GE Names New Auditor, Stock Slides

Sentiment surrounding GE is still quite high

Deputy Editor
Jun 22, 2020 at 10:15 AM
facebook twitter linkedin

General Electric Company (NYSE:GE) this morning named Deloitte as its independent auditor for the 2021 fiscal year. The firm's current auditor will continue its services until the end of 2020. At last check, GE is trading lower, down 1.7% at $7.08. 

It's been a rocky road for GE, which has taken a beating along with the broader energy sector. The stock is down 36% for the year, with an early July breakout quickly snubbed out by its 100-day moving average. The $7 mark is keeping some of these losses in check, while the 30-day moving average has also presented itself as potential support going forward. 

Calls are still being favored in the options pits. In the last 10 days, 344,389 calls were picked up, compared to 109,309 puts. Echoing this, GE's Schaeffer's open interest ratio (SOIR) of 0.59 sits higher than just 2% of readings from the past 12 months, suggesting short-term options traders have rarely been more call-biased. 

Sentiment among the brokerage bunch also leans bullish. Seven of the 12 covering GE call it a "strong buy," while the remaining five say "hold." Meanwhile, the consensus 12-month price target of $8.15 is a 16.1% premium to Friday's close. 






Begin the New Year With Schaeffer's 7 FREE 2022 Stock Picks!



Special Offers from Schaeffer's Trading Partners