Shares of General Electric (GE) - Get Report were in focus on Thursday after the company confidently reaffirmed its $2 earnings-per-share target for 2018 at its Investor Day on Wednesday. In sticking with that EPS forecast, CEO Jeff Immelt said GE would overcome expected weakness in its oil and gas business next year.
Management also announced plans to sell more assets. GE is anticipating a mid-2017 sale for its water unit, and said it is putting its industrial solutions business on the market, with combined proceeds from the two deals expected to near $4 billion.
Including divestitures and dividends from its now much-smaller GE Capital business, the company expects to generate about $10 billion in cash from portfolio actions in 2017. (GE is a holding in Jim Cramer's Action Alerts PLUS portfolio.)
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Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long GE stock.