GE filed an amendment to its certificate of incorporation, which was accepted for filing by the New York Department of State on July 30, 2021. The reverse stock split, authorized share reduction and par value reduction were approved by GE shareholders at the annual meeting of shareholders on May 4, 2021. This mixed action has carved an expanding wedge pattern that should limit momentum until buying pressure clears 680, which is more than 13% above the current price.BOSTON - JGE (NYSE:GE) announced today that it has completed the previously announced reverse stock split of GE common stock at a ratio of 1-for-8, with a proportionate reduction in the authorized shares of its common stock, and reduction in the par value of common stock to $0.01 per share. February and April 2021 breakout attempts failed while the stock is now engaged in a third attempt. NVIDIA completed a breakout above 2018 resistance at 293 in May 2020 and entered a powerful uptrend that carved a straight-line channel into the September peak at 589. This low placement suggests Main Street investors are more worried than professional analysts about high valuation and the continued worldwide chip shortage. Price targets currently range from a low of $380 to a Street-high $800 while the stock closed Friday’s session about $75 below the median $675 target. Wall Street consensus stands at an ‘Overweight’ rating based upon 28 ‘Buy’, 5 ‘Overweight’, 4 ‘Hold’, 1 ‘Underweight’, and 1 ‘Sell’ recommendation. He noted NVIDIA “is best positioned to monetize one of the fastest and highest value-added workloads in the data center in artificial intelligence/machine learning.” Vinh downgraded rival Intel Corp (INTC) at the same time, highlighting the chip behemoth’s loss of market share to the juggernaut in the last year.
KeyBanc analyst John Vinh upgraded the stock from ‘Sector Weight’ to ‘Overweight’ on May 20, one day before the split announcement, setting a $700 price target. Even so, the long string of better-than-expected releases is unlikely to defer investor interest ahead of the news. The timing raises a red flag, given the close proximity of this week’s report, triggering speculation the company is attempting to manage potential disappointment ahead of a less-than-spectacular quarter. The systems chip manufacturer announced a four-for-one stock split on Friday morning, effective on July 20 th. The stock sold off more than 8% in February, despite beating Q1 2020 top and bottom line estimates and issuing higher revenue guidance. If met, earnings-per-share (EPS) will mark a 78% profit increase compared to the same quarter last year, when the pandemic triggered worldwide shutdowns. (NVDA) reports Q1 2021 earnings in Wednesday’s post-market, with analysts expecting a profit of $3.22 per-share on $5.2 billion in revenue.
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