GE just set a new intraday low at 14.61 after which the stock went up and closed at 16.86 (I may be off on the last decimal). Apparently, I’m in good company today. Jeff Immelt (the CEO) bought 50,000 shares (apparently he has more money than I do, eh?) at 16.41 and the VP of GE Capital also bought 50,000 at 14.99. I came in in between at 15.22. That’s a dividend yield over 8% or $124 bucks for me in 2009.
Was this the bottom? I don’t know. At these prices I’m still buying. Will GE cancel their dividend? They “said” they would not (words words words) and their cash flow from their non-finance operations would be enough to support it.
I also note that the CEO of WFC went in and bought close to the bottom after which the stock went up significantly. There’s something to be said for eating your own cooking.