General Electric's (GE, $11.27) Market Worth Is Now Less Than $100 Billion
General Electric (GE) just got a ‘shock’ - it has plunged to less than $100 billion in market value. This happened for the first time for the conglomerate since 2009’s global recession.
From being the most valuable company – worth $400 billion - in the S&P 500 in 2004, GE is now struggling with cratering share prices amidst the company’s profit declines and massive debt. It even got eliminated from the Dow Jones Industrial Average Index earlier this year, after having been part of it for around 110 years.
In an attempt to pay off its debts, GE is selling off several of its businesses including its railroad division, Thomas Edison's light-bulb unit, Baker Hughes and the MRI-machine making health-care unit.
What’s more, GE Power is mired in troubles with its gas turbines failures and related plant shutdowns. In a statement, GE claimed that it has "identified a fix" and has been working with customers to "quickly return units to service."
GE's stock price is down by around -35% so far this year.
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General Information
an industrial conglomerate which manufactures engine parts, elevators, and air-conditioning equipment
Industry IndustrialConglomerates
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