General Electricposted better-than-expected quarterly profit on Friday, and Jack De Gan, CIO of Harbor Advisory told CNBC that he remains bullish on the company.
“We doubled our position and we’re quite happy where the stock is,” said De Gan. “This [earnings] report is slightly better than expected…I think we saw a generational low on the stock last month and it’s up 100 percent since then so it may be time for a breather before long here.”
GE is the parent company of CNBC and CNBC.com.
De Gan said he thinks the economy has yet to see the bottom, but GE is relatively well-equipped to weather the storm.
“GE has done a good job of building up the service component of all its products. Service revenues are very stable, so that helps,” he said. "[However,] I believe this economy is still in a downward trajectory, even thought that trajectory has moderated in the last month or so.”