Bullish on GE and Financials: Strategist

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.”

De Gan said he'd “look into” these financials:

Goldman Sachs

Bank of America

“We sold [Citigroup ] in November ‘07 and haven’t looked back,” said De Gan. “I don’t think I’d get interested in Citigroup because the government is going to own so much of it, but if I were to going to go back, I’d look into some of the other financials: Goldman Sachs and Bank of America.”


Jack De Gan’s firm Harbor Advisory owns shares in General Electric.