Shortly after noon, Fox Business reported on air that Immelt was feuding with activist investor Nelson Peltz of Trian Partners.
@CGasparino: #BreakingNews shares of @generalelectric $GE surging on @FoxBusiness report that CEO Immelt on the hot seat w activist Nelson Peltz of Trian
@CGasparino: Trian non denial of my @generalelectric/Immelt story: "Trian and GE continue to work constructively together to optimize shareholder value."Fox Business reported that the network learned from sources that Trian's Peltz was after Immelt because he was "concerned about [GE] missing recent earnings targets."
The Fox Business reporter said that asset management firm Trian was weighing whether it would begin "corporate activism" if GE didn't reach earnings targets or begin to beat the S&P 500, based on what the network learned from sources.
According to its latest filing with the Securities and Exchange Commission, Immelt received a $21.3 million compensation package last year, down 35 percent from the prior year.
GE had no comment on the report.