General Electric Co. (GE - Get Report) shares posted a swing back into the green Friday, Oct. 20, after tumbling as much as 6% in early trading following disappointing third-quarter results. But if history is any indicator, shares could continue to decline in price under the tenure of a new CEO.

Friday's report was the first under new chairman and CEO, John Flannery. He took over for Jeff Immelt, who had been head of the company since 2001. Following Immelt's first quarterly report Oct. 11, 2001, GE stock rose 2.7% on the day earnings were released, according to Bloomberg data.

But after that 2.7% increase that day, GE stock tumbled as much as 45% during the next 16 months, according to the data. From his first earnings report until the time Immelt stepped down, GE shares declined 32%. During the same period, the S&P 500 gained more than 130%.

Since the start of 2017, GE stock has fallen about 27%. Shares were lower 3.4% to $23.02 in early trading Monday, Oct. 23.

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