GE Falls Sharply as Traders Respond to '$2 Fair Value' Report

Traders seem to be finally responding to an extremely bearish report on General Electric (NYSE: GE) which is quickly making its way around Wall Street today. After gapping just 0.6% lower this morning, downside in shares of the conglomerate has intensified and the stock is now down more than 4% to under $10.60.

Charles Ortel, managing director of research firm Newport Value Investors, appeared on Yahoo!'s Tech Ticker show earlier, pounding the table and calling for a fair value of $2 for GE shares. The analyst said he is very concerned with GE's extensive debt ($470 billion at the quarter ended March 31) in comparison to its tangible common equity of just $2.8 billion.

Notably, shares of GE are seeing unusually heavy volume today: the stock has traded hands about 80 million times, already just 13 million trades shy of its average daily volume of 93 million shares.

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