Jim Cramer praises GE following U.S. regulatory approval to develop nuclear fuel
[ad_1]
CNBC’s Jim Cramer called out General Electric as a winner in the industrial sector for the strides it’s making in nuclear power. GE’s Verona Nuclear Fuel business said Wednesday it received approval from the U.S. Nuclear Regulatory Commission to manufacture, ship, and analyze the performance of higher enrichment fuel. These “regulatory milestones” will help the company “innovate to help our customers run their plants even more efficiently and be ready to support the next generation of reactor technology,” according to the press release . GE shares were trading about 2% higher on the news. GE YTD mountain GE stock performance year to date. “[General Electric] just keeps going higher,” Cramer said Wednesday. While that’s mainly due to demand for its aircraft engines, Cramer added that investors “love any way to be able to make nuclear fuel work.” In November 2021, GE announced plans to split and form three publicly traded companies, focusing on aerospace, health care, and energy. The roll-up of the company’s energy assets, GE Vernova, is expected to be spun off at the beginning of this year’s second quarter. In health care, GE Healthcare was spun off last year. GEHC is a stock Jim’s Charitable Trus t, the portfolio used by the CNBC Investing Club. What will be essentially the remaining company will become GE Aerospace. “GE Healthcare has been a rocket lately” for the Club, Cramer said. GEHC shares have gained 7% year to date compared to an S & P 500 gain of 4.5% in 2024. GEHC finally got some much-deserved respect on Wall Street after its latest earnings were released on Feb. 6, the Club wrote in a commentary on the better-than-feared results and the 11.5% stock pop that day. Shares have added about $1 per share to nearly $83 each since then.
[ad_2]
Source link