Investing.com - General Electric deepened its retreat on Friday after the conglomerate pushed back the release of third-quarter results by five days to Oct. 30 to allow recently appointed Chief Executive Larry Culp an opportunity to complete his review of the business.
General Electric moved its call to allow Culp to complete "initial business reviews and site visits," following his appointment on Oct. 1, the company said in a statement Friday. Culp will share his initial observations, with more detail expected in early 2019, the company added.
In an upbeat assessment of the conglomerate, Barclays (LON:BARC) earlier this week upgraded its rating on General Electric's stock to overweight, saying that most of the bad news, including a likely dividend cut and lower earnings expectations, had been priced into the shares.
(NYSE:GE) fell by 3% to trade at $12.33 by 13:19 (17:19 GMT) on Friday on the NYSE exchange.
The volume of General Electric shares traded since the start of the session was 71.21 million. General Electric has traded in a range of $12.31 to $12.83 on the day.
The stock has traded at $13.78 at its highest and $12.32 at its lowest during the past seven days.