General Electric (GE) Shares Approaching $12 Level

Shares of General Electric (NYSE: GE) are approaching the $12 level. The stock is currently up 2.8% to $11.98. Just two days ago, on Monday, shares of GE crossed over the $11 level after dipping below this psychological level for just a few days. Prior to Monday's move below $11, shares GE had not traded at this level since mid-April.

We are not hearing any news or related analyst reports that would justify today's move higher: the stock is likely trading higher with the broader markets. The Dow is up 1.7%, the Nasdaq average is up 2.2% (following Intel's Q2 results) and the S&P 500 is also up 1.7%.

The price action follows a recent report on July 8 -- when the stock hit a recent low around $10.57 -- from a known bear that the fair value of GE is $2. Since then, the stock has surged more than 13.3%. What a great contrarian call...

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