Positive FT Article Can't Boost Shares of GE (GE)

The Financial Times published an article this weekend entitled "GE (NYSE: GE) Sees First 'Glimmers of Hope' in Economy". The article highlights comments made by Nani Beccalli, CEO of GE's International unit, in which the exec points out that he has seen "several encouraging bits of economic data from round the world."

Specifically, Beccalli said that he sees "signs of life" in the US and European retail sector and also sees improving profits at European banks. "The first glimmers of hope are there. This is the inversion of trends, which for a long period have been going down. The glimmers weren’t there two months ago". Beccalli also mentioned recent improvements in the Baltic Dry Index, as well as increasing US home sales during February.

The FT article notes that the exec's comments are the first from any bellweather company that this economy, while still going down, could be showing signs of stabilization. Mr. Beccalli's comments were made at a two-day meeting which he routinely holds with the officials in charge of each country that GE operates in.

Despite the positive FT article, shares of GE are moving sharply lower this morning. The stock is currently down 6.8% to $10.04. The stock has moved as low as $10.01 today, bouncing before the price dipped below the psychological $10 level.

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