Jim Cramer -- General Electric Has Earned Its New High
TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, focused on the impact the sharp drop in Rolls-Royce (RYCEY) may have on General Electric (GE) - Get Report .
Surprisingly, shares of GE are up, despite the negative news from Rolls Rocye, Cramer said on CNBC's "Stop Trading" segment. Investors don't seem to be concluding that the jet engine market is under pressure; instead they seem to believe that GE is taking market share.
Cramer agreed, saying that GE and United Technologies undefined are doing just fine and are not seeing a slowdown in their jet engine businesses.
Shares of GE hit a new 52-week high in Thursday's trading session, on a day where the S&P 500 ETF (SPY) - Get Report is down 0.5%, Cramer pointed out.
GE is one of the fastest growing large-cap industrial stocks out there, Cramer said. Even more impressive is that the stock is doing so well when other industrial stocks have been under pressure, he commented.
GE is well-managed and is shedding its financials businesses, which is helping add to the gains, Cramer added.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.