Electric company giant General Electric (NYSE:GE) is seeing the fruits of its recent stock buyback today. GE stock is up currently after the company announced plans to repurchase some of its own shares.
What’s going on with GE stock today?
Well, shares of General Electric are up more than 4% after the company announced a new $3 billion stock repurchase plan. The repurchase program represents roughly 3% of General Electric’s market capitalization. GE has seen a positive response to the news as it attempts to bounce back from Monday’s historic low. Indeed, GE stock hit a more than one-year low on Monday, likely as part of the general downturn hitting the markets lately. The stock closed at around $85 per share on that day.
So, what else is going on with GE lately?
GE Stock Rises as Company Pauses Operations in Russia
On Tuesday, General Electric joined a growing number of companies shutting down their operations in Russia. As Russia continues its invasion of Ukraine, companies have continued to batter it with business withdrawals. This is in addition to the thousands of economic sanctions levied against the country by other nations.
Tuesday’s announcement puts GE in good company. More than 120 companies have pulled operations in Russia as a consequence of the actions in Ukraine. General Electric joins the likes of Starbucks (NASDAQ:SBUX), Coca-Cola (NYSE:KO) and Apple (NASDAQ:AAPL).
This week’s actions could be the momentum the company has been looking for to mount a stock price comeback. Shares of GE stock have steadily dropped over the past three months, in line with the greater market. Specifically, GE has shed nearly 7% in the last three months. The S&P 500 is down 9% over the same period.
It remains to be seen whether GE’s latest moves will spark the bounceback that the company is looking for.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.