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GE Extending Uptrend After Upgrade By Barclays

Extending the upward move seen over the past several sessions, shares of General Electric Co. (GE) are seeing notable strength in afternoon trading on Monday. GE is currently up by 3.1 percent after reaching a two-month intraday high.

The advance by GE comes after Barclays upgraded its rating on the industrial conglomerate's stock to Overweight from Equal Weight.

"Even the most hardened skeptic might want to re-consider following the CEO change," wrote Barclays analyst Julian Mitchell.

GE has moved significantly higher since announcing Chairman and CEO John Flannery is stepping down and will be replaced by Lawrence Culp.

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Editors Pick
Shares of General Electric Co. are rising more than 10 percent on Thursday after the industrial conglomerate said it plans to establish a new, independent company focused on building a comprehensive Industrial Internet of Things or IIoT software portfolio. In addition, longtime bearish analyst Stephen Tusa of J.P. Morgan upgraded shares of GE to neutral. Apple Inc. said Thursday that it will invest $1 billion to build a new corporate campus in North Austin that will eventually create 15,000 jobs. Further, the tech giant announced plans to establish new offices and expand to over 1,000 employees each in three cities - Seattle, San Diego and Culver City, California. In January, Apple said it will create over 20,000 jobs over the next five years. German telecom giant Deutsche Telekom, Chinese conglomerate Alibaba's Alibaba Cloud, banking giant Citi and 13 other organizations have joined Hyperledger Blockchain project, an open source collaborative effort aimed to advance cross-industry blockchain technologies. Hyperledger, a project of The Linux Foundation that started less than three years ago, is a multi-project.
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