Why Shares in General Electric Powered Higher Today
Shares of industrial giant General Electric (NYSE: GE) were up by 3% just before the close of trading today. The move comes on the back of the announcement of an order to construct a new gas-fired power plant in Ireland.
The order itself is not a needle mover. However, it is a symbolic plus for GE Power and a sign that the business is firmly positioned as a solid earnings and cash-flow generator for the company.
The order is for a temporary reserve power plant in Dublin, which, according to a GE press release, will be "powered by 6 GE LM2500XPRESS gas turbines delivering a combined capacity of up to approximately 200 megawatts (MW)."
Source Fool.com