GE
GE dropped 3.3 percent today, and it wasn't just a bad market day — GE underperformed the broader tape, which is the part worth paying attention to. The headline number behind that move: a 170 billion dollar services backlog that Wall Street loves in theory but is increasingly nervous about in practice. Supply-chain delays are the friction point. The thesis on GE Aerospace is simple — deliver jet engine parts and services at scale, collect high-margin aftermarket revenue. But a backlog only converts to earnings if the supply chain cooperates, and right now it isn't fully cooperating. The bull case, which gets the stock to around 475 dollars over three years, requires near-perfect execution. Today's drop is the market pricing in the gap between the promise and the proof. Watch delivery rates, not order books.
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