Lets talk about $GE (General Electric) stock and why I opened a small position Friday.
52 Week High: 13.26
52 Week Low: 5.48
Current Price: 7.90
General Electric has been one of the hardest hit stocks in the market due to COVID-19 but now that the country is recovering I believe there could be more upside after the great jobs news and projections last Friday.
Relatively new CEO Lary Culp. Has a great history of leading companies back from turmoil.
Sold its biopharma business to Danaher (DHR) for more than $20 billion.
The hope of Airlines coming back and supporting data which would lead to a renewed recovery in GE aerospace department which makes up the majority of revenue.
Has already run 50% off lows.
PT’s low and do not present a huge upside.
COVID resurgence possible and risk to the aerospace market.
I will hold this position with a trailing stop but I believe there is still some upside to it if the economy continues to recover and people continue to go back to work.
I think the stock could reach 8.50 to 9.00 conservatively in the coming weeks but I urge using stops and watching it like a hawk.
This is not a top recommendation simply an explanation of a trade I have made.
I think names like $SBUX. $TJX, $SGEN, $TTWO, and more are much better long.
Disclaimer: I currently hold $GE and am long the stock.