$GE GE’s $500,000,000,000 Market Wipeout Is Lik
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Posted On: 10/01/2018 2:48:34 PM
$GE GE’s $500,000,000,000 Market Wipeout Is Like Erasing Facebook
Video in the link
https://www.bloomberg.com/news/articles/2018-...g-facebook
On August 28, 2000, Apple’s hottest product was a candy-colored computer, Donald Trump was a New York real estate mogul and General Electric Co. was worth some $600 billion.
Apple and Trump have gone on to greater things. GE? It’s on the verge of a staggering milestone: a half-trillion dollars in market value wiped out since that all-time high 18 years ago. On Monday the company made the surprise announcement that it was replacing Chief Executive Officer John Flannery, who has been unable to stem the slide in the company’s shares after just more than a year in the job.
John FlanneryPhotographer: Prashanth Vishwanathan/Bloomberg
The iconic American corporation is now worth just under $100 billion, its stock at around $11 at Friday’s close, and investors are signaling they don’t expect things to get better. While the stock surged Monday after the announcement of the change at the top, the shares -- and the company -- have a massive hole to dig out from.
The collapse -- an 81 percent drop from the peak -- is all the more startling as it comes amid record-setting market gains. Apple Inc. recently became the first U.S.-based company to top $1 trillion in market value, followed shortly thereafter by Amazon.com Inc.
Even longtime GE observers, bears among them, are stunned. “Wow,” said Steve Tusa, a JPMorgan Chase & Co. analyst who has followed GE since 2001, when asked about the half-trillion figure.
Video in the link
https://www.bloomberg.com/news/articles/2018-...g-facebook
On August 28, 2000, Apple’s hottest product was a candy-colored computer, Donald Trump was a New York real estate mogul and General Electric Co. was worth some $600 billion.
Apple and Trump have gone on to greater things. GE? It’s on the verge of a staggering milestone: a half-trillion dollars in market value wiped out since that all-time high 18 years ago. On Monday the company made the surprise announcement that it was replacing Chief Executive Officer John Flannery, who has been unable to stem the slide in the company’s shares after just more than a year in the job.
John FlanneryPhotographer: Prashanth Vishwanathan/Bloomberg
The iconic American corporation is now worth just under $100 billion, its stock at around $11 at Friday’s close, and investors are signaling they don’t expect things to get better. While the stock surged Monday after the announcement of the change at the top, the shares -- and the company -- have a massive hole to dig out from.
The collapse -- an 81 percent drop from the peak -- is all the more startling as it comes amid record-setting market gains. Apple Inc. recently became the first U.S.-based company to top $1 trillion in market value, followed shortly thereafter by Amazon.com Inc.
Even longtime GE observers, bears among them, are stunned. “Wow,” said Steve Tusa, a JPMorgan Chase & Co. analyst who has followed GE since 2001, when asked about the half-trillion figure.
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