Recent News: Reorganization, Jet Engine Seals, Jim Cramer, Dividends, and SemGroup Lawsuit

Pruning General Electric
First Jeff Immelt had a yard sale. Then he reorganized. In a move to continue his modernization of the century-old conglomerate, General Electric Immelt, the firm's chief executive, announced Friday that the company's structure will now consist of four businesses down from six. When he took over in 2001, there were 11 different segments under his auspices....

General Electric reorganizes into 4 major units
General Electric Co., which owns businesses ranging from light bulbs to NBC television, on Friday said it will restructure into four businesses from six, a move that Chief Executive Officer Jeff Immelt says will focus the company on growth. Immelt has been under pressure to shake up GE since it shocked investors with disappointing first-quarter earnings. GE's share price has since dropped nearly 22 percent....

FAA Recommends Replacement of GE Jet Engine Seals
The seals on some types of turbofan jet engines made by General Electric Co. should be replaced, the Federal Aviation Administration said after a probe into a 2004 fatal crash of a plane in Missouri. The Bombardier CL600 jet crashed near Jefferson City after the engines flamed out, killing the two pilots flying the otherwise empty 50-seater....

Cramer Gets Behind General Electric (GE)
Cramer discussed how it is winning in financial services while others are failing, noted how it hasn't rallied with other financial stocks, discussed the consolidation of its enterprise, and more. He also noted how it is winning in energy and alternative energy and noted how the new $8 Billion pact with Mubadala in Abu Dhabi is going to bring in a shareholder who has committed to buy millions of shares of stock in the open market to become one of GE's largest shareholders...

General Electric Presents a Dividend Opportunity
Diversified conglomerate General Electric announced its second quarter earnings this past Friday. According to GE's finance unit, GE money's profits fell 9% while the consensus estimate was for profits in that unit to drop 15-20%. Its Infrastructure unit's earnings, on the other hand, were up 24%. Overall, the company met expectations by posting nearly flat earnings growth over the same quarter in 2007. Revenue actually rose 11% to $46.9 billion....

GE sues SemGroup over pipeline cash transfer
A unit of General Electric Corp has sued failed energy trader SemGroup LP in connection with SemGroup's alleged diversion of $54 million in pipeline funds to other corporate purposes, according to court papers filed on Thursday. GE Capital Corp, which provided $120 million in financing for the White Cliffs pipeline being built by a unit of SemGroup, claims SemGroup is in default of its financing package but refuses to comply with the terms of its loan....