GE's stock rallies to lead Dow gainers, extends bounce off 8 1/2-year low
Shares of General Electric Co. surged 2.5% in afternoon trade, to lead the Dow Jones Industrial Average's gainers, as they extended recent gains toward a 2 1/2-week high. The stock has now rallied 5.3% since it closed Monday at $12.83, which was the lowest close since July 29, 2009. The bounce comes a week before the industrial conglomerate reports first-quarter results, with analysts surveyed by FactSet expecting, on average, adjusted earnings per share to fall 38% to 12 cents a share and revenue to decline 1.2% to $27.32 billion. A word of caution for investors, GE's stock has declined on the day earnings were reported for nine of the past 10 quarters. GE's stock, which fell 2.7% on the day fourth-quarter results were reported, has plunged 28% over the past three months, while the SPDR Industrial Select Sector ETF has lost 7.5% and the Dow has slipped 4.5%.
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