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Non-Tech : General Electric (GE)

GE 304.26

-1.4%

3:59 PM EST

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To: Fintas who wrote (3124)	8/15/2019 12:09:26 PM
From: Bonefish	Read Replies (1) of 3256

biggest selloff since the financial crisis By Tomi Kilgore Published: Aug 15, 2019 12:02 p.m. ET SHARE 0 Shares of General Electric Co. GE, -10.67% plummeted 10.3% on heavy volume in midday trading Thursday, amid allegations of fraudulent financial reporting. The stock is on track to suffer the biggest one-day percentage drop since it plunged 10.7% on March 2, 2009. Trading volume spiked to over 193 million shares, by far the most of any stock trading on major U.S. exchanges, and already more than triple the full-day average of 55.8 million shares. Harry Markopolos, the famed Madoff whistleblower, alleges GE has masked its financial woes, with accounting problems amounting to about $38 billion. Some Wall Street analysts have questioned the company's financial disclosures as well. Earlier this week, J.P. Morgan analyst Stephen Tusa reiterated his underweight rating and $5 stock price target, saying it appeared that the attrition in the installed based in GE's power business that the company has consistently denied is actually occurring, with the decline coming at "a somewhat more alarming rate

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