General Electric raised its financial outlook and said it will shed its power business in the second quarter of 2024, the final step in a breakup of the industrial giant.
The step will leave GE’s aerospace unit as a standalone business, with both companies trading separately on the New York Stock Exchange. GE’s aerospace unit will be listed on the NYSE with the stock symbol GE, while the GE Vernova power unit will use GEV.
GE shares rose more than 6.5% to $113.70 in morning trading, on track for the largest percentage increase since May 2021. Through Monday, the stock has risen 63% this year.