NEW YORK (TheStreet) -- Shares of General Electric (GE) are increasing 0.71% to $27.53 in afternoon trading on Wednesday after the company today unveiled Bright StikTM, a new LED light bulb that will help consumers save energy and costs.
"The biggest barrier for consumers and contractors to transition from CFL to LED is the upfront cost, but now, energy-conscious shoppers who want superior quality of light have a realistic option," Chief Innovation Manager Tom Boyle said.
Introducing the 60-watt light bulb is the company's latest effort to help consumers go from compact fluorescent lamp (CFL) to light emitting diode, or LED lighting, according to the company.
The product has a rated life of 15,000 hours, lasts close to 14 years, and costs 10 cents per month, based on three hours of operation per day.
Industry estimates show that by 2020, more than 50% of U.S.'s residential light bulb sockets will be LED, the company said.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."