Ahead of the Bell: GE up after short-selling ban
Friday September 19, 9:21 am ET
General Electric rises after Securities and Exchange Commission temporarily bans short selling
NEW YORK (AP) -- Shares of General Electric Co. jumped Friday after the Securities and Exchange Commission temporarily banned short-selling of stock.
On Friday, the SEC banned short-selling of nearly 800 stocks, including GE. Short-selling -- selling borrowed stock in the hope its value will fall -- has been blamed for widening the scope of the recent financial crisis and contributing to the collapse of values of investment and commercial bank stocks in particular.
The turmoil has forced such storied Wall Street names as Bear Stearns, Lehman Brothers and Merrill Lynch into bankruptcy or a sale.
Between Sept. 8 and Thursday of this week, GE shares fell 15 percent. But in Friday's premarket trading, GE shares rose $4.51, or 18 percent, to $29.30. In the last 52 weeks, the stock has ranged from $22.16 to $42.15.
Deutsche Bank-North America analyst Nigel Coe said in a note Thursday that "GE is still one of the highest quality companies in the industrial sector with organic growth rates (ex-financial) at the high end of sector averages and margins well in excess of peers.
"Even GE Capital has demonstrated to date that it is navigating volatile financial markets in relatively good shape," he wrote
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