GE Aerospace's stock is surging 6.8% after its upbeat earnings report, and was heading for the highest close since October 2007. The company, formerly known as General Electric u
Shares of GE Aerospace (GE) surged nearly 10% Thursday morning to lead S&P 500 gainers after the company reported fourth-quarter results far above analysts' estimates. The manufacturer of airplane engines and other parts reported net income of $1.
Stocks turned mostly higher a day after the S&P 500 closed just shy of a record high.These stocks were making moves Thursday:Electronic Arts was tumbling 19% after the maker of video games slashed its fiscal-year bookings guidance because of underperformance in its soccer titles.
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GE Aerospace operates in a highly competitive but lucrative sector, providing commercial engines and aviation services that are essential for airlines worldwide. Its primary revenue comes from the sale of engines, with over 70% of revenue generated by parts and services sold to airline companies after the initial sale of an engine.
U.S. stock futures were mixed on Thursday following Wednesday's rally. Futures of benchmark indices were lower except Dow Jones.
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GE Aerospace is significantly overvalued, with a trailing P/E ratio of 40x and stretched fundamental comparisons vs. peers. Explore more details here.
U.S. stocks traded mixed this morning, with the Dow Jones index gaining around 50 points on Thursday. Following the market opening Thursday, the Dow traded up 0.15% to 44,221.41 while the NASDAQ fell 0.
Thursday's session features more earnings, including from American Airlines, and the release of weekly jobless claims.
GE Aerospace (NYSE:GE) shares are trading higher premarket on Thursday after it reported fourth-quarter adjusted revenue growth of 16% year-over-year to $9.879 billion and GAAP revenue of $10.812 billion.
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