General Electric Shares have Channel Support

During Wednesday’s trading session traders observed General Electric Company (NYSE:GE) shares descend to an intraday low of $18.70 per share which is a penny above the channel low of $18.69 seen January 31st, 2012.  Should shares of GE drop below this point of support there happens to be an earlier point of support at the December 28th, 2011 price level of $17.72.  With that said, open a daily chart and look.

Regarding company events, GE Capital’s Telecom, Media and Technology (otherwise known as ‘TMT’) financing business announcing that it served as an administrative agent on a new $380 million-dollar credit facility for Lightower Fiber Networks (LFN).  LFN is a metro fiber and bandwidth service provider in north eastern USA.  According to GE Capital Markets, they served as joint bookrunner and joint lead arranger on the transaction.

Rob Shanahan, CEO of Lightower Fiber Networks said, “We have a long standing history with GE Capital, as they have a clear understanding of our sector and unique financing needs.  The company’s ability to provide financing solutions in all markets, and in particular to the middle market, makes GE Capital a valued partner as we look to grow our business.”

Lightower, a portfolio company of Pamlico Capital, M/C Venture Partners and Ridgemont Equity Partners, has been known to get financing from GE Capital since the initial acquisition of Lightower by M/C Venture Partners and Pamlico Capital in August 2007.

Pete Foley, senior managing director of GE Capital’s Telecom, Media and Technology said, “The market was extremely supportive of this transaction, made evident in the deal being significantly oversubscribed.  We’re once again proud to support Lightower and an industry which is experiencing significant growth.”

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