Diamonds and Dogs
General Electric Company (GE)
General Electric is shocking investors today, up 10.77% to $28.51. The infrastructure and financial company saw its shares pop after news that the company would sell a bulk of its GE Capital banking business. The deal is already under way with, GE selling off a large portion of its real-estate assets, around $26.5 billion, to Wells Fargo and Blackstone. The deal is setup as a way for GE to simplify its business and to focus on the best performing sector, it also will allow the company to start a $50 billion share buyback program. Shares of GE climbed nearly $3.00 today to a new 52-week high of $28.58.
Extreme Networks Inc. (EXTR)
Extreme Networks is getting extremely crushed today, down 23.15% to $2.49. The wireless and wired network solution company saw its shares fall after lower guidance. Extreme Networks said it now expects to report a loss of 7 cents to 9 cents for the fiscal third quarter, down from its previous range of a loss of 3 cents to a profit of 2 cents. The company lowered its revenue guidance to a range of $118 million to $120 million from its previous range of $130 million to $140 million. Shares of Extreme Networks fell $0.75 today, and hit a new 52-week low of $2.33 intraday.