GE shares surge 12% premarket on news of new IoT business, JPMorgan upgrade

General Electric Co. GE, -0.42% said Thursday it is launching a $1.2 billion industrial internet-of-things software company, which will be wholly owned by independently run with its own board of directors. The company will bring together GE Digital’s IIoT products, and the GE Power Digital and Grid Software Solutions businesses, the company said in a statement.

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