NEW YORK (TheStreet) -- General Electric (GE) shares are fluctuating from its $24.89 opening price in early market trading on Monday following reports that the company's Australian consumer-finance business could be sold, according to Bloomberg. Westfarmers (WES) and Apollo Global Management (APO) made a joint $1.2 billion bid for the company.
The potential sale advances company president and CEO Jeffrey Immelt's plan to trim the fat around the global technology and financial services company's operations and streamline its business. This sale would follow up the July sale of the company's stake in its North American consumer-lending business Synchrony Financial and the June sale of its consumer-finance unit in Sweden, Denmark and Norway for $872 million.
The Australian finance business has about $5.75 billion in gross assets, according to Bloomberg sources.
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TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."