Diamonds and Dogs
General Electric (GE) jumps 8% after reaffirming 2023 financial guidance Thursday while offering the first long-term growth outlook for its aviation business. GE stock is near a five-year high. The company also backed 2023 revenue growth and FCF outlooks for its aviation, power and renewable energy segments. It continues to expect a profit of $5.3 billion-$5.7 billion for aviation, as well as a loss of $200 million-$600 million for power and renewables. In early January, GE spun off its health care business as a separate company, called GE HealthCare Technologies (GEHC).
Banks are under pressure. Cypto bank, Silvergate Capital (SI) is down 22% as the bank announces a voluntary wind down. Signature Bank (SBNY) with crypto exposure is down 9%. SVB Financial (SIVB) is down 55% after a $1.75 billion share sale as the bank battles cash burn due to declining deposits from startups struggling with a venture capital funding drought. JP Morgan Chase (JPM) is down 5% as the bank has to hand over records they have on Jeffrey Epstein accounts.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.