GE says it is a ‘fundamentally strong company’ after JPMorgan note hammers stock

GE says it is a ‘fundamentally strong company’ after JPMorgan note hammers stock

General Electric Co. GE, -8.90% said Friday it remains a “fundamentally strong company” with a “sound liquidity position,” rebuffing a JPMorgan note that said the worst is still to come for the conglomerate. GE shares slide about 10% on the note, in which Stephen Tusa, a known GE bear, slashed his stock price target to $6 from $10 and said recent earnings were worse than expected on almost all fronts. “We are taking aggressive action to strengthen our balance sheet through accelerated deleveraging and position our businesses for success,” the company said in a statement. The stock was on track for its biggest one-day selloff since March of 2009. The S&P 500 SPX, -1.09% was down about 1%.

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