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Breaking Market News: General Electric (GE), Verizon Communications (VZ), American Express (AXP), Bank of America (BAC)

Companies / Corporate News May 20, 2009 - 12:46 PM GMT

By: Oakshire_Financial

Companies

Best Financial Markets Analysis ArticleGeneral Electric Co. (GE) says that it has no need to raise additional capital in the debt markets for the remainder of the year. Chief Executive Officer Jeff Immelt, who is head of the largest U.S. conglomerate, hinted that funding needs in 2010 could also be established within the year as well.


Shares of GE continue to make gains for the week, currently trading near $14.15/share. Longer-term trendlines point to resistance near $17.50/share. If there is a breakthrough here, look for a completion of the “head and shoulders” bottom, allowing the stock to reach $25/share likely by year’s end.

 

  • Verizon Communications (VZ) Chief Financial Officer John Killian stated that he was satisfied with his company’s growth in the second quarter and has a positive outlook for the remainder of 2009 with regards to revenue and cash flow growth, according to Reuters.
  • Analysts over at Friedman, Billings, Ramsey & Co. reiterated their “underperform” recommendation of American Express (AXP) on near-term worries of rising loan losses, despite an increase in profits. The company is rumored to have plans to cut over 4,000 jobs in an effort to reduce expenses by $800 million in ’09, Business Week reports.
  • Equities in the U.S. are gaining some ground today. The effort is being led by Bank of America (BAC), which is up more than 8.2 percent following an announcement that the company had sold 1.25 million shares and raised more than $13.5 billion to boost its cash position, Bloomberg and MSN Money reported.

Good investing,

Stanley Barnes
Analyst, Oxbury Research

Disclosure: no positions

Oxbury Research originally formed as an underground investment club, Oxbury Publishing is comprised of a wide variety of Wall Street professionals - from equity analysts to futures floor traders – all independent thinkers and all capital market veterans.

© 2009 Copyright Oxbury Research - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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