GE’s spinoff of GE Vernova to occur at start of Q2 2024, will list on the NYSE

General Electric Co.
GE,
+0.58%
provided Tuesday details of the planned spinoff of its GE Vernova business and the launch of GE Aerospace, which is expected to occur at the beginning of the second quarter of 2024. The aerospace, power and renewable energy company’s stock shot up 6.6% toward a one-month high in premarket trading, as the company also reported third-quarter profit and revenue that beat expectations by a wide margin and raised its full-year outlook. After the spinoff of GE Vernova is completed, the company, which combines GE’s renewable energy and power businesses, will list on the New York Stock Exchange under the ticker symbol “GEV.” GE Aerospace will continue to list on the NYSE under the current ticker of “GE.” GE’s healthcare business was spun off as GE Healthcare Technologies Inc.
GEHC,
-0.09%
at the start of 2023. The stock has slipped 3.2% over the past three months through Monday, while the S&P 500
SPX,
-0.17%
has lost 7.4%.