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In the Premarket trading session on Wednesday, General Electric’s stock was trading at 12.50- higher by 6.39% as compared to its previous close.
The company reported fourth-quarter earnings on Wednesday. Stocks of General Electric rose after the company reported better-than-expected earnings for the fiscal fourth quarter.
The company generated an EPS of $0.21 up by 23% for the fourth quarter compared to the same period last year. The EPS was above the consensus estimates of $0.18. General Electric brought in $26.24 billion in revenue for the fourth quarter, a 1% decline compared to the same period last year. The revenue was also above the market expectation of $25.57 billion.
The CEO of the company Larry Culp said that the company focused to improve efficiency by improving free cash flow. General Electric’s Industrial cash flow for the year 2019 came in at $2.3 billion, breaking its own target of $0 to $2 billion.
Looking at the performance of the company, the industrial conglomerate has raised its outlook for the fiscal year 2020. The expected earnings are between 50 cents to 60 cents per share and free cash flow between $2 to $4 billion.
On the technical front, the market is trading above 5, and 50-days moving averages. The market is below the middle band of the Bollinger band. The RSI and Scholastics suggest that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- BUY @ 12.40, STOPLOSS @ 12.00 TARGET@ 13.20