Published Thu, 12 Oct 2017 08:01:00 -0400 on Seeking Alpha
General Electric (NYSE: GE) share continued to nosedive on Monday as the bear case seems to be gaining steam.
JPMorgan’s (NYSE: JPM) Stephen Tusa appeared on CNBC’s Halftime report and added some color to the statement he made a couple days ago stating the new CEO’s abrupt announcement of the dismissal of several top executives was a “major negative.”
Stephen Tusa Jr. stated:
“General Electric shares could fall 14 percent and a dividend cut is "increasingly likely.”
Tusa’s position is that the abrupt departure of CFO Jeff Bornstein is a signal that the numbers may be much worse than anticipated. Tusa bases this thesis on the fact the narrative on Bornstein previously was that he would be an integral party of the new organization. This has led many to believe the table is set for a dividend cut when Flannery announces the new plan on November 13. General Electric was quick to respond.
General Electric says dividend a top priority General Electric quickly put out a statement to CNBC regarding Tusa’s report stating:
"The dividend remains a top priority."
This did not seem to sit well with most. Many pundits were quick to point out the statement leaves room for a potential cut. The dividend being a “top priority” is not the same as saying the dividend is sacrosanct. I would tend to agree. Granting, I believe market... Read more
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