General Electric Company (GE) announced on Monday that it intended to cut 450 job positions at two facilities in Switzerland in order to address “challenges on the global energy markets”.
General Electric shares closed lower for a second consecutive trading session in New York on Monday. It has also been the steepest daily loss since May 23rd. The stock went down 1.76% ($0.18) to $10.05, after touching an intraday low at $10.02, or a price level not seen since June 12th ($10.02).
Shares of General Electric Company have risen 32.63% so far in 2019 compared with a 15.27% gain for the benchmark index, S&P 500 (SPX).
In 2018, General Electric’s stock went down 56.62%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
The cuts will take place at GE’s facilities in Birr and Baden, which will not be shut down. According to Reuters, these reductions are not included in the 1 200 job cuts in Switzerland, which the company announced in 2018 at its burdened power business.
At present, 3 050 people are employed with the industrial conglomerate in the country.
According to CNN Money, the 15 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $12.00, with a high estimate of $21.00 and a low estimate of $5.00. The median estimate represents a 19.40% upside compared to the closing price of $10.05 on June 17th.
The same media also reported that 10 out of 20 surveyed investment analysts had rated General Electric’s stock as “Buy”, while 7 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for General Electric Company (GE) are presented as follows:
Central Pivot Point – $10.24
R1 – $10.51
R2 – $10.80
R3 – $11.07
R4 – $11.35
S1 – $9.95
S2 – $9.68
S3 – $9.39
S4 – $9.11
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