A GE Bear Drops the Hammer Again. Why the Split Won’t Work._老虎社区_美港股上老虎

A GE Bear Drops the Hammer Again. Why the Split Won’t Work.

Barrons2021-12-01

JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat. General Electric (ticker:GE) ...

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sharonyeo
·2021-12-01
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Robinshk
·2021-12-01
Pls Like
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tinggie
·2021-12-01
Like pls
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- inv3st:
  ok
  2021-12-01
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Jer_Soul
·2021-12-01
[Cool]
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- Jer_Soul:
  [Cry]
  2021-12-01
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Jethron5000
·2021-12-01
No point splitting
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- Robinshk:
  Yea
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Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) ...\n\n<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">网页链接</a>\n\n</div>\n","source":"lsy1601382232898","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>A GE Bear Drops the Hammer Again. 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Why the Split Won’t Work.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-01 20:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1>Barrons</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nJPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) ...\n\n<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GE","symbol_name":"GE航空航天","start_time":0,"source_url":"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1","article_id":"1193294379","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1193294379","pubTimestamp":1638360110,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s m","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GE":"GE航空航天"},"translate_title":"一只熊又把锤子掉下来了。为什么分裂不起作用。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GE":0.9},"content_text":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) is splitting into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.\nBig breakups can be risky.DowDuPont shareholders holding shares of Dow (DOW),DuPont de Nemours (DD), and Corteva (CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of Raytheon Technologies (RTX),Carrier Global (CARR), and Otis Worldwide (OTIS).\nThe GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.\nBut Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”\nCulp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.\nTusa also questions the $20-plus billion sale of GE biopharma to Danaher (DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.\nGE declined to comment on the analyst’s note.\nTusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.\nJPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.\nOthers on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.\n“Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”\nInvestors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.\nOn Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.\nOverall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nGE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&P 500 and Dow Jones Industrial Average are off about 1% and 4%, respectively, over the same span.\nThe spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":603311442,"gmtCreate":1638365336291,"gmtModify":1638365336447,"author":{"id":"4099878636929790","authorId":"4099878636929790","name":"sharonyeo","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4099878636929790","idStr":"4099878636929790"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603311442","repostId":1193294379,"repostType":4,"repost":{"id":"1193294379","kind":"news","pubTimestamp":1638360110,"share":"https://www.laohu8.com/m/news/1193294379?lang=zh_CN&edition=full","pubTime":"2021-12-01 20:01","market":"us","language":"en","title":"A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193294379","media":"Barrons","summary":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s m","content":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</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>A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-12-01 20:01\n\n</h4>\n</header>\n<article>\nJPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">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/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193294379","content_text":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) is splitting into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.\nBig breakups can be risky.DowDuPont shareholders holding shares of Dow (DOW),DuPont de Nemours (DD), and Corteva (CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of Raytheon Technologies (RTX),Carrier Global (CARR), and Otis Worldwide (OTIS).\nThe GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.\nBut Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”\nCulp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.\nTusa also questions the $20-plus billion sale of GE biopharma to Danaher (DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.\nGE declined to comment on the analyst’s note.\nTusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.\nJPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.\nOthers on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.\n“Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”\nInvestors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.\nOn Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.\nOverall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nGE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&P 500 and Dow Jones Industrial Average are off about 1% and 4%, respectively, over the same span.