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2021-03-10

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GE Announced Tons Wednesday. This Was the Real Bombshell.<blockquote>通用电气周三宣布了吨。这才是真正的重磅消息。</blockquote>

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This Was the Real Bombshell.<blockquote>通用电气周三宣布了吨。这才是真正的重磅消息。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176282144","media":"Barrons","summary":"General Electricis having a very busy day, with news that it sold itsjet-leasing business to AerCapa","content":"General Electricis having a very busy day, with news that it sold itsjet-leasing business&nbsp;to&nbsp;AerCapand financial forecasts for 2021. But the multibillion-dollar deal and theoutlookfor the post-pandemic industrial landscape take a back seat to the conglomerate’s plan for a reverse stock split.<blockquote>通用电气公司度过了非常忙碌的一天，有消息称其将喷气式飞机租赁业务出售给了 Aercapa，并对 2021 年进行了财务预测。但这笔数十亿美元的交易和大流行后工业格局的前景让位于该集团反向股票分割的计划。</blockquote> General Electric (ticker: GE) is proposing to give investors one share for every eight they now hold. That will take its share price to about $112, based on recent levels, reducing the shares outstanding to about 1.1 billion from a little less than9 billion.<blockquote>通用电气（股票代码：GE）提议向投资者每持有八股股票赠送一股。根据最近的水平，这将使其股价达到约 112 美元，使流通股从略低于 90 亿股减少到约 11 亿股。</blockquote> The question is why? Most companiesspit their stock, creating a lower share price and more shares outstanding, as stock prices rise over time. Companies appear to like to have a stock price at a certain level, following the Goldilocks principle of not too high and not too low.<blockquote>问题是为什么？随着股价随时间的推移而上涨，大多数公司都会抛售股票，从而导致股价降低和流通股增多。公司似乎喜欢股价处于一定水平，遵循不太高也不太低的金发女郎原则。</blockquote> That appears to be the reason for this reverse split, too. A scan of GE’s peers shows share prices in the $100 to $200 range and share counts in the hundreds of millions. GE simply looks like an outlier.<blockquote>这似乎也是这种反向分裂的原因。对通用电气同行的扫描显示，其股价在 100 美元到 200 美元之间，股票价值高达数亿美元。通用电气看起来只是一个异类。</blockquote> Investors like splits. They take them as a sign that things are getting better and that management expects prices to rise in the near future. Reverse splits, on the other hand, can make investors nervous. They can be interpreted as a sign the business is getting worse.<blockquote>投资者喜欢分割。他们认为这表明情况正在好转，管理层预计价格将在不久的将来上涨。另一方面，反向分割可能会让投资者感到紧张。它们可以被解释为生意越来越糟的迹象。</blockquote> The academic data appears to bear that fear out. AJournal of Financestudy partly authored by Nobel laureate Eugene Fama found that splits are favorable and that reverse splits are ominous for one- and three-year forward stock returns. Splitters outperform the market and reverse splitters lag behind it.<blockquote>学术数据似乎证实了这种担忧。一个金融杂志部分由诺贝尔奖获得者尤金·法马撰写的研究发现，拆分是有利的，而反向拆分对于一年期和三年期远期股票回报来说是不祥的。分离器跑赢市场，反向分离器落后于市场。</blockquote> But there are a few caveats. First, the data set included almost 6,000 stock splits, but fewer than 100 reverse splits. Reverse splits are very rare. It’s tough to make a blanket statement from a small data set.<blockquote>但是有一些注意事项。首先，数据集包括近 6,000 次股票分割，但不到 100 次反向分割。反向分裂非常罕见。很难从一个小的数据集中做出一概而论的说法。</blockquote> What is more, many academic papers look at old data. The Fama data set includes stocks trading in the 1970s, 1980s and 1990s. A lot has changed in the marketplace since then.<blockquote>更重要的是，许多学术论文都着眼于旧数据。Fama数据集包括20世纪70年代、80年代和90年代的股票交易。从那时起，市场发生了很大变化。</blockquote> One common theme of stock-split studies, for instance, is a split’s impact on overall liquidity. A lower share price is simply within reach of more shareholders. More investors means more stock trading on any given day. That can make shares less volatile and less risky.