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Nov. 16, 2018, 11:59 a.m. EST

GE's stock extends plunge toward lowest close since March 2009

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By Tomi Kilgore

Shares of General Electric Co. /zigman2/quotes/208495069/composite GE +1.81% tumbled 4.6% in midday trade Friday, putting them on track for the lowest close since March 2009, as investors shrugged off further efforts by the struggling industrial conglomerate to shrink its GE Capital business. The stock was headed for the 16th decline in the past 18 sessions, and has plunged TK% during that stretch. Earlier, GE said its GE Capital business sold its healthcare equipment finance portfolio for $1.5 billion to TIAA Bank. As part of the deal, the GE Healthcare Equipment Finance team, which will integrate into GE Healthcare in 2019, will have a co-branding arrangement with TIAA Bank. GE has said earlier this year that it plans to eventually spin off its healthcare division. "This is an excellent outcome for GE Capital, GE Healthcare and its customers," said Trevor Schauenberg, chief executive of GE Capital Industrial Finance, in a statement. The stock has plummeted 39% during the past 18 sessions, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +3.15% has inched up 0.3% over the same time.

/zigman2/quotes/208495069/composite
US : U.S.: NYSE
$ 7.88
+0.14 +1.81%
Volume: 167.81M
June 5, 2020 4:00p
P/E Ratio
11.85
Dividend Yield
0.51%
Market Cap
$67.70 billion
Rev. per Employee
$429,735
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,110.98
+829.16 +3.15%
Volume: 544.41M
June 5, 2020 5:07p
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