General Electric (NYSE:GM) starts a new month with an impressive rally behind it.
The stock closed out November with its best monthly gain ever, rising by nearly 40%.
Barclays became even more bullish on the name on Monday, naming it one of its top stocks and betting on an improvement in free cash flow next year.
Ari Wald, head of technical analysis at rival ratings firm Oppenheimer, says the latest move is more positive than negative as it lifted the stock firmly above its 50-day and 200-day moving averages. However, it is still well below a mid-2016 peak.
"That long-term structure, it’s just very questionable. Kind of how I think about it, it’s moving with this beta move. It’s become such a low-priced stock there’s some beta to it. At this point, for it to continue to work, I think it’s really just a pure play on a continuation of this global recovery which we do think plays out," Wald told the media.
GE’s Healthcare division unveiled on the weekend a slate of new intelligently efficient solutions to help clinicians solve today’s two-part challenge of delivering high quality care while managing greater capacity and workflow issues, exacerbated by the impact of COVID-19.
Building on continuing investments in innovation and digital health momentum, GE Healthcare is expanding its AI offerings and Edison ecosystem, and also introducing breakthrough imaging innovations that will help shape the future of healthcare.
GE shares began Tuesday ahead 23 cents, or 2.3%, to $10.41.