\nThe spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":603399249,"gmtCreate":1638362216298,"gmtModify":1638362216669,"author":{"id":"3583719339427406","authorId":"3583719339427406","name":"Robinshk","avatar":"https://static.tigerbbs.com/c1089a1858cf641f8680d8015659c00d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3583719339427406","idStr":"3583719339427406"},"htmlText":"Pls&nbsp;Like&nbsp;","listText":"Pls&nbsp;Like&nbsp;","text":"Pls Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603399249","repostId":1193294379,"repostType":4,"repost":{"id":"1193294379","kind":"news","pubTimestamp":1638360110,"share":"https://www.laohu8.com/m/news/1193294379?lang=zh_CN&edition=full","pubTime":"2021-12-01 20:01","market":"us","language":"en","title":"A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193294379","media":"Barrons","summary":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s m","content":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</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>A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-12-01 20:01\n\n</h4>\n</header>\n<article>\nJPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">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/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193294379","content_text":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) is splitting into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.\nBig breakups can be risky.DowDuPont shareholders holding shares of Dow (DOW),DuPont de Nemours (DD), and Corteva (CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of Raytheon Technologies (RTX),Carrier Global (CARR), and Otis Worldwide (OTIS).\nThe GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.\nBut Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”\nCulp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.\nTusa also questions the $20-plus billion sale of GE biopharma to Danaher (DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.\nGE declined to comment on the analyst’s note.\nTusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.\nJPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.\nOthers on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.\n“Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”\nInvestors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.\nOn Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.\nOverall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nGE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&P 500 and Dow Jones Industrial Average are off about 1% and 4%, respectively, over the same span.\nThe spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":603303874,"gmtCreate":1638361005657,"gmtModify":1638361005996,"author":{"id":"3579765510985887","authorId":"3579765510985887","name":"tinggie","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3579765510985887","idStr":"3579765510985887"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603303874","repostId":1193294379,"repostType":4,"repost":{"id":"1193294379","kind":"news","pubTimestamp":1638360110,"share":"https://www.laohu8.com/m/news/1193294379?lang=zh_CN&edition=full","pubTime":"2021-12-01 20:01","market":"us","language":"en","title":"A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193294379","media":"Barrons","summary":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s m","content":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</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>A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-12-01 20:01\n\n</h4>\n</header>\n<article>\nJPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">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/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193294379","content_text":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) is splitting into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.\nBig breakups can be risky.DowDuPont shareholders holding shares of Dow (DOW),DuPont de Nemours (DD), and Corteva (CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of Raytheon Technologies (RTX),Carrier Global (CARR), and Otis Worldwide (OTIS).\nThe GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.\nBut Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”\nCulp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.\nTusa also questions the $20-plus billion sale of GE biopharma to Danaher (DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.\nGE declined to comment on the analyst’s note.\nTusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.\nJPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.\nOthers on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.\n“Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”\nInvestors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.\nOn Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.\nOverall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nGE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&P 500 and Dow Jones Industrial Average are off about 1% and 4%, respectively, over the same span.