General Electric's stock (NYSE: GE) opened 5.3% higher today than yesterday's close. This immediately followed the company's fourth quarter profit report, which showed a 51% increase in profit for the industrial giant, which makes plastics and technology for cars, as well as providing automobile financing.
The company's fourth quarter revenue outperformed estimates from Wall Street. GE Chairman and CEO Jeff Immelt was recently named chair of the President's Council on Jobs and Competitiveness, President Obama's panel of economic advisors.
For the first time in over two years, GE's financial services branch reported a decrease in real-estate delinquencies, and the company as a whole reported an increase in orders for big-ticket equipment.
Segment earnings at GE capital climbed 11% to $1.1 billion, up from $99 million. The company showed $2.5 billion in losses and impairments, a decrease from third quarter, and it reported that its volume increased by 30%. At close of business today, the stock was still up 1.3%.
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