Why are GE (NYSE: GE), Eaton Corp (NYSE: ETN) stocks in focus today?

Summary

  • General Electric Co (NYSE: GE) signed an agreement with Northstar Medical Radioisotopes to manufacture iodine-123 capsules.
  • The total revenue of GE in Q2, 2021 was US$18.3 billion.
  • Eaton Corporation (NYSE: ETN) reported sales of US$5.2 billion in Q2, 2021.

Stocks of General Electric Company (NYSE: GE) and Eaton Corporation (NYSE: ETN) were trending on Wall Street Tuesday after the former announced an agreement with a research firm to produce iodine-123 capsules, while the latter released its Q2 earnings report.

The General Electric Company (NYSE: GE) reported its second-quarter earnings on July 27.

Source: Pixabay.

Eaton Corporation, PLC (NYSE: ETN)

Its net sales rose by 35 percent YoY to US$5.2 in Q2, 2021, and EPS for the period was US$1.72, up 98 percent YoY. Operating cash flow for the period was US$637 million, and free cash flow was US$484 million. Its net income was US$506 million in Q2 against US$54 million in the same period a year ago.

Also read: Why is PepsiCo (NASDAQ: PEP) selling Tropicana, other juice brands?

Eaton Corporation plc supplies mechanical, electrical, and hydraulic power solutions. Following the Q2 report, its stock went up by 0.96 percent to US$158 at 8.41 am ET on August 3. The stock value of ETN surged by 30.26 percent YTD. The market cap of this Ireland-based firm is US$62.32 billion.

The P/E ratio of the electrical component and equipment company is 43.96, and the forward P/E ratio one year is 24.88. The annual dividend is US$3.04, and the earnings per share are US$3.56. The highest and lowest stock price of ETN for 52 weeks was US$159.96 and US$93.26. The share volume is 1,372,388.

Why did GE stock trend today?

On Tuesday, the General Electric Company (NYSE: GE) signed an agreement with Northstar Medical Radioisotopes to manufacture and distribute iodine-123 capsules in the US for treating thyroid and cancer.

After the announcement, the stock price went up by 0.15 percent to US$100.75 at 8.53 am ET. General Electric deals in power, healthcare, aviation, etc.

Its market cap is US$110 billion, with forward P/E one year of 50.30 and EPS of US$-0.72. Its annual dividend is US$0.32, and the stock’s 52-week highest and lowest price is US$115.32 and US$47.44. The share volume is 24,885,503. The stock went up by 16.33 percent YTD.

The total revenue of GE in Q2, 2021, was US$18.3 billion, and the earnings per share are US$0.07. On the other hand, its Q2, 2020, revenue was US$16.3 billion. Its net loss for the period was US$2.8 billion, compared to US$1.9 billion in Q2, 2020.

Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.

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