ProPennyPick.com

August 12, 2011 08:45 ET

General Electric Hires Help, News Corp Stock Attractive, Wells Fargo Wins Bid

ProPennyPick's Morning Update Features General Electric, GE, News Corp, NWSA, Wells Fargo, WFC.

LAS VEGAS, NEVADA--(Marketwire - Aug. 12, 2011) - Investment Updates: This morning's focus is on General Electric, GE, News Corp, NWSA, Wells Fargo, WFC.

General Electric (GE) The financial services unit of GE, has hired Ellen Brunsberg to head up its capital markets activities in the EMEA region according to sources. Brunsberg will be based in London and report to Richard Laxer, CEO of the firm's EMEA region and the position will begin in September. Shares of GE traded higher by 2.32% or $0.35/share to $15.44 with the announcement. Last year, the shares traded as low as $13.83 and as high as $21.33. On average, 59,674,300 shares of GE exchange hands on a given day.

News Corp (NWSA) fiscal fourth-quarter results were about what was anticipated, and the $17 fair value estimate seems right for many analysts. After the market pullback of the past two weeks, the stock is at an attractive price. Investigations into violations by The News of the World could affect the stock, but not the firm's other operations. Overall revenue increased 10% to $8.9 billion, with the cable networks which represent more than 55% of total operating income up 14.5% from the year-ago quarter.

Wells Fargo (WFC) According to a Wall Street Journal report, WFC is said to have won a bid for a $1.4 billion U.S. commercial real estate loan portfolio of the Bank of Ireland, IRE. In another development, Wachovia banking locations in Virginia became Wells Fargo stores over the past weekend in part of the largest bank merger in U.S. history. More than 1.9 million Virginia customers can now take advantage of 290 Wells Fargo stores. In the past year, the stock has hit a 52-week low of $22.58 and 52-week high of $34.25. WFC stock has been showing support around $21.53 and resistance in the $24.97 range. Technical indicators for the stock are Bearish and S&P gives WFC a neutral 3 STARS out of 5 'hold' rating.

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