General Electric (GE) announced Monday plans to buy more than 120 jets from Airbus SE (EADSY) and Boeing Co. (BA) as part of its partnership with Canada's Caisse de dépôt et placement du Québec, according to the Wall Street Journal.
The partnership, known as Gecas, is the world's largest jet lessor, but the company has shrunk over the last two years as competitors AerCap holdings NV (AER) and China's Bohai Leasing have expanded their presence in the sky.
The move to buy new aircraft signals an opportunity for growth, Gecas CEO Alec Burger said of the largest unit in GE Capital. Burger said Gecas' order book is primed to grow to "historical" levels.
GE stock closed down almost 1%.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.