Yahoo Finance GE Stock Hammered Again; Energy Shares Fall Midday
Investing.com - General Electric (NYSE:GE) took another drubbing in midday trading, while energy stocks were hamstrung again by falling oil prices.
GE fell about 6% at 11:30 AM ET (16:30 GMT).
The shares struggled after Deutsche Bank (DE:DBKGn) cut its price target on the stock to $7 from $11, according to published reports, although the bank also said it did not think the conglomerate was facing a liquidity crisis.
A report in the Wall Street Journal that former GE employees had told the SEC the company failed to acknowledge the worsening results at its insurance business also weighed on the stock.
Meanwhile the S&P 500 Energy index fell about 0.7%.
Oil prices were in the red again, looking at their worst monthly performance in 10 years, after Russia gave mixed signals on output reductions.
Earlier in the day, Russian Energy Minister Alexander Novak told the TASS news agency that Russia is comfortable with current prices. The energy sector has been worried about a supply glut and OPEC is expected to discuss possible reductions at its meeting in early December.
Among active stocks, Halliburton (NYSE:HAL) lost 2.2%, while Chevron (NYSE:CVX) dipped 0.4% and Hess (NYSE:HES) decreased 0.5%.
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