Equities Gain Ground On Bank Of America And General Electric Says It Doesn’t Need To Raise Capital

General Electric Co. (GE) says that it has no need to raise additional capital in the debt markets for the remainder of the year. Chief Executive Officer Jeff Immelt, who is head of the largest U.S. conglomerate, hinted that funding needs in 2010 could also be established within the year as well.

Shares of GE continue to make gains for the week, currently trading near $14.15/share. Longer-term trendlines point to resistance near $17.50/share. If there is a breakthrough here, look for a completion of the “head and shoulders” bottom, allowing the stock to reach $25/share likely by year’s end.

Verizon Communications (VZ) Chief Financial Officer John Killian stated that he was satisfied with his company’s growth in the second quarter and has a positive outlook for the remainder of 2009 with regards to revenue and cash flow growth, according to Reuters.

Analysts over at Friedman, Billings, Ramsey & Co. reiterated their “underperform” recommendation of American Express (AXP) on near-term worries of rising loan losses, despite an increase in profits. The company is rumored to have plans to cut over 4,000 jobs in an effort to reduce expenses by $800 million in ‘09, Business Week reports.

Equities in the U.S. are gaining some ground today. The effort is being led by Bank of America (BAC), which is up more than 8.2 percent following an announcement that the company had sold 1.25 million shares and raised more than $13.5 billion to boost its cash position, Bloomberg and MSN Money reported.

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