GE to get billions from Buffett
General Electric has a hand in everything, but has still managed to fall victim to the credit crunch.
Now, GE plans to sell $15 billion worth of new stock, $3 billion in preferred and $12 billion in common stock. The preferred stock has snagged a buyer in one Berkshire Hathaway. I’m with Warren Buffett on this one, GE has struggled to maintain its footing during the recent crisis but, the company is solid.
Today, the stock is trading down about 5 percent and it may continue to go down in the short term, but long term GE is probably one of the most reliable stocks known to man. Take a look at the chart.
Hopefully, new capital will bring GE to life ;)
Tags: credit crunch, general electric, warren buffettRelated Stories
POSTED IN: Corporate, Economy, Investment, Market, News
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