Why General Electric's Stock Is Trading Higher Today
General Electric (NYSE: GE) shares are trading higher on Wednesday on reports the company is making good progress towards its cost-cutting plan and expects to be cash-flow positive during the second half of 2020.
“I sit here today feeling very confident about where we are and where we’re going despite all of the trials and tribulations that Covid has certainly thrown at us,” CEO Larry Culp said at a conference Wednesday.
GE was formed through the combination of two companies in 1892. Today, GE is known for its digital industrial offerings and massive installed base spread across a variety of products and services, including aircraft engines, gas turbines, wind turbines, and medical diagnostic equipment, among others.
After the sale of GE Transportation to Wabtec and a majority of its stake in Baker Hughes, as well as the sale of GE Biopharma to Danaher, the company's focus turns to Aviation, legacy Healthcare, Power, and Renewable Energy.
General Electric shares were trading up 10.57% at $6.74 at the time of publication on Wednesday. The stock has a 52-week high of $13.26 and a 52-week low of $5.48.
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