Diamonds and Dogs

3/0/23

General Electric (GE) jumps 8% after reaffirming 2023 financial guidance Thursday while offering the first long-term growth outlook for its aviation business. GE stock is near a five-year high. The company also backed 2023 revenue growth and FCF outlooks for its aviation, power and renewable energy segments. It continues to expect a profit of $5.3 billion-$5.7 billion for aviation, as well as a loss of $200 million-$600 million for power and renewables. In early January, GE spun off its health care business as a separate company, called GE HealthCare Technologies (GEHC).

Banks are under pressure. Cypto bank, Silvergate Capital (SI) is down 22% as the bank announces a voluntary wind down. Signature Bank (SBNY) with crypto exposure is down 9%. SVB Financial (SIVB) is down 55% after a $1.75 billion share sale as the bank battles cash burn due to declining deposits from startups struggling with a venture capital funding drought. JP Morgan Chase (JPM) is down 5% as the bank has to hand over records they have on Jeffrey Epstein accounts.