<blockquote>例如，股票分割研究的一个共同主题是分割对整体流动性的影响。更多的股东可以负担得起较低的股价。更多的投资者意味着任何一天都有更多的股票交易。这可以降低股票的波动性和风险。</blockquote> Now, though, brokers offer share “slices” for as little as $5, essentially giving stock exposure to anyone who wants it, despite the absolute level any stock trades at.<blockquote>不过现在，经纪商以低至 5 美元的价格提供股票 “切片 ”，基本上是让任何想要接触股票的人都能接触到股票，尽管任何股票的交易价格都是绝对的。</blockquote> Concern about a deteriorating business may not be a factor with GE’s reverse split. The company isn’t what it once was, but that is old news. GE stock is down roughly 75% from its all-time high, but the slide happened long ago. CEOLarry Culpwas brought in during 2018 to turn around struggling operations.<blockquote>对业务恶化的担忧可能不是通用电气反向拆分的一个因素。公司今非昔比，但这已经是旧闻了。通用电气股价较历史高点下跌约 75%，但下滑发生在很久以前。首席执行官拉里·卡尔普 (Larry Culpwas) 于 2018 年上任，以扭转陷入困境的运营局面。</blockquote> A lot of progress has been made. GE has paid back more than $70 billion in debt over the past few years. Deals such as the jet-leasing sale toAerCap(AER), the sale of the biopharma business toDanaher(DHR) and sales of stock in the oil-services providerBaker Hughes(BKR) are making the reduction possible.<blockquote>已经取得了很大进展。过去几年，通用电气已经偿还了超过700亿美元的债务。向 Aercap (AER) 出售喷气式飞机租赁业务、向 Danaher (DHR) 出售生物制药业务以及出售石油服务提供商贝克休斯 (BKR) 的股票等交易使减产成为可能。</blockquote> Despite the pandemic, which devastated demand for travel and the jet-aircraft engines GE makes, the stock is trading at the highest level since Culp took over. Coming into Wednesday, shares were up about30% year to date, far better than comparable gains of theS&amp;P 500andDow Jones Industrial Average.<blockquote>尽管疫情摧毁了旅行需求和通用电气制造的喷气式飞机发动机，但该股仍处于卡尔普接手以来的最高水平。截至周三，该股今年迄今已上涨约 30%，远远好于标准普尔 500 指数和道琼斯工业平均指数的可比涨幅。</blockquote> Investors are focusing now on what GE said about its future. GEmaintained its forecastsfor about 20 cents in per-share earnings and about $3.5 billion in free cash flow for 2021. Management says there will be modest growth in the key aviation business.<blockquote>投资者现在关注的是通用电气对其未来的说法。GE 维持对 2021 年每股收益约 20 美分和约 35 亿美元自由现金流的预测。管理层表示，关键航空业务将出现适度增长。</blockquote> That limited growth would return GE Aviation’s sales to levels realized around 2017, far from their pre-pandemic level in 201. That looks like a cautious call now that vaccines are rolling out across the globe, but Culp is fine with that.<blockquote>这种有限的增长将使通用电气航空公司的销售额恢复到 2017 年左右的水平，远远低于 201 年大流行前的水平。现在疫苗正在全球推广，这看起来像是一个谨慎的看涨期权，但卡尔普对此没有意见。</blockquote> ““We won’t be offended if [anyone] calls us conservative,” he toldBarron’s.<blockquote>“他说：”如果[任何人]评级美国保守派，我们不会被冒犯。巴伦.</blockquote> Being conservative is probably the right move for GE given all the internal and industrywide challenges the company has faced in recent years.<blockquote>考虑到通用电气近年来面临的所有内部和行业挑战，保守可能是正确的做法。</blockquote> The stock split is neither conservative nor aggressive. But it is another sign things are changing and that GE wants to be viewed as an industrial conglomerate, and not as the hybrid of manufacturing and finance the company became during the 1990s and 2000s.<blockquote>股票分割既不保守也不激进。但这也是情况正在发生变化的另一个迹象，表明通用电气希望被视为一家工业集团，而不是该公司在 20 世纪 90 年代和 21 世纪初成为的制造和金融混合体。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GE Announced Tons Wednesday. 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This Was the Real Bombshell.<blockquote>通用电气周三宣布了吨。这才是真正的重磅消息。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-10 23:21\n\n</h4>\n</header>\n<article>\nGeneral Electricis having a very busy day, with news that it sold itsjet-leasing business&nbsp;to&nbsp;AerCapand financial forecasts for 2021. But the multibillion-dollar deal and theoutlookfor the post-pandemic industrial landscape take a back seat to the conglomerate’s plan for a reverse stock split.