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GE CEO Jeffrey Immelt met with Tokyo Electric executives and defended the worldwide nuclear industry on Monday.
GE issued $6 billion in notes in the largest offering in 11 months. Overall, investment-grade bond spreads narrowed to 162 basis points.
GE formed joint ventures with Russian Technologies and Inter Rao UES to manufacture and sell gas-fired power gneration turbines. This is part of GE's strategy to push growth overseas.
GE announced it would pay $1.3 billion to buy Wellstream Holdings PLC. Wellstream will become a unit of GE Oil and Gas.
GE said it would boost its quarterly dividend 17% by 2 cents to 14 cents per share. The dividend is payable on Jan 25 to shareholders of record on Dec 27.
GE was awarded a $2.25 billion USD contract from Reliance Power in India to supply equipment for the Samalkot Expansion Power Project in Andhra Pradesh.
GE Healthcare announced it would acquire Clarient (CLRT), a leading player in molecular diagnostics. GE will pay $5 per common share and $20 per preferred share in cash.
Morgan Stanley reduced their price target for GE to $22 per share after seeing lower wind power shipments in the most recent quarter.
Revenue fell 5% in the third quarter to $35.9 billion and net income fell 18% to $2.1 billion. GE's energy infrastructure reported a $1.4 billion drop in revenue.
GE rose 1.11% with mixed economic data. Industrial production rose 0.2% in August while capacity utilization dropped to 74.7% last month.
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Jobless claims edged up, reinforcing worries about a double dip recession in the US. GE was one of the high profile decliners are markets sold off in response.
In a major boost to financial markets, GE announced it would raise its dividend 20% to 12 cents per share. The dividend will be payable October 25 to shareholders of record on Sept 20/
The EU is expected to approve the sale of NBC Universal to Comcast (CMCSA), clearing another regulatory hurdle for the major acquisition.
GE fell after a dreary nonfarm payrolls report and factory orders report, dragging the Dow down 46 points.
GE asked a federal court to dismiss allegations made by Mitsubishi that alleges improper conduct in obtaining and enforcing wind turbine patents. In May, Mitsubishi accued GE of scheming to monopoligze the US variable wind-speed turbine market.
GE declared a regular quarterly dividend of $0.10 per outstanding share payable July 26 to shareholders of record on June 21.
Under a compromise in the financial services reform bill passed by the US Senate, GE would be allowed to retain GE Capital without subjecting the entire company to the scrutiny of regulators at the Fed. Earlier proposals would have required GE to spin off GE Capital.
GE announced it won a contract valued at $300 million to supply five steam turbines for the Saudi Electircity Co's Qurayyah Open Cycle Power Plant.
GE said it would acquire 100% of RBS Factor SA, the Royal Bank of Scotland's factoring business in France, for a undisclosed amount.
Stocks overall fell as fears of a downgrade of Portugal took hold and riots in Greece over the debt crisis shook investory confidence. GE was one of the hardest hit.
GE Oil & Gas won a $100 million contract to supply oil services company Petrofac with turbo compression equipment to be used at the company's El Merk facility in Algeria.
GE reported earnings of $1.95 billion, or 17 cents a share, beating analyst expectations of 16 cents a share. Revenue for the first quarter of 2010 fell 4.8% to $36.61 billion amid downsizing of the company's financial business.
GE Capital's Corporate Retail Finance Division announced today a $200 million credit facility for The Talbots, Inc., a women's apparel retailer. The loan will be used to refinance debt, acquire BPW Acquisition Corp, and for ongoing working capital.
GE Financial Services said it will provide $65 million in funding to construct a wind farm near Woodward, Oklahoma. The project is scheduled for completion by year's end and will power 45,000 homes.
GE formed a partnership with Marlin Energy to acquire natural gas reserves near Midland, Texas, from an undisclosed seller for $65 million. In addition, GE partnered with Sequel Energy to acquire oil and gas reserves in the Williston Basin in McKenzie County, N.D., from St. Mary Land & Exploration Co. of Denver for $137 million.
ID Systems Inc announced it has acquired Asset Intelligence, LLC for $15 million in cash, with an additional cash consideration of up to $2 million contigent upon certain performance milestones.
The US International Trade Commission overturned a ruling that barred Mitsubishi from exporting its wind turbines to the United States. GE alleges that Mitsubishi has violated several of its patents.
Goldman Sachs lowered its Q4 EPS estimates for General Electric from 0.28 to $0.25, in line with Wall Street expectations.
GE will supply 100 locomotives to Transnet Freight Rail, South Africa's state-owned rail freight logistics utility.
GE won a $1.4 billion contract to manufacture wind turbines and provide services for a planned wind farm in Oregon currently under development by independent power producer Caithness Energy. GE will supply 338 turbines and service the station for 10 years.
The deal will give Comcast majority ownership of NBC Universal, with GE receiving an estimated $8 billion in cash at closing. Vivendi will sell its 20% stake in NBC Universal for about $6 billion.
