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Reporter
Our parent company, General Electric [GE
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], continues to trade near the highs of the day. As the stock broke through $15 yesterday, volume spiked and it continues to do so today.
GE's move up seemed to have an influence on other conglomerates-Textron [TXT
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] for example, is also up today after pricing $600 million in notes.
Hilliard Lyons, in a note this morning, seemed to feel the runup (highest level since January) had gone a bit too far: "We are changing our rating on General Electric to Long-term Buy from Buy following the recent upward move in the price of GE shares. At the current price, GE's stock has reached our estimated value of its industrial assets alone, which we pegged at about $14 per share. The financial unit appears to have stabilized, but a recovery could be slow at best, resulting in a longer term view."
Separately, RiskMetrics Group also put out a fairly critical report, entitled “Capital Issues Remain as Company Seeks to Shrink Loan Portfolio.”
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