Why General Electric Stock Dropped 1.6% Today

Shares of General Electric (NYSE: GE) bounced around today, initially falling more than 5% in the morning before ending the day down 1.68%.

At last report, GE was carrying a bit more than $94 billion in net debt, and had only about $14.5 billion in cash on hand with which to service it. Last month, however, the company received permission from the Federal Trade Commission to proceed with its sale of its BioPharma business to Danaher (NYSE: DHR) for about $21 billion.

This sale has now closed. And today, General Electric CEO Larry Culp announced:

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Source Fool.com