GE stock rises on long-term expansion plans, reiterated 2023 outlook

Yahoo Finance Live’s Julie Hyman discusses the rise in stock for GE.

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JULIE HYMAN: Let's get to a quick mover here that's quickly moving up the training ticker charts, and that is General Electric. The company holding an Investor Day today and coming out with some long-term targets as a result of that. Among other things, talking about its long-term expansion plans.

GE Aerospace, it is predicting revenue growth in the mid to high single-digit rate. And it says it's going to generate free cash flow in line with net income. And again, that is over the long term there. In terms of its power equipment and renewable energy units, it says those will grow at a mid-single-digit rate with high-single-digit profit margins.

So that's some of the commentary that's coming out here. Larry Culp, the CEO, saying, "We're operating from a stronger foundation and as a fundamentally simpler business that's creating significant value today and going forward." And of course, the simpler business that he's referring to is the big sort of splitting up of the company that is ongoing, right? It has not yet been completed. So we'll continue to watch some of the headlines coming out from this. But again, those shares going higher.