GE’s stock extends bounce after $3 billion repurchase program announced

Shares of General Electric Co.
GE,
+3.24%
rallied 3.1% in premarket trading, to extend their bounce off at 14-month low, after the industrial conglomerate disclosed a new $3 billion stock repurchase program. The program represents 3.1% of GE’s market capitalization of $96.91 billion as of Tuesday’s closing stock price. The new buyback program, which was disclosed in an 8-K filing with the Securities and Exchange Commission late Tuesday, comes after the stock rose 3.2% on Tuesday after closing Monday at the lowest price since Jan. 4, 2021. Also on Tuesday, GE joined a number of large-cap companies in announcing a partial shutdown of its Russia-based business. The stock has dropped 9.9% over the past three months through Tuesday, while the S&P 500
SPX,
-0.72%
has declined 10.6%.