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GE Pulls Back Off Best Levels But Holding On To Strong Gain

After gapping open sharply higher, shares of General Electric Co. (GE) have pulled back off their best levels of the day but remain firmly positive in afternoon trading on Thursday. GE is currently up by 6.5 percent, bouncing off its lowest closing level in well over nine years.

The initial rebound by GE came after J.P. Morgan upgraded its rating on the industrial conglomerate to Neutral from Underweight, saying GE now has more "balanced risk reward at current levels."

"Key to the story, in our view, is the outcome of 'known unknowns' in near term, which are better understood and around which debate is more balanced, as opposed to being overlooked by most bulls in the past," said J.P. Morgan analyst Stephen Tusa.

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