Today’s Research Reports on Stocks to Watch: General Electric and Vodafone
Shares of General Electric were surging on Tuesday on news that CEO Larry Culp is speeding up the pace of the Baker Hughes share sale. Shares of Vodafone were also up after announcing semiannual financial results.
RDI Initiates Coverage on:
General Electric Company
Vodafone Group Plc
General Electric Company shares closed up 7.76% yesterday on explosive trading volume of about 205 million shares traded. Average trading volume is just under 100 million shares. The pop in share price came after CEO Larry Culp speeded up plans to sell company’s stake in Baker Hughes. The deal would raise about $4 billion at current prices. "We like seeing GE’s new CEO Larry Culp hasten the pace of the company’s portfolio breakup to generate sale proceeds to de-lever the balance sheet,” remarked RBC Capital markets analyst Deane Dray. "This is consistent with GE’s messaging that it has roughly $60 billion of potential sources of liquidity.” Culp stated, "The agreements announced today accelerate that plan in a manner that mutually benefits both companies and their shareholders."
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Vodafone Group Plc shares closed up a little over 8% on Tuesday on roughly 11.1 million shares traded. The U.K. cell service provider saw its shares explode after reporting semiannual financial results for the first half of fiscal 2018. For the first half of 2018, the company said it saw 21.8 billion euros in revenue, but lost 7.8 billion euros citing "a loss on the disposal of Vodafone India." Sales dropped 5.5% YOY. Traders may have been more focused on the company reporting 566 million euros in positive free cash flow in the first half, a 36% increase over last year’s cash haul. CEO Nick Read stated, "Looking ahead, my new strategic priorities focus on driving greater consistency of commercial execution, accelerating digital transformation, radically simplifying our operating model and generating better returns from our infrastructure assets. Our goal is to deepen customer engagement through a broader offering of products and services, and to deliver the best digital customer experience, supported by consistent investment in our leading Gigabit networks. We expect that this will drive revenue growth, reduce churn and lower our European net operating expenses by at least €1.2 billion by FY2021."
Access RDI’s Vodafone Group Plc Research Report at:
Our Actionable Research on General Electric Company (NYSE: GE) and Vodafone Group Plc (NASDAQ: VOD) can be downloaded free of charge at Research Driven Investing.
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