Putting GE's Horrible 3-Week Run Into Perspective

General Electric Company GE hit its lowest level in nine years Friday after JPMorgan lowered its price target for the stock to just $6 per share. Benzinga took a look at some of the mind-blowing trading action in GE in recent years to put Friday’s 5.7-percent drop in perspective.

Bad Year

In a year in which GE stock is down 52 percent overall, Friday’s loss was the fifth worst day of 2018 for GE stock. It’s also the seventh time GE has logged a single-day loss of at least 5 percent in the past year compared to only two days of at least 5 percent gains.

Incredibly, three of those single-day 5 percent losses have come in the past two weeks, including an 8.7-percent sell-off Oct. 30. In the past month, GE has had nine days of at least 3 percent single-day losses but not a single day of more than a 2.5-percent gain.

Another remarkablenumber that demonstrates just how historically bad GE’s year has been is the fact that 11 out of the stock’s 12 worst single-day losses of the past five years have occurred in the past 12 months.

Even with the stock’s huge Friday loss, the week ending Nov. 9 was not among GE’s worst weeks of the year. GE finished the week down 7.5-percent for the fifth time this year. GE has had three weeks of at least double-digit losses in the past year compared to only one week of double-digit gains. The stock’s worst week of the year was a 17.7 percent drop last week following a 10.0 percent drop the week before. That’s right, three of GE’s five worst weeks of the year have been the last three weeks.

If JPMorgan is correct, the GE story won’t be getting better anytime soon. The stock finished the week at $8.58 per share, its lowest closing price since 2009.

Related Links:

Barclays Says It's Time To Reconsider General Electric's Stock

Gordon Haskett: Why General Electric Shares Have Downside To $5

Photo credit: Momoneymoproblemz (Own work), via Wikimedia Commons