Think You Can Pick the Bottom for GE?
CEO John Flannery is doing the right things, but execution is key and not everything is in his control.
The running theme? Selling pressure.
Photographer: Michael Nagle/BloombergPatience is a virtue, but a poor sales pitch.
Shares of General Electric Co. extended a six-day decline on Wednesday and briefly dipped below $12 a share for the first time since the financial crisis — the latest evidence that investors remain skeptical about its turnaround prospects. Institutional investors in aggregate dumped 2.87 million shares of the industrial giant in the second quarter, according to data compiled by Bloomberg from 13F regulatory filings. That’s less than the net 126 million shares that were jettisoned in the first quarter, but marks yet another period of outflows as CEO John Flannery tries to convince investors his proposed breakup will put GE on a better path.