General Electric

(GE) - Get Report

shares rose Friday after the company announced a massive stock-buyback plan and raised its quarterly dividend 10%.

GE said its board had authorized a plan to buy up to $15 billion in common stock over the next three years.

In addition, the Connecticut-based conglomerate said its dividend would rise from 20 cents a share to 22 cents a share, payable Jan. 25 to shareholders of record on Dec. 27.

"We're confident that in 2005 we will return to solid double-digit earnings growth with expanding incremental returns on capital and increasing cash flow from operating activities."

Shares rose 47 cents, or 1.3%, to $36.49. Some 18 million shares -- equal to total daily volume -- had already changed hands.