Ford Will Invest $11 Billion In Electric Cars By 2022
China's billionaire Li Shufu turns gaze on Volvo trucks after cars
Trump Loses Most Admired Man Title to Predecessor
We Will Win 135 Seats in 2022 Gujarat Assembly Elections: Rahul Gandhi
Coinbase investigating insider trading in bitcoins
USA stocks close lower as General Electric drags Dow
22 July 2017, 12:39 | Ruby West
Intraday Movers: General Electric Company (NYSE:GE), CSX Corporation (NASDAQ:CSX)
Immelt will be replaced by John Flannery, who headed GE's health-care business.
The shares tumbled 3.1 percent to $25.87 at 10:59 a.m.in NY after dropping as much as 5.4 percent for the biggest intraday decline since August 2015.
GE reported $29.6 billion in revenue for the second quarter, down 12 percent from the same period previous year.
The outlook marks a disappointing end to Immelt's tumultuous 16-year tenure as chief executive officer, during which GE trailed the broader stock market. The Boston-based provider of gas turbines and artificial lift systems is seeing "pressure in power and oil and gas".
Chairman and CEO Jeff Immelt said cash flow is expected to increase for the remainder of the year.
The challenges of navigating those markets will fall to John Flannery, a GE veteran whose most recent job was to run the health-care unit, after he takes over from Immelt on August 1.
Mr. Bornstein defended the timeline, saying it is a "big, big body of work", and that Mr. Flannery is "getting deep on developing his own views about what we're going to invest against, what we're not going to invest against". We've reduced our Industrial structural costs year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the year. "We expect cash flow to continue to improve throughout the year". Industrial cash flow was $1.5 billion, much better than in the prior quarter.
Revenue was also lower than in the year-ago period, falling 12% from $33.49bn to $29.558bn. The company reported a profit of $1.19 billion, or 15 cents a share, down from $2.76 billion, or 36 cents a share, a year earlier.
With oil prices having fallen from $53 to $48 per barrel over the second quarter, GE warned of weaker full-year trading from its unit that serves the oil & gas industry.
Shares of General Electronics fell from 3% in premarket trading after the organization results beat estimation but posted a almost 60% decline in gains.
Legendary Pokemon are coming to Pokemon GO this week
Soon, you will have the opportunity to discover legendary "unique" Pokemon eggs that will appear in the Arena. It has always been rumored that the incredibly powerful Legendary Pokemon are coming to " Pokemon GO ".
Evacuees return, damage measured as wildfires wane
First Nations are standing their ground, saying they want to protect their homes and property as they have done for generations. Officials are urging people to respect evacuation orders issued due to wildfires across the province, but some B.C.
Ginobili to return for 16th season
The team did not release contract details for Miles, who was acquired from the Indiana Pacers in a sign-and-trade deal July 9. That final game in San Antonio acted as somewhat of a celebration for what the Argentinian did for San Antonio .
Why Was Katrina Kaif's Voice Dubbed In Jagga Jasoos?
It is co-produced by Ranbir's Picture Shuru Productions, Basu's Ishana Movies and is the last production of Walt Disney India. From the critics to the public, everyone had praised Ranbir's performance from day one and looks like that trend continues...
Mass Effect Andromeda - Free Demo
It's the same trial that was originally available to EA Access members but you won't need a membership to download it this time. Since its launch this past March, Mass Effect Andromeda has been received with mixed reviews .