEO Immelt Sends A Message of Confidence, Buying 50K Shares

November 13, 2008 12:05 PM EST

With the stock in the tank, General Electric Co. (NYSE: GE) CEO Jeffrey R. Immelt just disclosed a purchase of 50,000 shares today (11/13) at $16.41-$16.45, bringing his stake to 1,624,324 shares.

While Immelt's buys in the past have been wrong, this one is clearly an attempt to send a message of confidence to the market. A message that GE will make it through this turmoil.

Shares of GE are down 7% today and down nearly 50% over the past three months.

UPDATE: Since the news that Immelt pulled the trigger, GE's Vice Chairman, Michael Neal, has disclosed that he also made some purchases.

General Electric Company (GE) operates as a technology, media, and financial services company worldwide.

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