GE's stock sinks to pace industrial sector's losers; set to snap 4-day win streak
General Electric Co.'s stock sank 4.2% in midday trade Thursday, enough to pace the decliners in the SPDR Industrial Select Sector ETF , after running up 13% the past four sessions. UBS analyst Peter Lennox-King reiterated his buy rating and $13 stock price target, which is 23% above current levels. He said his initial impressions from GE's 10-K filing were than there didn't appear to be any "red flags," as the company provided more clarity into GE's operations and financials, but he acknowledged that "mortality/morbidity remain risks." GE's stock had gotten a big boost earlier this week by the deal to sell its biopharma business to Danaher Corp. for $21.4 billion. The stock's Wednesday closing price of $10.88 was fractionally below the 200-day moving average of $10.8838, according to FactSet, to extend the longest streak below that widely watched technical threshold--529 sessions--in at least 40 years. The stock has still run up 43% year to date, while the industrial ETF has rallied 19% and the Dow Jones Industrial Average has gained 11%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.