RTX - General Electric defies weekly slump in industrial stocks; CAT falls after downgrade
2023-03-10 17:40:18 ET
General Electric ( NYSE: GE ) this week managed to advance in contrast with a broad slump in large-cap industrial stocks. The industrial conglomerate at its investor day on Thursday showcased a strong outlook for its aviation business and a turnaround in its energy segment.
GE ( GE ) was a relative bright spot compared with other stocks. The Industrial Select Sector SPDR ETF ( XLI ), whose holdings include the largest companies in the manufacturing sector, fell 4.7% to the lowest since early January.
The shutdown of Silicon Valley Bank in the second-biggest bank failure in U.S. history rattled investors. The Standard & Poor’s 500 stock index ( SP500 ) fell 5% for the week to almost erase its gains for the year so far.
Caterpillar ( NYSE: CAT ) declined by almost 13% during the week, which culminated Friday with a downgrade to Sell from Hold by UBS analyst Steven Fisher, who cut his price target to $225 a share from $230 a share.
| Company (Ticker) |
| 5-day change |
| Boeing ( BA ) |
| -5.9% |
| Caterpillar ( CAT ) |
| -12.5% |
| Deere ( DE ) |
| -8.7% |
| General Electric ( GE ) |
| 5.1% |
| Honeywell International ( HON ) |
| -1.8% |
| Industrial Select Sector SPDR ETF ( XLI ) |
| -4.7% |
| Lockheed Martin ( LMT ) |
| -0.5% |
| Northrop Grumman ( NOC ) |
| -1.7% |
| Raytheon Technologies ( RTX ) |
| -3.1% |
| Union Pacific ( UNP ) |
| -6.8% |
| United Parcel Service ( UPS ) |
| -2.2% |
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General Electric defies weekly slump in industrial stocks; CAT falls after downgrade