<blockquote>通用电气公司度过了非常忙碌的一天，有消息称其将喷气式飞机租赁业务出售给了 Aercapa，并对 2021 年进行了财务预测。但这笔数十亿美元的交易和大流行后工业格局的前景让位于该集团反向股票分割的计划。</blockquote> General Electric (ticker: GE) is proposing to give investors one share for every eight they now hold. That will take its share price to about $112, based on recent levels, reducing the shares outstanding to about 1.1 billion from a little less than9 billion.<blockquote>通用电气（股票代码：GE）提议向投资者每持有八股股票赠送一股。根据最近的水平，这将使其股价达到约 112 美元，使流通股从略低于 90 亿股减少到约 11 亿股。</blockquote> The question is why? Most companiesspit their stock, creating a lower share price and more shares outstanding, as stock prices rise over time. Companies appear to like to have a stock price at a certain level, following the Goldilocks principle of not too high and not too low.<blockquote>问题是为什么？随着股价随时间的推移而上涨，大多数公司都会抛售股票，从而导致股价降低和流通股增多。公司似乎喜欢股价处于一定水平，遵循不太高也不太低的金发女郎原则。</blockquote> That appears to be the reason for this reverse split, too. A scan of GE’s peers shows share prices in the $100 to $200 range and share counts in the hundreds of millions. GE simply looks like an outlier.<blockquote>这似乎也是这种反向分裂的原因。对通用电气同行的扫描显示，其股价在 100 美元到 200 美元之间，股票价值高达数亿美元。通用电气看起来只是一个异类。</blockquote> Investors like splits. They take them as a sign that things are getting better and that management expects prices to rise in the near future. Reverse splits, on the other hand, can make investors nervous. They can be interpreted as a sign the business is getting worse.<blockquote>投资者喜欢分割。他们认为这表明情况正在好转，管理层预计价格将在不久的将来上涨。另一方面，反向分割可能会让投资者感到紧张。它们可以被解释为生意越来越糟的迹象。</blockquote> The academic data appears to bear that fear out. AJournal of Financestudy partly authored by Nobel laureate Eugene Fama found that splits are favorable and that reverse splits are ominous for one- and three-year forward stock returns. Splitters outperform the market and reverse splitters lag behind it.<blockquote>学术数据似乎证实了这种担忧。一个金融杂志部分由诺贝尔奖获得者尤金·法马撰写的研究发现，拆分是有利的，而反向拆分对于一年期和三年期远期股票回报来说是不祥的。分离器跑赢市场，反向分离器落后于市场。</blockquote> But there are a few caveats. First, the data set included almost 6,000 stock splits, but fewer than 100 reverse splits. Reverse splits are very rare. It’s tough to make a blanket statement from a small data set.<blockquote>但是有一些注意事项。首先，数据集包括近 6,000 次股票分割，但不到 100 次反向分割。反向分裂非常罕见。很难从一个小的数据集中做出一概而论的说法。</blockquote> What is more, many academic papers look at old data. The Fama data set includes stocks trading in the 1970s, 1980s and 1990s. A lot has changed in the marketplace since then.<blockquote>更重要的是，许多学术论文都着眼于旧数据。Fama数据集包括20世纪70年代、80年代和90年代的股票交易。从那时起，市场发生了很大变化。</blockquote> One common theme of stock-split studies, for instance, is a split’s impact on overall liquidity. A lower share price is simply within reach of more shareholders. More investors means more stock trading on any given day. That can make shares less volatile and less risky.<blockquote>例如，股票分割研究的一个共同主题是分割对整体流动性的影响。更多的股东可以负担得起较低的股价。更多的投资者意味着任何一天都有更多的股票交易。这可以降低股票的波动性和风险。</blockquote> Now, though, brokers offer share “slices” for as little as $5, essentially giving stock exposure to anyone who wants it, despite the absolute level any stock trades at.<blockquote>不过现在，经纪商以低至 5 美元的价格提供股票 “切片 ”，基本上是让任何想要接触股票的人都能接触到股票，尽管任何股票的交易价格都是绝对的。</blockquote> Concern about a deteriorating business may not be a factor with GE’s reverse split. The company isn’t what it once was, but that is old news. GE stock is down roughly 75% from its all-time high, but the slide happened long ago. CEOLarry Culpwas brought in during 2018 to turn around struggling operations.