General Electric Stock Hits 5-Year High After Earnings

Year-to-date, GE is up roughly 77%

Deputy Editor

Jul 25, 2023 at 10:28 AM

General Electric Co (NYSE:GE) is trading at fresh five-year highs today, after the company posted better-than-expected second-quarter results and raised its full-year forecast, with help from strong demand for its aerospace unit. At last glance, GE was up 5.2% at $115.96, and earlier hit a peak of $117.96. Year-to-date, the outperforming stock is carrying a 76.9% gain.

So far in the options pits today, 16,000 calls and 9,531 puts have been exchanged, which is eight times the amount typically seen at this point. The weekly 7/28 120-strike call is the most popular, followed by the 117-strike call in the same series, with new positions being opened at both.

Analysts have yet to chime in after the results. Of the 15 in coverage, four still carry a "hold" rating despite the stock's rally over the past few weeks. The 12-month consensus price target of $112.54 is now a slim discount to current levels, leaving room for potential price-target hikes as well.

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