The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
General Electric shares rallied Wednesday after longtime analyst Jeff Sprague raised his rating on the embattled industrial conglomerate's stock to buy.
It's the first time in more than a decade that he's recommended clients purchase the stock.
"After 10 years on the sidelines we are upgrading GE to buy," the Vertical Research Partners analyst said. "We see a path to create equity value."
"It took GE at least 20 years to dig this hole and it will not get out in a year or two. ... While the work ahead is still hard, we think the lack of investor confidence will slowly subside," Sprague added.
GE shares climbed 7 percent Wednesday morning. Vertical Partners also raised its GE price target to $11 a share from $10 a share.
Sprague has been a Wall Street analyst for more than 25 years, specializing in industrial research at firms such as Citigroup and Cowen before founding Vertical Partners.
Just before the financial crisis, Sprague in 2007 warned that GE's "size and complexity is working against investor interest." GE's worth had begun to slide at the time, after peaking near $600 billion in August 2000 as one of the most valuable companies in history. Sprague recommended that GE spin off several business units and assets to downsize, or else face "further valuation erosion."
The financial crisis saw GE's value take a sharp hit. Even though GE returned to precrisis levels nearly as quickly as it fallen, shareholder confidence began eroding sharply in January 2017, at about $31 per share.
Under former CEO John Flannery, and continuing under recently named successor Larry Culp, GE has begun breaking up businesses and selling assets – much as Sprague recommended a decade earlier.
GE stock has risen more than 13 percent in the past week. The recent rally began when J.P. Morgan analyst Stephen Tusa upgraded the stock. Tusa had long been bearish on GE. But J.P. Morgan said GE now has a more "balanced risk reward at current levels" and removed the company from a list of stocks it recommended shorting.
Shares were also boosted as the company recently filed paperwork for an initial public offering of its health-care business, people familiar with the matter told CNBC. The stand-alone GE Healthcare is expected as early as next spring and would rank among the largest public companies in the world.