General Electric (GE) Dips More Than Broader Markets: What You Should Know
General Electric (GE) closed the most recent trading day at $6.72, moving -1.61% from the previous trading session. This change lagged the S&P 500's daily loss of 0.63%. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, lost 0.1%.
Prior to today's trading, shares of the industrial conglomerate had gained 11.06% over the past month. This has outpaced the Conglomerates sector's gain of 7.6% and the S&P 500's gain of 5.91% in that time.
Wall Street will be looking for positivity from GE as it approaches its next earnings report date. This is expected to be October 28, 2020. On that day, GE is projected to report earnings of -$0.08 per share, which would represent a year-over-year decline of 153.33%. Our most recent consensus estimate is calling for quarterly revenue of $19.05 billion, down 18.46% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.05 per share and revenue of $79.23 billion, which would represent changes of -107.69% and -25.05%, respectively, from the prior year.
Any recent changes to analyst estimates for GE should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. GE is currently a Zacks Rank #5 (Strong Sell).
The Diversified Operations industry is part of the Conglomerates sector. This group has a Zacks Industry Rank of 116, putting it in the top 46% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
General Electric Company (GE): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.