GE Vernova Shares Rise on CEO Outlook for $200B Backlog by Early 2027
Shares of GE Vernova (NYSE:GEV) rose nearly 5% after Chief Executive Scott Strazik projected the company's backlog could reach $200 billion as early as 2027, up from $176 billion in Q2. The optimistic outlook was driven by strong order growth and a broader trend of increasing electricity demand across industries. While GE Vernova’s stock remains down over 13% for the month, Wednesday's gain marked a relief rally rather than a sustained upward move. Eaton (NYSE:ETN) and Quanta Services (NYSE:PWR), two major peers in electrical equipment and grid infrastructure, also edged higher by about 2%, reflecting investor confidence in rising power demand. The First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (NASDAQ:GRID) rose 2% alongside the sector's momentum.