GE Energy Financial Services said it is investing $117 million in an Oklahoma wind farm through a partnership with Horizon Wind Energy, LLC. The project is a 99-megawatt expansion of a 225-mw wind farm in southeast Oklahoma.
A deal in which Comcast would take a 51% stake in NBC Universal is expected to be announced Thursday. GE had agreed days earlier to acquire Vivendi's 20% stake for $5.8 billion.
GE will boost R&D funding at its water unit by 50% in the next 2-3 years to capture more of a market valued at $5 billion. Technologies for development include wastewater and reuse.
Oppenheimer raised its rating on GE to "outperform" from "perform," citing greater stabilization in the company's financial portfolio. Third-quarter metrics indicate that GE's financial unit was bottoming out.
GE and Comcast have agreed to value NBC Universal at $30 billion. An announcement of the sale of NBC to Comcast could come as early as next week.
As GE Capital Services continued to reel from the financial crisis, GE revenue fell 20% and net income 42%. GECS itself reported a pretax loss of $997 million.
Disney CEO Jeffrey Immelt said at a conference in New Delhi it may double revenue from India to $6 billion in the next 3-4 years.
GE rose after its CEO said it expects revenue from Southeast Asia, China, and India to grow atleast 20% this year. It will also roll out a smart water heater and other energy efficient appliances in November.
An analyst at Sterne Agee wrote that GE's shares appear "excessively valued under the most optimistic fundamental assumptions." He issued a price target of $11 on the stock, citing the fact that legislative reforms have the power to alter GE's good fortunes, esepcially with the healthcare industry.
GE returned to positive gains in stock value in 2009 when its competitor was overcome with problems with its engine for the F-35 Joint Strike Fighter, and exceptional ratings for a new talk show hosted by Jay Leno (on GE owned NBC)
GE continues to defend itself against allegations that it has a large capital hole it needs to fill. Many analysts expect GE will need to raise additional capital against future loan losses and to meet what are expected to be more stringent regulatory requirements for its GE Capital financial arm.
GE plans to sell $618 million in bonds backed by equipment loans. The Fed's TALF program will provide loans to investors to purchase these securities.
GE's stock price declined the most in three months of trading after the company reported disappointing Q2 earnings. The poor performance was fed by GE Capital and less-than-expected equipment orders in the jet engine, medical imaging decice, and locomotive units, which declined 40%.
Barry Ritholtz and Jeff Rubin were most interested in GE. It's had a good ride but is it overbought? Both say yes.
GE Capital will acquire a 1.5% stake in BDO, the country's largest bank in terms of assets. The company has the option to increase its holdings to 19%.
GE announced it sold $17 billion in products and services in 2008 that helped consumers conserve energy and reduce greenhouse-gas emissions, 21% more than 2007. This is part of its "ecomagination" campaign started in 2005.
Abu Dhabi's Mubadala state-owned investment company announced it owned 65.8 million GE shares, or 0.6% of the company. Mubadala intends to become a top 10 shareholder. It currently ranks 17th.
GE announced that it had signed an agreement with SAFRAN in which SAFRAN would acquire 81% of its Security Homeland Protection business for $580 million. The agreement has already been approved by the boards of both companies, and is pending regulatory approval.
GE's first quarter profit fell 35%, smaller than analysts had expected due to tax credits and increased earnings from power-generation equipment and jet engines. Revenue fell 9% to $38.4 billion.
GE will report quarterly results on Friday. Analysts on average expect earnings of 23 cents per share, down from 44 cents a share last year.
GE Capital Australia reported a loss of $23.1 million for the 2008 calender year, compared with a loss of $8.5 million for a year earlier.
Several analysts lowered their earnings forecasts a day after GE said its finance unit could just break even this year.
S&P downgraded GE to AA+ from AAA. However, GE's share price rose amid the company's strong response to the downgrade, which the company had warned was a possibility in December.
GE said earlier in the year that its real estate unit will post a $500 million loss
GE announced it would begin another round of layoffs of salaried workers at its Consumer & Industrial headquarters in Louisville. Less than 100 employees will lose their jobs.
For the first time since 1938, GE cut its dividend to $0.10 from $0.38 in an effort to save $9 billion annually and maintain its AAA rating.
Chairman and CEO Jeffrey Immelt declined his 2008 bonus and millions in performance awards, citing the company's falling profits and plummeting share price. He received his base salary of $3.3 million, flat with 2007. The performance award was for $11.7 million.
GE was ranked 43rd on the list of most respected global corporations by Barron's annual rankings. General Electric was ranked No. 1 in 2005, No. 2 in 2006, and No. 5 in 2007.
GE will use the remaining $9.5 billion from its stock sale last year to bolster its GE Capital division. This is in addition to the $5.5 billion capital infusion of last quarter.
Sasol Limited (SSL) awarded a $50 million contract to GE Energy to upgrade the company's turbines at a synthetic fuels plant in Mpumalanga province.
