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General Electric CEO Buys $3 Million In Stock

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It’s not the first time Culp has put his own money into GE. Culp previously purchased $2.2 million of GE stock on Nov. 5, 2018 at the price of $9.73.

Investors are hoping Culp timed this week’s purchase better than his last one. In the month following Culp’s previous large purchase in November, GE shares dropped 21.5% before rebounding in the first half of 2019.

There are signs Culp’s turnaround strategy of streamlining GE and improving its balance sheet may be starting to gain traction. Last month, GE exceeded earnings expectations for the second straight quarter and raised its full-year guidance for industrial free cash flow by $1 billion.

Reported by Benzinga

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