Shares in General Electric (GE) took a 2.3% hit on Thursday following a downgrade from CFRA analyst Colin Scarola, reversing some of the week’s earlier gains. The stock is now trading down 36% year-to-date versus 17% for the Dow Jones Industrial Average.“Previously, we thought GE’s long-term earning power would increase with deleveraging, but we now see significant risk that Biopharma sale proceeds earmarked for debt reduction will be diverted to backstop large operating losses in Aviation, Power, and Renewable instead,” Scarola told investors.“Despite the cash burn we expect in 2020, our lower rating is ultimately due to a highly uncertain …read more
Source:: Yahoo Finance
