nsucurrent.com March 24, 2018

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)

General Electric Turbine Rotor

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.

Other News

Trending Now

U.S. to Impose New Sanctions on Chinese Banks Over North Korea Ties
Then on July 8, Trump and Chinese President Xi Jinping met to discuss concerns on North Korea and the Chinese trade relations. Total trade increased 10.5 percent to $2.55 billion during the period.

This is how PlayerUnknowns's Battlegrounds next update gets a lot more hardcore
Creator Brendan " PlayerUnknown " Greene made the announcement on Twitter today, with the updated slated next month for NA/EU solo and duo matches.

Democrats ideal art of delay while Republicans fume over Trump nominees
But 62 percent of respondents said they oppose how Trump uses Twitter to express exactly what he is thinking. Moreover, 51 percent of registered voters say Trump won't be a factor in their vote for Congress.

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...

Homeland Security to allow 15000 more visas for seasonal workers
During his campaign, President Donald Trump had promised to put American workers first and curtail migration rate to the country. This year's limit for H-2B visas is 66,000.

Kashmiris Protest Against Amarnath Attack, Mehbooba Mufti Says 'Nobody Can Kill Kashmiriyat'
Congress vice president Rahul Gandhi had asked Prime Minister Narendra Modi to accept responsibility for the attack. Ismail has been active in Kashmir for several years and had moved base to south Kashmir more than a year ago.

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 .