![]() GE shares are up about 30 percent over the past year, outpacing the 13.5 percent climb of the Dow Jones industrials average. Still, investors blasted the move, and dragged Immelt over the coals for about two hours at the company’s 2009 annual meeting to decry the cut. The scrip has climbed 117.67 per cent in the last one year till date, while the 30-share index has gained 18. Equity benchmark Sensex traded 260.7 points lower at 57360.49 around the same time. The stock had closed at Rs 2453.2 in the previous session. The cut, which came around the time that GE lost its coveted triple-A credit rating, had been widely anticipated by Wall Street. traded 0.02 per cent up at Rs 2452.65 at around 10:30AM (IST) on Tuesday. GE slashed its dividend by 68 percent during the financial crisis, a move to save the company about $9 billion a year at a time when it needed to conserve cash to handle rising losses at its GE Capital finance business. Analysts, meanwhile, had expected LinkedIn to report earnings of about 60 cents per share on 828. A portion of that is earmarked to buy back the $3 billion in preferred shares the company sold Warren Buffett's Berkshire Hathaway Inc BRKa.N in October 2008.ĭebt-ratings agency Moody’s Investors Service said on Friday that its current “Aa2” rating on the company would not be affected by the increase in the dividend. The company said it saw adjusted first-quarter earnings of 74 cents on 861 million in revenue. Ripple (XRP) fell 0.02 per cent at 0.3529 and its 24-hour trading volume was. “It would not surprise me to see them incrementally increase it again sooner than a year from now.įairfield, Connecticut-based GE expects to end the year with about $25 billion in cash, including the proceeds of the NBC sale. Bitcoin (BTC) was up by 1.99 per cent, Ethereum (ETH) fell 1.74 per cent. “The fact that this was so incremental implies to me that they may do it even more often than yearly,” he said. “It’s encouraging that they are positive enough with the cash flow and business outlook to do that.” “It did come earlier than expected,” said Wayne Titche, co-manager of the AHA Diversified Equity Fund at AMBS Investments in Grand Rapids, Michigan. ![]() The board has authorized it to buy back up to an additional $11.6 billion in shares. It is extending its existing share-buyback plan, which was due to expire on December 31, though 2013. The company also said it will resume buying its shares, a practice it had halted on September 25, 2008. The new dividend is payable October 25 to shareholders of record as of the close of business on September 20. The 2 cent per share quarterly dividend hike, which means the world’s largest maker of jet engines and electric turbines will now pay investors 12 cents per share each quarter, still leaves GE’s dividend below the 31 cent per share quarterly rate it had in place before cutting its dividend in February 2009. The move came sooner than many investors had expected and sent GE shares up 3.2 percent in afternoon trading. ![]() ![]() General Electric's Jeffrey Immelt speaks at a news conference in New York, October 21, 2009.
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