<blockquote>对业务恶化的担忧可能不是通用电气反向拆分的一个因素。公司今非昔比，但这已经是旧闻了。通用电气股价较历史高点下跌约 75%，但下滑发生在很久以前。首席执行官拉里·卡尔普 (Larry Culpwas) 于 2018 年上任，以扭转陷入困境的运营局面。</blockquote> A lot of progress has been made. GE has paid back more than $70 billion in debt over the past few years. Deals such as the jet-leasing sale toAerCap(AER), the sale of the biopharma business toDanaher(DHR) and sales of stock in the oil-services providerBaker Hughes(BKR) are making the reduction possible.<blockquote>已经取得了很大进展。过去几年，通用电气已经偿还了超过700亿美元的债务。向 Aercap (AER) 出售喷气式飞机租赁业务、向 Danaher (DHR) 出售生物制药业务以及出售石油服务提供商贝克休斯 (BKR) 的股票等交易使减产成为可能。</blockquote> Despite the pandemic, which devastated demand for travel and the jet-aircraft engines GE makes, the stock is trading at the highest level since Culp took over. Coming into Wednesday, shares were up about30% year to date, far better than comparable gains of theS&amp;P 500andDow Jones Industrial Average.<blockquote>尽管疫情摧毁了旅行需求和通用电气制造的喷气式飞机发动机，但该股仍处于卡尔普接手以来的最高水平。截至周三，该股今年迄今已上涨约 30%，远远好于标准普尔 500 指数和道琼斯工业平均指数的可比涨幅。</blockquote> Investors are focusing now on what GE said about its future. GEmaintained its forecastsfor about 20 cents in per-share earnings and about $3.5 billion in free cash flow for 2021. Management says there will be modest growth in the key aviation business.<blockquote>投资者现在关注的是通用电气对其未来的说法。GE 维持对 2021 年每股收益约 20 美分和约 35 亿美元自由现金流的预测。管理层表示，关键航空业务将出现适度增长。</blockquote> That limited growth would return GE Aviation’s sales to levels realized around 2017, far from their pre-pandemic level in 201. That looks like a cautious call now that vaccines are rolling out across the globe, but Culp is fine with that.<blockquote>这种有限的增长将使通用电气航空公司的销售额恢复到 2017 年左右的水平，远远低于 201 年大流行前的水平。现在疫苗正在全球推广，这看起来像是一个谨慎的看涨期权，但卡尔普对此没有意见。</blockquote> ““We won’t be offended if [anyone] calls us conservative,” he toldBarron’s.<blockquote>“他说：”如果[任何人]评级美国保守派，我们不会被冒犯。巴伦.</blockquote> Being conservative is probably the right move for GE given all the internal and industrywide challenges the company has faced in recent years.<blockquote>考虑到通用电气近年来面临的所有内部和行业挑战，保守可能是正确的做法。</blockquote> The stock split is neither conservative nor aggressive. But it is another sign things are changing and that GE wants to be viewed as an industrial conglomerate, and not as the hybrid of manufacturing and finance the company became during the 1990s and 2000s.<blockquote>股票分割既不保守也不激进。但这也是情况正在发生变化的另一个迹象，表明通用电气希望被视为一家工业集团，而不是该公司在 20 世纪 90 年代和 21 世纪初成为的制造和金融混合体。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/ge-announced-tons-wednesday-this-was-the-real-bombshell-51615389095?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天"},"source_url":"https://www.barrons.com/articles/ge-announced-tons-wednesday-this-was-the-real-bombshell-51615389095?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176282144","content_text":"General Electricis having a very busy day, with news that it sold itsjet-leasing business to AerCapand financial forecasts for 2021. But the multibillion-dollar deal and theoutlookfor the post-pandemic industrial landscape take a back seat to the conglomerate’s plan for a reverse stock split.\nGeneral Electric (ticker: GE) is proposing to give investors one share for every eight they now hold. That will take its share price to about $112, based on recent levels, reducing the shares outstanding to about 1.1 billion from a little less than9 billion.\nThe question is why? Most companiesspit their stock, creating a lower share price and more shares outstanding, as stock prices rise over time. Companies appear to like to have a stock price at a certain level, following the Goldilocks principle of not too high and not too low.