JaysRage (94.10)

This is somehow holding up the market?

November 06, 2009 – Comments (1) | RELATED TICKERS: GE

GE raised to outperform at Oppenheimer8:30a ET November 6, 2009 (MarketWatch) NEW YORK (MarketWatch) -- Brokerage firm Oppenheimer on Friday upgraded its rating for General Electric Co. to outperform from perform as the conglomerate's financial portfolio stabilizes. "We note that consumer finance's delinquencies and non-earnings have recently shown meaningful signs of stabilization and flattening out," the firm said in a note to investors. "Commercial finance 3Q09 metrics indicated potential easing of the rate of portfolio quality deterioration, with non-earners up 35 [basis points] in 3Q09 to 3.32%, vs. increases of about 100 bps and 60 bps in the preceding two quarters." GE's financial arm still remains a burden, but with the company's core industrial business is holding up relatively well and a 14% pull back in its stock value, the current share price looks attractive, Oppenheimer said. The firm raised its 12-month price target to $18 from $17. Shares of GE rose about 3% premarket to $14.89. This is a lukewarm analysis at best, and I'm not even sure how they got an outperform out of this, except for the last part, where they stated that after a 14% drop it looked somewhat attractive.    The price target change is a complete fabrication.    What a senseless piece of garbage!    And this on a bellweather!   It's single-handedly propping up the market.   Outperform for a company that is looking less bad than it did before.   Yee hah!   Sounds like an economic recovery in the making!