Industrials
GE (GE) Adds $10 Billion In Market Cap On Earnings Optimism
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GE (GE) is surging based on the assumption that results from Wells Fargo (WFC) are an indication that earnings from the conglomerate’s financial services business will be relatively strong.
The stock is trading up 8% at $11.50 and has added about $10 billion in market cap today.
GE is also being pushed higher by general optimism that the overall economy may have bottomed and word out of China, one of the company’s largest markets, that GDP growth there has begun to click up again. GE’s infrastructure business relies heavily on business in developing markets.
Analysts are current estimating that GE will make $.21 per share in the quarter that just closed and $1 for the year. If the Wells Fargo’s earnings are an indication of a broader improvement in financial assets, GE could easily beat the estimates which have been revised down by most brokerages.
Douglas A. McIntyre
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