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Wednesday, Jul. 8, 1998
General Electric's value tops $300 billion
Company is first U.S. firm to cross threshold, based on Tuesday's closing stock price
By BRAD SKILLMAN
Associated PressNEW YORK -- General Electric Co. Tuesday became the first U.S. company to be worth more than $300 billion.
Based on GE's closing stock price of $92.62 and a half a share, the Fairfield, Conn.-based company has a market value of about $301.8 billion. The second most valuable company is Microsoft Corp., worth about $266 billion based on Tuesday's closing price of $107.93.
Tuesday's close marks the first time GE's stock finished above the $300 billion mark, although it briefly bested the threshold when it reached $92.12 and a half on Monday.
In 1981, when John F. Welch became chairman and CEO, the company was worth $12 billion. Since then, it has increased in value some 25 times. Put another way: $10,000 invested in GE 17 years ago would be worth about $400,000 now, taking into account four 2-for-1 stock splits as well as dividends.
Welch has said he would retire in 2000 when he turns 65.
GE's key businesses include appliances, aircraft engines and the NBC television network.
In 1997, GE had revenue of $90.8 billion, with a net income of $8.2 billion. About 3.26 billion shares of common stock were outstanding as of March 31.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web