NBC announced on Feb 1 that it had sold all 67 advertising slots for the Superbowl. Total ad revenue for the game is a record $206 million.
GE reported a 47% decrease in Q4 earnings per share, which was at the lower range of analyst projection. Q4 net income came out at $3.9 billion, down from $6.7 billion in 2007. Total revenue dropped 5 percent, dropping to $46.2 billion from $48.5 billion.
General Electric plans to cut up to 11,000 jobs from its GE Capital unit, or 15 per cent of the division's workforce. The company is aiming to reduce exposure to a stricken financial services industry.
Vivendi announced it would write down the value of its 20% stake in NBC Universal as part of its annual goodwill impairment test. General Electric owns the other 80% and said it had no plans to write down NBC Universal.
GE Money will sell its Wizard Home Loans brand and franchise network to Aussie Home Loans for an undisclosed amount. Commonwealth Bank of Australia will acquire up to $4 billion in mortgages issued by Wizard.
S&P lowered its outlook for GE from stable to negative, but affirmed its AAA long term credit rating for the company.
GE Capital sold $6.5 billion in debt under the FDIC's guarantee program, which allows financial institutions to issue debt backed by the full faith and credit of the United States.
GE lowered its Q4 Earnings Guidance Range, announcing it will be analyzing both its restructuring and its incurred losses.
On November 20, 2008 The Financial Times Deutschland reported that GE is seeking investment from Temasek Holdings, China Investment Corp., the Government of Singapore Investment Corp. and China Safe Investments.
GE was accepted into an FDIC loan backing program for $139 billion on Nov 12, which will allow the company to more competitively access credit. The cost of insuring GE's debt with credit default swaps fell after the announcement.
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GE has sold $15 billion of new stock in an attempt to shore up its balance sheet and reduce the size of its commercial real estate portfolio by 10%, to about $90 billion. These new shares include $3 billion of preferred shares sold to Berkshire Hathaway.
GE announced that its 2008 earnings will likely fall 12% from 2007. While GE's industrial businesses have continued growing at rates of 10-15%, its financial services arm, GE Capita, which in most years accounts for about half of GE's profit, is facing difficulties on weakness with commercial real estate loans and mid-sized business loans. [1]
The Air Force awarded a $35 billion dollar aerial refueling tanker contract to rival EADS NV and its partner Northrop Grumman. Boeing had been supplying the refuelers to the Air Force for almost 50 years and was expected to win the deal. The deal, which only would have supported 44,000 new and existing jobs at Boeing and more than 300 suppliers in the more than 40 states, is the first of three Air Force awards worth as much as $100 billion to replace its entire refuelingtanker fleet over the next 30 years. Boeing would have used Pratt & Whitney engines. Instead, EADS NV will use General Electric engines. Members of the US Congress are in an uproar about the idea of the contract being in foreign hands and are appalled at how many American jobs will be lost. The Northrop/EADS contract is expected to add just 2,000 new American jobs, compared to the 44,000 expected with Boeing in charge.
Mr. Cary, 48 years old, currently heads GE Money's Europe, Middle East and Africa operations, the unit's largest group. Mr. Cary has been with GE for 21 years. He succeeds David Nissen, who is retiring after 27 years at the company. Mr. Nissen has led the consumer-finance business, based in London, since 1993. It has annual net income of more than $4 billion -- 100 times more than when he took the post.
On August 3rd, GE announced its intended purchase of UniCredit's Polish banking unit, a deal that is expected to close by the end of the year. On the same day, EU authorities approved GE's sale of its plastics unit to Sabic, a Saudi petrochemcial company, for $11.6 billion. The proceeds will be used for GE's share buyback program, which is expected to amount to $7-$8 billion.
General Electric Co. reported $5.4 billion in 2Q profits--up 10% from last year-- and announced its exit from the declining U.S. mortgage business. Increases in profits were buoyed largely by its energy and infrastructure businesses. In addition, GE will get out of its U.S. mortgage business and sell off $3.7 billion in existing loans from its WMC mortgage business units.
General Electric announced plans to abandon its purchase of two preventive healthcare businesses from Abbott Laboratories valued around $8 billion.
GE announced that it planned to buy a controlling stake in Regency Energy, a company that owns natural gas pipelines and processing equipment.
The EU approves GE's intention to buy Smiths aerospace assets for $4.8 billion. Stocks rise from $34.76 to $36.84.
GE and Smiths Group Plc announced that they'd completed a deal to form a joint venture to create Smiths GE Detection, which will offer a variety of detection and homeland security products and services.
38 36.55 GE announces that it will acquire Abbott Labs' in-vitro and Point-of-Care Diagnostics Businesses for $8.13. Stocks fall from $38 to $36.55. They may have fallen due to the fact that Abbott's Molecular Diagnostics and Diabetes Care business (the segments that has witnessed most of the growth) is excluded from the deal.
Swiss Re announces the completion of the acquisition of GE Life. Stocks rise $2.5 to $38.
