With heavy exposure to the earthquake in Japan, General Electric (NYSE:GE) and Disney (NYSE:DIS) weighed heavy on the Dow, as it dropped to its lowest level in six weeks.
The Dow Jones Industrial Average closed down 51.24 points, or 0.43%, to 11993.16, cutting trading losses earlier in Monday's session in half. Earlier in the day, the Dow plunged to its lowest intraday level in six weeks.
Performing the worst in the Dow Was General Electric, which dropped 2.2 percent, with Disney falling 1.6 percent.
General Electric's weakness is on their exposure to nuclear facilities in Japan. CEO Jeffrey Immelt said the company is ready to provide technical assistance to the Japanese government its nuclear energy joint-venture partner Hitachi Ltd.
Disney took a hit because of the closure of Tokyo Disneyland and Disney Sea theme parks. They are expected to be shuttered for at least 10 days after the earthquake.
General Electric closed Monday at $19.92, falling $0.44, or 2.16 percent. Walt Disney Co. closed at $42.24, down $0.69, or 1.61 percent.
Showing posts with label Nuclear Industry. Show all posts
Showing posts with label Nuclear Industry. Show all posts
Tuesday, March 15, 2011
Monday, March 14, 2011
GE (GE) Goes On Offensive for Nuclear Industry
General Electric (NYSE:GE) CEO Jeffrey Immelt went on the offensive concerning the nuclear industry today, noting the approximate 50-year history of the industry and its record.
All the usual people tormented with fear are attempting to use the earthquake in Japan as a reason to cut back on the nuclear sector, even though the nuclear story there hasn't been clear by any means.
"Clearly we are offering any kind of technical assistance to our customer TEPCO and the government of Japan as they go through the recovery efforts with the nuclear power plants," Chief Executive Jeff Immelt said to reporters. "Our first priority is to support the government and people of Japan.''
"It's early days. Let people do exploration of what happened (in Japan) and let it take its course," said Immelt. "We are still only 72 hours from this earthquake and tsunami. A lot is still being understood."
General Electric was trading at $19.71, down $0.65, or 3.19 percent, as of 12:24 PM EDT.
All the usual people tormented with fear are attempting to use the earthquake in Japan as a reason to cut back on the nuclear sector, even though the nuclear story there hasn't been clear by any means.
"Clearly we are offering any kind of technical assistance to our customer TEPCO and the government of Japan as they go through the recovery efforts with the nuclear power plants," Chief Executive Jeff Immelt said to reporters. "Our first priority is to support the government and people of Japan.''
"It's early days. Let people do exploration of what happened (in Japan) and let it take its course," said Immelt. "We are still only 72 hours from this earthquake and tsunami. A lot is still being understood."
General Electric was trading at $19.71, down $0.65, or 3.19 percent, as of 12:24 PM EDT.
Subscribe to:
Posts (Atom)