GE stock surge after $21 billion deal with Danaher not enough to clear key chart level

Shares of General Electric Co. rocketed Monday after a deal to sell its biopharma business for $21.4 billion in cash to Danaher Corp, but remained on track to extend their longest streak below the widely watched 200-day moving average in at least 40 years.

GE said the biopharma business, which was part of GE Life Sciences and under the GE Healthcare umbrella, generated about $3 billion in revenue in 2018. Lawrence Culp, who was named GE’s chairman and chief executive in October 2018, had been CEO of Danaher from 2001 to 2014. He had recently indicated that he planned to spin off the entire health-care unit in an initial public offering later this year.

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