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GE

General Electric

$12.17

-0.53 (-4.17%)

07:25
10/25/18
10/25
07:25
10/25/18
07:25

General Electric may be double counting up to $18B of assets, says JPMorgan

JPMorgan analyst Stephen Tusa says that after deeper analysis of the company's consolidated financial statements, "there emerges further support" for his view of "how challenged the financial situation" is at General Electric. The company has $100B of net liabilities at present, which after normalizing interest expense, suggests GE is currently generating zero free cash flow into 2019 including Healthcare, and negative $4B including the dividend, Tusa tells investors in a research note titled "Potential Double Counting of Assets Makes Leverage Math More Negative." The analyst thinks investors and rating agencies may be overlooking that a range of $12B-$18B in assets may be "double counted" by GE. "Whether a critical near term liquidity issue or not, this is something that we believe needs to be addressed by new management to move from a low quality levered, financially engineered laggard that we believe deserves a discount, to one that deserves parity, potential actions around which to remedy we see as ultimately dilutive for the equity holder," says Tusa. He keeps an Underweight rating on General Electric with an $18 price target.

  • 30

    Oct

GE General Electric
$12.17

-0.53 (-4.17%)

10/11/18
UBSW
10/11/18
NO CHANGE
Target $13
UBSW
Neutral
General Electric may see more downside before climbing, says UBS
UBS analyst Steven Winoker said GE Capital continues to weigh on the shares of General Electric, but he believes that new CEO Larry Culp will work toward closing the balance sheet gaps through a combination of a deeper dividend cut, possibly of over 90%, and possibly a one-time capital raise to add some cushion for future investment. The analyst said turning the company around will take years, but he has every confidence that Larry Culp is the leader for the job. He said based on his valuation metrics, he could see near-term downside in the share before they begin climbing. Winoker maintained his Neutral rating and $13 price target on General electric shares.
10/12/18
FBCO
10/12/18
INITIATION
Target $14
FBCO
Neutral
General Electric initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Walsh initiated General Electric with a Neutral rating and $14 price target, telling investors in a research note that new CEO Larry Culp continues to simplify GE and says Aviation, the largest source of future earnings, continues to hold margin despite the LEAP ramp. However, Walsh notes that there is no easy fix for Power, as natural gas power markets are "fundamentally challenged."
10/12/18
FBCO
10/12/18
INITIATION
FBCO
Outperform
EE, MI Sector initiated with Opportunistic View at Credit Suisse
Credit Suisse analyst John Walsh initiated the U.S. Electrical Equipment and Multi-Industry Sector with an Opportunistic View, telling investors in a research note that he believes at this point in the cycle stock appreciation will be driven by earnings growth and capital allocation. He is most positive on energy-related and non-residential end markets while cautious on Fossil Power markets. Specifically, Walsh initiated Allegion (ALLE), Eaton (ETN), Ingersoll-Rand (IR), Lennox (LII), 3M (MMM) and Xylem (XYL) with Outperform ratings, Acuity Brands (AYI), Emerson (EMR), Flowserve (FLS), Fortiv (FTV), GE (GE), Honeywell (HON) and Johnson Controls (JCI) with Neutral ratings and Rockwell Automation (ROK) with an Underperform rating.
10/12/18
GDHS
10/12/18
INITIATION
Target $11
GDHS
Underperform
General Electric initiated with an Underperform at Gordon Haskett
Gordon Haskett analyst John Inch started General Electric with an Underperform rating and $11 price target. GE is going to take a "very long time to turn around, no matter who is at the helm," Inch tells investors in a research note. He believes it is not clear that incremental value is being created by the company's actions to shrink and shuffle its debt. Further, he believes the Power business is facing negative secular pressures that are helping to constrict cash flow.

