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Is Dow Component GE the Victim of Wall Street’s Dark Conflicts?

Courtesy of Pam Martens

General Electric's Five-Year Stock Chart

General Electric’s Five-Year Stock Chart (Source: BigCharts.com)

By Pam Martens and Russ Martens: February 27, 2018

MarketWatch’s Tomi Kilgore reported on February 13, 2018 that JPMorgan analyst Stephen Tusa “became even more bearish” on General Electric (which has been a component of the Dow Jones Industrial Average since its creation in 1896). Kilgore reports further that the JPMorgan analyst had “slashed his stock price target to $14” from his previous target of $16. Only Deutsche Bank’s stock analyst, John Inch, says Kilgore, has a lower target, at $13.

JPMorgan, along with all of the other major Wall Street firms, is still allowed to issue research ratings on stocks despite the firms being charged by the Securities and Exchange Commission in 2003 in the epic research scandal on Wall Street.

Yesterday morning, as the Dow was on its way to closing up a whopping 399 points, GE plunged to a nickel below the JPMorgan analyst’s prediction, touching an intraday low of $13.95.

JPMorgan knows a lot about GE because it was part of a syndicate of Wall Street banks that raised $8.7 billion for GE just last May in a Euro bond. Other Wall Street firms in the syndicate included Bank of America Merrill Lynch, Citigroup, Deutsche Bank and others.

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