Bleeding Pauses: Longs Return Home
The beaten and badgered indices received some pain reliever on Friday as all three major averages posted healthy gains.We can't remember the last time that happened.
We suspect part of Friday's gains stemmed from General Electric's healthy earnings report.
We own shares of GE for our own account as we find the combination of dividends and alternative energy exposure attractive.
Given GE's historic valuation as well as its earnings-meeting consistency, we reiterate our hold rating on shares.
Jeff Immelt is doing a great job since taking over for Jack Welch, although shares clearly need a jolt.
As does this market if the S&P is to reach its former 1300 status.
Earnings season continues next week -- let's hope we get an earnings surprise or two to instill some more confidence into this trembling market.
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