TODAY'S FREE FLY STORIES

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
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NYSE market internals summary »

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CTSH

Cognizant

$61.83

0.75 (1.23%)

13:12
05/24/19
05/24
13:12
05/24/19
13:12
Hot Stocks
Cognizant CEO buys 19K shares of company stock »

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NFLX

Netflix

$355.84

3.61 (1.02%)

, GOOG

Alphabet

$1,144.00

3.45 (0.30%)

13:08
05/24/19
05/24
13:08
05/24/19
13:08
Hot Stocks
Netflix to release 'Little Black Mirror' episodes on YouTube starting May 26 »

Netflix Latin America…

NFLX

Netflix

$355.84

3.61 (1.02%)

GOOG

Alphabet

$1,144.00

3.45 (0.30%)

GOOGL

Alphabet Class A

$1,148.10

3.22 (0.28%)

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13:07
05/24/19
05/24
13:07
05/24/19
13:07
General news
Baker-Hughes Rig Count N. Amer. data reported »

Week of 5/24 Baker-Hughes…

UAL

United Continental

$81.10

0.19 (0.23%)

, BA

Boeing

$356.58

6.01 (1.71%)

13:07
05/24/19
05/24
13:07
05/24/19
13:07
Periodicals
United extending Boeing 737 Max cancellations through August 3, CNBC reports »

United Airlines (UAL)…

UAL

United Continental

$81.10

0.19 (0.23%)

BA

Boeing

$356.58

6.01 (1.71%)

AAL

American Airlines

$29.41

-0.08 (-0.27%)

LUV

Southwest

$51.33

0.36 (0.71%)

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BBY

Best Buy

$64.89

-0.9 (-1.37%)

, SSNLF

Samsung

$0.00

(0.00%)

13:04
05/24/19
05/24
13:04
05/24/19
13:04
Periodicals
Best Buy cancels preorders for Samsung's foldable phone, CNN reports »

Best Buy (BBY) is…

BBY

Best Buy

$64.89

-0.9 (-1.37%)

SSNLF

Samsung

$0.00

(0.00%)

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BHGE

Baker Hughes

$22.28

-0.78 (-3.38%)

13:03
05/24/19
05/24
13:03
05/24/19
13:03
Hot Stocks
Baker Hughes reports U.S. rig count down 4 to 983 rigs »

Baker Hughes reports that…

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V

Visa

$162.59

1.07 (0.66%)

13:02
05/24/19
05/24
13:02
05/24/19
13:02
Hot Stocks
Visa CFO Vasant Prabhu appointed company vice chairman »

Visa announced that…

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EHC

Encompass Health

$59.22

-0.315 (-0.53%)

13:01
05/24/19
05/24
13:01
05/24/19
13:01
Hot Stocks
Encompass Health names Kim Sullivan chief human resources officer »

Encompass Health…

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  • 05

    Jun

IONS

Ionis Pharmaceuticals

$67.35

0.215 (0.32%)

, BIIB

Biogen

$229.80

0.75 (0.33%)

13:01
05/24/19
05/24
13:01
05/24/19
13:01
Hot Stocks
Ionis, Biogen slip after FDA approves Novartis' Zolgensma for SMA treatment »

Shares of Ionis…

IONS

Ionis Pharmaceuticals

$67.35

0.215 (0.32%)

BIIB

Biogen

$229.80

0.75 (0.33%)

NVS

Novartis

$87.21

2.75 (3.26%)

03/08/13
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    Jun

XRT

S&P Retail Index SPDR

$41.58

-0.09 (-0.22%)

13:00
05/24/19
05/24
13:00
05/24/19
13:00
Options
Size four-way put spread in SPDR Retail Trust as shares extend losses »

Size four-way put spread…

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RGNX

Regenxbio

$43.60

1.11 (2.61%)

, NVS

Novartis

$87.13

2.67 (3.16%)

12:53
05/24/19
05/24
12:53
05/24/19
12:53
Hot Stocks
Regenxbio up 6% after Novartis receives FDA approval for Zolgensma »

Regenxbio (RGNX) will…

RGNX

Regenxbio

$43.60

1.11 (2.61%)

NVS

Novartis

$87.13

2.67 (3.16%)

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  • 31

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NVS

Novartis

$87.04

2.58 (3.05%)

12:47
05/24/19
05/24
12:47
05/24/19
12:47
Hot Stocks
Novartis says wholesale acquisition cost of Zolgensma $2.125M »

AveXis, a Novartis…

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  • 31

    May

TIVO

TiVo

$6.87

0.04 (0.59%)

12:45
05/24/19
05/24
12:45
05/24/19
12:45
Options
TiVo call volume above normal and directionally bullish »

