Business
GE shares hit 9 years low as Wall Street says it's not enough to cut
General Electric shares doubled 10 percent to less than $ 10 per share during trading Tuesday after several Wall Street analysts informed clients that new CEO Larry Culps cut quarterly dividends to just one penny share could be just the beginning of a slow and difficult process.
GE shares fell as low as $ 9.98 on Tuesday, their lowest level of nine years. The stock was now pace for its worst one day of trading since March 2009.
Together with a dividend, the company:
- took a cost of $ 22 billion in the third quarter related to acquisitions in its power business
- SEC and DOJ said expanded their probes into the company's accounting practices due to the amount
- reported adjusted earnings and revenue for the third quarter that missed Wall Street expectations and a GAAP loss of $ 2.63 a share in the period
- said that it split its power business into two separate units
- ] reported that a 7 per cent increase in last year's air service
- said it expects to keep around $ 3.9 billion in cash a year as a result of the proceeds
H
ere is a package of which great Wall Street analyst re who had to say about GE's many announcements:
