Dallas, Texas 07/11/2013 (Financialstrend) – General Electric Company (NYSE:GE), along with American International Group, Inc. were labelled by the U.S. Treasury’s Financial Stability Oversight Council yesterday as posing risk and potential threats to the financial system. The above firms are the first non-bank financial firms to be named as “systemically important” NN by the financial regulators. Jacob Lew, Chairperson at the Treasury Financial Stability Oversight Council, said “These names will help protect the financial system of the country and highlight the economy from risks that result in financial crises”. Moreover, the Treasury’s Financial Stability Oversight Council said that it did not examine the actual financial position, but the financial distress of these companies.
GE Aviation, a part of the company, announced recently its plan to expand in North Carolina with a $195 million project through which more workers will be recruited for the manufacturing facilities of the company across the state. It was reported that GE Aviation plans to build a 125,000-square-foot facility, providing the city of Asheville with investment funds. As the credit risk rate of the U.S. companies fell, General Electric Company (NYSE:GE) issued $3.5 billion in bonds. Credit risk levels are now in their lowest levels in a month.
General Electric Company’s (NYSE:GE) shares up by 1.02% in today’s trading session to trade at $23.78 per share. Intraday prices for the stock touched a low of $23.63 and a high of $23.92 per share. Trading volume stood at 14.03 million shares with an average volume of 40.55 million shares.
General Electric Company (NYSE:GE) currently has a 52-week low price of $19.36 and a 52-week high price of $24.45 per share. The market cap is $243.41 billion with 10.34 billion shares outstanding and 56% of institutional ownership.