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Oct. 22, 2020, 3:01 p.m. EDT

GE's stock surges toward a more-than 4-month high, after report of potential asset sale

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By Tomi Kilgore

Shares of General Electric Co. /zigman2/quotes/208495069/composite GE +3.18% charged up 5.2% in afternoon trading Thursday, putting them on track to close at the highest price in more than four months, amid a Bloomberg report that the industrial conglomerate could sell off its majority stake in a steam power business in China. Bloomberg reported, citing people familiar with the matter , that state-owned Wuhan Boiler Group Co. is considering buying GE's 51% stake in Wuhan Boiler Co., in a deal that could value GE's stake at a few hundred million dollars. GE's stock, which is headed for the highest close since June 9, has now soared 23.6% in October, making it the best month-to-date performer among the SPDR Industrial Select Sector ETF's /zigman2/quotes/202026558/composite XLI +1.67% components. Meanwhile, the industrials ETF has gained 4.9% this month and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.56% has tacked on 2.7%.

/zigman2/quotes/208495069/composite
US : U.S.: NYSE
$ 10.07
+0.31 +3.18%
Volume: 108.20M
Nov. 23, 2020 7:00p
P/E Ratio
24.09
Dividend Yield
0.40%
Market Cap
$85.50 billion
Rev. per Employee
$463,683
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/zigman2/quotes/202026558/composite
US : U.S.: NYSE Arca
$ 88.11
+1.45 +1.67%
Volume: 11.40M
Nov. 23, 2020 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,577.59
+20.05 +0.56%
Volume: 2.51B
Nov. 23, 2020 5:02p
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