GENERAL ELECTRIC PROFIT BEATS ESTIMATES, STOCK SPIKES
General Electric’s stock is currently trading at 10.66-higher by 1.33% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.3%. The stock has erased some of its earlier gains after the opening bell.
The company reported its second-quarter earnings before the market opens on Wednesday. General Electric generated an adjusted EPS of 17 cents for the second quarter. The EPS was above the market expectation of 12 cents. The company brought in $28.83 billion in revenue for the second quarter. The revenue was above the consensus estimates of $28.68 billion.
GE now expects adjusted EPS to a range of 55 cents to 65 cents for this year. It was higher than its previous forecast of 50 cents to 60 cents. The company also announced that its CFO Jaime Miller will step down after less than two years in the role. Stocks of the GE have rallied 44.6% year to date through Tuesday.
On the technical front, the current price is above the MA5. The RSI is currently at 58.63% and suggests that the market can move in the upward direction. The %K has crossed the %D from below to the upside at around 73% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 10.60 TAKE PROFIT AT 10.80 STOP LOSS AT 10.50