GE (GE) Can't Catch A Break, Stock Sinks Another 3%

GE (NYSE: GE) is down another another 3% today to $18.40, closing in on a new multi-year low. Shares of GE are trading 17% below the recent $22.25 per share share common stock offering and the strike price of Warren Buffett's warrants.

Today's pressure in GE could be related to weakness at European industrial company ABB Ltd (NYSE: ABB), whose stock plummeted 19% after warning that projects are being delayed due to the financial crisis. ABB is the world's largest builder of electricity grids.

GE has seen its stock fall 37% over the past three months mainly due to the concerns about credit market exposure of its GE Capital unit. Now the slowing global economy is giving investors another reason to bail on GE stock.

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