\nThat appears to be the reason for this reverse split, too. A scan of GE’s peers shows share prices in the $100 to $200 range and share counts in the hundreds of millions. GE simply looks like an outlier.\nInvestors like splits. They take them as a sign that things are getting better and that management expects prices to rise in the near future. Reverse splits, on the other hand, can make investors nervous. They can be interpreted as a sign the business is getting worse.\nThe academic data appears to bear that fear out. AJournal of Financestudy partly authored by Nobel laureate Eugene Fama found that splits are favorable and that reverse splits are ominous for one- and three-year forward stock returns. Splitters outperform the market and reverse splitters lag behind it.\nBut there are a few caveats. First, the data set included almost 6,000 stock splits, but fewer than 100 reverse splits. Reverse splits are very rare. It’s tough to make a blanket statement from a small data set.\nWhat is more, many academic papers look at old data. The Fama data set includes stocks trading in the 1970s, 1980s and 1990s. A lot has changed in the marketplace since then.\nOne common theme of stock-split studies, for instance, is a split’s impact on overall liquidity. A lower share price is simply within reach of more shareholders. More investors means more stock trading on any given day. That can make shares less volatile and less risky.\nNow, though, brokers offer share “slices” for as little as $5, essentially giving stock exposure to anyone who wants it, despite the absolute level any stock trades at.\nConcern about a deteriorating business may not be a factor with GE’s reverse split. The company isn’t what it once was, but that is old news. GE stock is down roughly 75% from its all-time high, but the slide happened long ago. CEOLarry Culpwas brought in during 2018 to turn around struggling operations.\nA lot of progress has been made. GE has paid back more than $70 billion in debt over the past few years. Deals such as the jet-leasing sale toAerCap(AER), the sale of the biopharma business toDanaher(DHR) and sales of stock in the oil-services providerBaker Hughes(BKR) are making the reduction possible.\nDespite the pandemic, which devastated demand for travel and the jet-aircraft engines GE makes, the stock is trading at the highest level since Culp took over. Coming into Wednesday, shares were up about30% year to date, far better than comparable gains of theS&P 500andDow Jones Industrial Average.\nInvestors are focusing now on what GE said about its future. GEmaintained its forecastsfor about 20 cents in per-share earnings and about $3.5 billion in free cash flow for 2021. Management says there will be modest growth in the key aviation business.\nThat limited growth would return GE Aviation’s sales to levels realized around 2017, far from their pre-pandemic level in 201. That looks like a cautious call now that vaccines are rolling out across the globe, but Culp is fine with that.\n““We won’t be offended if [anyone] calls us conservative,” he toldBarron’s.\nBeing conservative is probably the right move for GE given all the internal and industrywide challenges the company has faced in recent years.\nThe stock split is neither conservative nor aggressive. But it is another sign things are changing and that GE wants to be viewed as an industrial conglomerate, and not as the hybrid of manufacturing and finance the company became during the 1990s and 2000s.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":3945,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/321304766"}