Industrials
GE's $40+ Close: First Time Since March 2002
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General Electric (NYSE:GE) managed to close over $40.00 today, a closing price it has not seen since March 2002. Technicians would view this as a mixed day. While shares did close up 1.4% at $40.07 at 4:00 PM (unofficial closing price), shares also closed under the intraday highs from Friday of $40.17. This is still going to be viewed as a win.
Just Friday we were wondering if the megacap’s shares could hold their 5-year highs and that $400+ Billion market cap. Shares fell off of highs Friday and didn’t hold that $39.77 close from June. But today’s trading action showed that there is a renewed belief in the stock. This should put those calls to break-up the conglomerate to bed.
On a split adjusted basis, GE shares ended 2006 at $36.66, so shares are up 9.2% for the year based on that unofficial closing price.
Jon C. Ogg
July 16, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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