General Electric spikes after announcing plans to speed up the sale of some of its $4 billion stake in oilfield-services provider Baker Hughes (GE, BHGE)

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November 13, 2018 6:47 PM

General Electric jumped 8% Tuesday after the company said it will slash its stake in oilfield-services provider Baker Hughes.

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GE will sell as many as 166.2 million Baker Hughes shares, which could raise $4 billion based on Monday's closing price, according to a statement.
CEO Larry Culp told CNBC Monday that he would cut the company's leverage by selling assets.

post-financial crisis lows after

GE is down 52% this year.

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