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General Electric Co. Market Update

2/7/2023 3:05 PM

The stocks of the American diversified corporation General Electric Co. continue to be in a global sideways correction and are trading just above the 82.00 mark.

According to the quarterly report, adjusted earnings per share increased by 51.0% compared to last year and amounted to 1.24 dollars. Revenue also significantly exceeded expectations and reached 21.79B dollars, adding 7.0% to last year's figure. Free cash flow also showed upward dynamics, increasing by 16.0% to 4.29B dollars. The company expects significant results from the aerospace division against the background of the restoration of air transportation due to the lifting of quarantine restrictions in the main directions. So, in General Electric Co. the revenue of the division is expected to grow by 19.0%, and the operating profit indicator may reach up to 5.5B dollars.

On January 25, the last dividend payment also took place, which amounted to the already familiar 0.08 dollars per share, which corresponds to a rather low yield of 0.39% per annum. The company announced an investor conference to be held on March 9, and it is expected that the issue of indexing payments for 2023 will be discussed at it.   

On the daily chart, the asset continues to correct in the local ascending channel, being near the resistance line.

Technical indicators are in the state of a buy signal, which has recently intensified: the fast EMAs of the alligator indicator are still held above the signal line, and the histogram of the AO oscillator, being in the buy zone, forms new correction bars.

Support levels: 79.00, 71.20. | Resistance levels: 84.00, 93.00.

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