GE on track for another big week

By IndustrialsFOXBusiness

Ken Langone blames Jeff Immelt for GE’s financial woes

Home Depot co-founder Ken Langone accused former General Electric CEO Jeff Immelt of destroying GE.

General Electric’s shares started the week higher, continuing last week’s advance when the company’s stock appreciated 17 percent, marking the best weekly gain for the shares since they bottomed during the Great Recession in 2009.

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On Monday, analysts at Barclays reported a more bullish opinion on the battered industrial company, hiking their rating to Overweight from Equal-Weight. They maintained a $16 per share price target which would be about a 19 percent gain from current levels.

Sunday, GE reported that funds managed by affiliates of Apollo Global Management, LLC  would acquire an approximately $1 billion portfolio from GE Capital’s Energy Financial Services unit.

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On Oct. 1, in a surprise move GE ousted John Flannery as CEO and named Larry Culp as the new leader of the industrial conglomerate. At the same time, the company also announced the sudden change at the top of its leadership chain, GE reported that it would, once again, miss earnings targets and would take a large non-cash impairment charge in its power business.

GE’s new leader’s compensation is structured so that he will be rewarded financially if GE’s stock performs well. As previously reported by FOX Business, Culp’s compensation will include a base salary of $2.5 million per year, a target annual bonus of $3.75 million and annual equity awards of $15 million and other grants, based on his performance.