\nThe spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6799752,"gmtCreate":1638361790251,"gmtModify":1638361790287,"authorId":3577773488711202,"author":{"id":3577773488711202,"idStr":"3577773488711202","authorId":3577773488711202,"name":"inv3st","avatar":"https://static.tigerbbs.com/efb6f0592ef761afbf6bab2267a2e76e","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":603303874,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"CN"},{"id":603972758,"gmtCreate":1638360218825,"gmtModify":1638360219280,"author":{"id":"3585044510958477","authorId":"3585044510958477","name":"Jer_Soul","avatar":"https://static.tigerbbs.com/1e2cafce52f5cbb77f8b4a073c7be9a3","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3585044510958477","idStr":"3585044510958477"},"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603972758","repostId":1193294379,"repostType":4,"repost":{"id":"1193294379","kind":"news","pubTimestamp":1638360110,"share":"https://www.laohu8.com/m/news/1193294379?lang=zh_CN&edition=full","pubTime":"2021-12-01 20:01","market":"us","language":"en","title":"A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193294379","media":"Barrons","summary":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s m","content":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</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>A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-12-01 20:01\n\n</h4>\n</header>\n<article>\nJPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">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/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193294379","content_text":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) is splitting into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.\nBig breakups can be risky.DowDuPont shareholders holding shares of Dow (DOW),DuPont de Nemours (DD), and Corteva (CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of Raytheon Technologies (RTX),Carrier Global (CARR), and Otis Worldwide (OTIS).\nThe GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.\nBut Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”\nCulp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.\nTusa also questions the $20-plus billion sale of GE biopharma to Danaher (DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.\nGE declined to comment on the analyst’s note.\nTusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.\nJPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.\nOthers on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.\n“Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”\nInvestors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.\nOn Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.\nOverall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nGE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&P 500 and Dow Jones Industrial Average are off about 1% and 4%, respectively, over the same span.\nThe spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6799442,"gmtCreate":1638360227956,"gmtModify":1638360228036,"authorId":3585044510958477,"author":{"id":3585044510958477,"idStr":"3585044510958477","authorId":3585044510958477,"name":"Jer_Soul","avatar":"https://static.tigerbbs.com/1e2cafce52f5cbb77f8b4a073c7be9a3","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":603972758,"type":1,"supId":0,"prevId":0,"content":"[Cry]","text":"[Cry]","html":"[Cry]"}],"langContent":"CN"},{"id":603972613,"gmtCreate":1638360170198,"gmtModify":1638360170968,"author":{"id":"3568374265530169","authorId":"3568374265530169","name":"Jethron5000","avatar":"https://static.tigerbbs.com/47ee55975af55c7a8dc91d85445611a1","vip":1,"crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3568374265530169","idStr":"3568374265530169"},"htmlText":"No point splitting","listText":"No point splitting","text":"No point splitting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/603972613","repostId":1193294379,"repostType":4,"repost":{"id":"1193294379","kind":"news","pubTimestamp":1638360110,"share":"https://www.laohu8.com/m/news/1193294379?lang=zh_CN&edition=full","pubTime":"2021-12-01 20:01","market":"us","language":"en","title":"A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193294379","media":"Barrons","summary":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s m","content":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</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>A GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA GE Bear Drops the Hammer Again. Why the Split Won’t Work.<blockquote>阿格熊再次落槌。为什么拆分不起作用。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-12-01 20:01\n\n</h4>\n</header>\n<article>\nJPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.<blockquote>摩根大通分析师斯蒂芬·图萨并不认为分拆会改善通用电气的命运，他再次提出了自己的观点。不过，华尔街的其他人则更为乐观。</blockquote> General Electric&nbsp;(ticker:GE) is splitting&nbsp;into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.<blockquote>通用电气（股票代码：GE）正在拆分为三个业务：航空航天、医疗保健和发电。首席执行官拉里·卡尔普(Larry Culp)认为，更多零件是创造股东价值的最佳方式。</blockquote> Big breakups can be risky.DowDuPont&nbsp;shareholders holding shares of&nbsp;Dow&nbsp;(DOW),DuPont de Nemours&nbsp;(DD), and&nbsp;Corteva&nbsp;(CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of&nbsp;Raytheon Technologies&nbsp;(RTX),Carrier Global&nbsp;(CARR), and&nbsp;Otis Worldwide&nbsp;(OTIS).<blockquote>重大分拆可能存在风险。持有陶氏化学(DOW)、杜邦德内穆尔(DD)和Corteva(CTVA)股票的陶氏杜邦股东已落后于市场。但如果联合技术公司的股东持有雷神技术公司（RTX）、开利全球公司（CARR）和奥的斯全球公司（OTIS）的股票，他们就跑赢了市场。</blockquote> The GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.<blockquote>通用电气的分拆是卡尔普领导的长期扭亏为盈的一部分。他于2018年接任，并已出售资产以偿还约800亿美元的债务。</blockquote> But Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”<blockquote>但是Tusa并不相信Culp的分手计划。图萨周二在一份报告中写道：“这一次的答案有所不同，主要围绕管理。”“今天的计划远非原创，本质上与前首席执行官弗兰纳里的计划相同。”</blockquote> Culp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.<blockquote>卡尔普接替了约翰·弗兰纳里，后者接替了杰弗里·伊梅尔特。自伊梅尔特任期后期以来，通用电气一直在苦苦挣扎。在他于2017年中期离职前大约一个月，通用电气的股价超过200美元。</blockquote> Tusa also questions the $20-plus billion sale of GE biopharma to&nbsp;Danaher&nbsp;(DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.<blockquote>图萨还对卡尔普任期初期以超过200亿美元的价格将GE biopharma出售给丹纳赫(DHR)提出质疑。他认为通用电气剩下的数百亿美元就在桌面上。通用电气确实需要筹集现金，部分原因是为多年前的保险负债提供资金。对公司来说，这不是一个好时机。</blockquote> GE declined to comment on the analyst’s note.<blockquote>通用电气拒绝对分析师的报告发表评论。</blockquote> Tusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.<blockquote>图萨和华尔街的任何人一样看空通用电气。周二的便条是他写的几封平反分手的便条之一。