GE's stock tumbles again, toward 12th loss in 13 sessions
Shares of General Electric Co. tumbled 5.0% in midday trade Monday, enough to pace the decliners in the industrial sector, but that represented a big bounce off earlier lows. The struggling diversified industrial company's stock had been down as much as 10% at an intraday low of $7.72, which was the lowest price seen since March 9, 2009, before paring losses. The stock was heading for its 12th loss in 13 sessions, and has plunged 36% during that stretch. On Friday, the stock had dropped 5.7%, after J.P. Morgan's Stephen Tusa, the most bearish analyst covering GE, slashed his price target to $6 from $10, citing concerns over the $100 billion in liabilities and zero enterprise free cash flow. The last time GE shares closed as low as $6 was Dec. 23, 1991. The stock has plummeted 60% over the past 12 months, while the SPDR Industrial Select Sector ETF has gained 0.9% and the S&P 500 has tacked on 6.3%.
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