Bullish option flow…

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  • 12

    Jun

12:45
05/24/19
05/24
12:45
05/24/19
12:45
General news
Breaking General news story  »

Week of 5/24 Baker-Hughes…

VWAGY

Volkswagen

$0.00

(0.00%)

12:42
05/24/19
05/24
12:42
05/24/19
12:42
Periodicals
Appeals court rules in favor of Volkswagen diesel car owners, Reuters reports »

A German appeals court…

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CNC

Centene

$56.30

0.85 (1.53%)

, WCG

WellCare

$267.57

-6.89 (-2.51%)

12:42
05/24/19
05/24
12:42
05/24/19
12:42
Periodicals
Third Point confirms Centene stake to CNBC, says WellCare deal in best interest »

CNBC tweeted: "Third…

CNC

Centene

$56.30

0.85 (1.53%)

WCG

WellCare

$267.57

-6.89 (-2.51%)

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    Jul

SPY

SPDR S&P 500 ETF Trust

$282.86

0.67 (0.24%)

, IVV

iShares Core S&P 500

$284.83

0.69 (0.24%)

12:40
05/24/19
05/24
12:40
05/24/19
12:40
Technical Analysis
On The Fly: ETF fund flow highlights »

Flows for the past week…

SPY

SPDR S&P 500 ETF Trust

$282.86

0.67 (0.24%)

IVV

iShares Core S&P 500

$284.83

0.69 (0.24%)

XLK

Technology Select Sector SPDR

$73.62

0.33 (0.45%)

SMH

Market Vectors Semiconductor

$100.37

0.23 (0.23%)

SOXX

iShares PHLX Semiconductor ETF

$180.13

0.06 (0.03%)

LQD

iShares iBoxx $ Investment Grade Corporate Bond

$119.60

0.14 (0.12%)

EEM

iShares MSCI Emerging Markets ETF

$40.00

0.08 (0.20%)

XLU

Utilities SPDR

$59.99

0.07 (0.12%)

XLV

Health Care Select Sector SPDR

$89.56

0.17 (0.19%)

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MSFT

Microsoft

$126.65

0.46 (0.36%)

, CCOEY

Capcom

$0.00

(0.00%)

12:37
05/24/19
05/24
12:37
05/24/19
12:37
Hot Stocks
Microsoft says Project xCloud can stream more than 3,500 games »

Kareem Choudhry,…

MSFT

Microsoft

$126.65

0.46 (0.36%)

CCOEY

Capcom

$0.00

(0.00%)

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    Aug

NVS

Novartis

$86.93

2.47 (2.92%)

12:33
05/24/19
05/24
12:33
05/24/19
12:33
Hot Stocks
Novartis announces FDA approval for Zolgensma »

AveXis, a Novartis…

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  • 31

    May

CNC

Centene

$55.37

-0.08 (-0.14%)

, WCG

WellCare

$273.18

-1.28 (-0.47%)

12:33
05/24/19
05/24
12:33
05/24/19
12:33
Periodicals
Third Point thinks Centene should consider sale before buying WellCare, WSJ says »

Daniel Loeb's Third…

CNC

Centene

$55.37

-0.08 (-0.14%)

WCG

WellCare

$273.18

-1.28 (-0.47%)

HUM

Humana

$262.97

3.1 (1.19%)

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  • 13

    Nov

NVS

Novartis

$86.95

2.49 (2.95%)

12:31
05/24/19
05/24
12:31
05/24/19
12:31
Hot Stocks
Breaking Hot Stocks news story on Novartis »

Novartis announces FDA…

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  • 31

    May

KNX

Knight-Swift

$29.75

-0.65 (-2.14%)

12:30
05/24/19
05/24
12:30
05/24/19
12:30
Options
Volatility play opened in Knight Transportation »

Volatility play opened in…

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  • 30

    May

  • 13

    Nov

WCG

WellCare

$273.55

-0.91 (-0.33%)

, CNC

Centene

$55.41

-0.04 (-0.07%)

12:27
05/24/19
05/24
12:27
05/24/19
12:27
Periodicals
Breaking Periodicals news story on WellCare, Centene »

Activist Third Point has…

WCG

WellCare

$273.55

-0.91 (-0.33%)

CNC

Centene

$55.41

-0.04 (-0.07%)

03/08/13
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