他对该股的评级为中性，这基本上意味着他相信他们会跟上市场的步伐，但他的目标价是每股55美元的市场低点。</blockquote> JPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.<blockquote>摩根大通使用跑输大盘、中性和跑赢大盘评级，而不是卖出、买入和持有。摩根大通拒绝就维持中性评级发表评论，目标价远低于该股的交易价格。</blockquote> Others on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.<blockquote>华尔街的其他人就是不同意图萨的观点。美国银行分析师安德鲁·奥宾(Andrew Obin)周二在通用电气管理公司(GE management)为银行客户举办投资者看涨期权后撰写了一份研究报告。</blockquote> “Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”<blockquote>“我们的看涨期权专注于通用电气的大局变化，”奥宾写道。他认为卡尔普正在拆分公司，以便将运营重点放在每项业务上。“投资者的反馈普遍积极，但缺乏信心。”</blockquote> Investors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.<blockquote>投资者可能会感到紧张，但奥宾仍然看涨，将股票评级为买入。他的目标价是140美元。瑞银(UBS)分析师马库斯·米特迈尔(Markus Mittermaier)是另一位看涨通用电气他将股票评级为买入，目标价为143美元。</blockquote> On Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.<blockquote>周一，米特迈尔写道，“三胞胎”公司未来将拥有更简单的资本结构。业务简化和债务减少是他保持乐观的两个原因。</blockquote> Overall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the&nbsp;S&amp;P 500&nbsp;is about 55%.<blockquote>总体而言，65%的GE分析师将股票评级为买入。标准普尔500指数股票的平均买入评级约为55%。</blockquote> GE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&amp;P 500 and&nbsp;Dow Jones Industrial Average&nbsp;are off about 1% and 4%, respectively, over the same span.<blockquote>通用电气的股票似乎得到了大部分华尔街的支持。正如奥宾指出的那样，投资者还没有完全到位。自不到一个月前宣布分拆以来，GE股价已下跌约10%。同期，标普500和道琼斯工业平均指数分别下跌约1%和4%。</blockquote> The spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.<blockquote>旋转需要一段时间——要到2024年才会结束。这是一个很长的等待时间，也是投资者可能出售股票的原因之一。这么长的时间也是牛熊争论将持续数月的原因。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1\">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/a-ge-bear-drops-the-hammer-again-why-the-split-wont-work-51638293882?mod=hp_DAY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193294379","content_text":"JPMorgan analyst Stephen Tusa doesn’t see a breakup improving General Electric’s fortunes—and he’s making his case again. Others on Wall Street, though, are more upbeat.\nGeneral Electric (ticker:GE) is splitting into three businesses: aerospace, healthcare, and power generation. CEO Larry Culp believes more parts is the best way to generate shareholder value.\nBig breakups can be risky.DowDuPont shareholders holding shares of Dow (DOW),DuPont de Nemours (DD), and Corteva (CTVA) have lagged behind the market. But United Technology shareholders have beaten the market if they hung onto shares of Raytheon Technologies (RTX),Carrier Global (CARR), and Otis Worldwide (OTIS).\nThe GE split is a part of the long turnaround being led by Culp. He took over in 2018 and has sold assets to pay down about $80 billion in debt.\nBut Tusa isn’t giving Culp credit for the breakup plan. “The answer for this time is different is mostly around management,” Tusa wrote in a note Tuesday. “The plan today is far from original, essentially the same as former CEO Flannery had in store.”\nCulp took over for John Flannery, who succeeded Jeffery Immelt. GE has struggles since late in Immelt’s tenure. Stock in GE was north of $200 about a month before he left in mid-2017.\nTusa also questions the $20-plus billion sale of GE biopharma to Danaher (DHR), which came early in Culp’s tenure. He thinks GE left tens of billions of dollars are the table. GE did need to raise cash, in part to fund insurance liabilities that stretched back years. It wasn’t a good time for the company.\nGE declined to comment on the analyst’s note.\nTusa is about as bearish on GE as anyone on Wall Street. Tuesday’s note is one of several he has written panning the breakup. He rates share Neutral, which essentially means he believes they will keep up with the market, but his price target is a Street-low $55 a share.\nJPMorgan uses Underweight, Neutral, and Overweight ratings instead of Sell, Buy, and Hold. JPMorgan declined to comment on maintaining a Neutral rating with a target price far below where the stock trades.\nOthers on Wall Street just don’t agree with Tusa. Bank of America analyst Andrew Obin wrote a research report Tuesday after an investor call he hosted for bank clients with GE management.\n“Our call focused on big picture changes at GE,” wrote Obin. He believes Culp is splitting up the company to bring operation focus to each business. “Investor feedback was broadly positive, but lacking conviction.”\nInvestors might be nervous, but Obin remains bullish, rating shares Buy. His price target is $140. UBS analyst Markus Mittermaier is another GE bull. He rates share Buy and has a $143 price target.\nOn Monday, Mittermaier wrote that the “triplet” companies will have a simpler capital structure going forward. Business simplification along with less debt are two reasons he remains bullish.\nOverall, 65% of analysts covering GE rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.\nGE stock seems to have most of the Street with it. Investors, like Obin points out, aren’t quite there yet. GE stock is down about 10% since announcing its breakup not quite a month ago. The S&P 500 and Dow Jones Industrial Average are off about 1% and 4%, respectively, over the same span.\nThe spins will take a while—not wrapping up until 2024. That’s a long time to wait and one reason investors might have sold stock. That long time is also a reason the bull bear debate will rage for months longer.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6799862,"gmtCreate":1638362273174,"gmtModify":1638362273270,"authorId":3583719339427406,"author":{"id":3583719339427406,"idStr":"3583719339427406","authorId":3583719339427406,"name":"Robinshk","avatar":"https://static.tigerbbs.com/c1089a1858cf641f8680d8015659c00d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":603972613,"type":1,"supId":0,"prevId":0,"content":"Yea","text":"Yea","html":"Yea"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":20,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}