GE (GE) Shares Rise 9% on Updated Outlook, GE Capital Initiatives
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General Electric (NYSE: GE) shareholders are breathing a sigh of relief this morning as the company made comments on a webcast earlier that were not as negative as some were expecting. While GE's updated Q4 EPS guidance was at the low end of its previously issued outlook, many investors were expecting the company to actually reduce its earnings forecast given recent weakness in its embattled GE Capital arm and uncertainty related to the depths of a US slowdown. Next, GE unveiled an updated framework for GE Capital, including shrinking the division in size, among other things. Finally, the company also once again reaffirmed its commitment to paying its $0.31 quarterly dividend through 2009, which now yields about 7.3%.
After GE issued the updated guidance, Moody's came out affirming its Aaa ratings on the company, which may also be adding to upside today.
Shares of General Electric are reflecting this somewhat more optimistic view today; the stock most recently traded at $16.95, up $1.45, or about 9.3% from yesterday's closing price.
General Electric Company (GE) operates as a technology, media, and financial services company worldwide.
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