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Josh Brown: GE is the kind of stock that 'I have no time for' anymore

  • There are better places to be allocated, money manager and popular blogger Josh Brown tells CNBC.
  • Brown sold his GE stock after the announcement that CEO Jeff Immelt would step down.

Money manager and popular blogger Josh Brown told CNBC on Monday that he sold his General Electric stock shortly after the announcement that CEO Jeff Immelt would step down.

The CEO of Ritholtz Wealth Management explained he had already been considering selling his stock in GE, and after the company was continuously "raked over" by sell-side analysts, he dropped out.

"That's the kind of thing I have no time for," Brown, author of the widely read blog The Reformed Broker, said on "Halftime Report." "Because we're in a market that is breaking out to record highs. Not just here. Around the world. There are thousands of stocks. ... There's opportunity everywhere."

He recommended choosing from 20 to 30 stocks in the SPDR Industrial Select Sector ETF (XLI) that "look incredible."

Brown also said he believes John Flannery, named to be GE's next CEO, effective Aug. 1, has no incentive to keep the company's prior guidance.

"Once that happens, everyone's excited: 'Oh, he'll sell off units, he sold off financial units,'" Brown said. "OK, fine. That's like a five-year plan. That's not like a catalyst for this year."

Brown said he's open to revisiting the stock in the future but for now, thinks there are better places to be allocated. "This is too much," he said.

CNBC has reached out to GE for comment.