GE’s stock surges toward a more-than 4-month high, after report of potential asset sale

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Shares of General Electric Co. charged up 5.2% in afternoon trading Thursday, putting them on track to close at the highest price in more than four months, amid a Bloomberg report that the industrial conglomerate could sell off its majority stake in a steam power business in China. Bloomberg reported, citing people familiar with the matter, that state-owned Wuhan Boiler Group Co. is considering buying GE’s 51% stake in Wuhan Boiler Co., in a deal that could value GE’s stake at a few hundred million dollars. GE’s stock, which is headed for the highest close since June 9, has now soared 23.6% in October, making it the best month-to-date performer among the SPDR Industrial Select Sector ETF’s components. Meanwhile, the industrials ETF has gained 4.9% this month and the S&P 500 has tacked on 2.7%.
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