GE at 52-week high. Conspiracy?October 5, 2012: 12:49 PM ET
Shares of General Electric (GE) rose 1% Friday and hit a 52-week high. The stock is now up nearly 30% this year, making it the third-best performer in the Dow Jones Industrial Average for 2012. Only Bank of America (BAC) and Walt Disney (DIS) have done better.
Yet, there was little chatter about GE's earnings, valuation or the performance of its various industrial, health care and aerospace units Friday. Instead, most of the comments on StockTwits centered on a tweet from former GE CEO Jack Welch Friday morning.
Welch seemed to insinuate that the Labor Department may have manipulated the September jobs report, which showed a surprising drop in the unemployment rate to 7.8%, in order to benefit the re-election campaign of President Obama.
Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers—
Jack Welch (@jack_welch) October 05, 2012
Traders were quick to feast on the irony in this accusation. After all, GE under Welch was notorious for "managing" earnings in order to please Wall Street.
Wait. GE isn't worth $60? Well, it is nearly 60% off its all-time high from 2000.
But maybe Welch is trying in some small way to improve the jobs picture?
Ha! I guess we'll see that in the October jobs report due out just four days before the election!Before Welch put his virtual foot in his mouth this morning, I was definitely leaning towards awarding my Reader Comment of the Week to one of the many humorous remarks about Zynga (ZNGA) following its earnings warning Thursday.
But Matt O'Brien of The Atlantic takes the cake with this joke about a fictional conversation between Welch and his successor.
BREAKING: Jack Welch on the phone with Jeff Imelt, telling him to fire 115,000 people ASAP.—
Matt O'Brien (@ObsoleteDogma) October 05, 2012