USEUROPEAFRICAASIA 中文双语Français
Home / Sports

Impatience with Immelt drives investors to Emerson

China Daily | Updated: 2008-07-11 07:52

General Electric Co investors, impatient with Chief Executive Officer Jeffrey Immelt's effort to revive the shares, are buying Emerson Electric Co and United Technologies Corp.

GE lost about a third of its market value in the past year amid concerns the financial units of the world's largest maker of jet engines and power-plant turbines are too exposed to the global credit crunch. The shares may dive 20 percent more if the US economy goes into a recession in 2009, Credit Suisse analysts wrote on June 30. That's about twice the potential decline for Emerson, the biggest producer of power equipment for oil companies, or United Technologies, which builds Sikorsky helicopters and Otis elevators, the report said.

Impatience with Immelt drives investors to Emerson

"We are buying Emerson," said Peter Sorrentino, senior portfolio manager at Huntington Asset Management in Cincinnati, which oversees $16.7 billion and isn't adding to the 2.9 million GE shares it owns.

Impatience with Immelt drives investors to Emerson

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US