GE Sinks Below Pre-Breakup Price, Wiping Out Initial Rally

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(Bloomberg) -- General Electric Co. has more than given up gains made after the conglomerate said last week it would break up into three companies by 2024.

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The shares fell 1.4% to $101.95 at 3:35 p.m. in New York on Wednesday as they moved toward a third straight day of declines. The shares were 6% below GE’s closing price of $108.42 on Nov. 8, the day before the split was announced.

The swoon comes after Wall Street broadly cheered the decision to splinter GE into separate, publicly traded companies focused on aviation, health care, and renewable- and fossil-power systems, a plan that several analysts said presented upside to GE’s current stock price. GE soared as much as 17% in early trading after the announcement last week before it pared most of those gains as the day progressed, closing up 2.7%.

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