Citi Maintains 'Hold' Rating on General Electric (GE), Sees Risk to Earnings
Citi analyst says, "The collapse of Bear Stearns in late Q1 contributed to GE's Q1 earnings miss and now the late Q3 failure of Lehman Bros. and struggles at AIG are causing concerns about another GE miss. GE does need to continue selling real estate to make its H2 guidance, but re-affirmed its Real Estate guidance last night. However...
GE tumbles as investors fret over financial stocks
Shares of General Electric Co. fell 6.5 percent Monday, extending their Friday declines on fears that its financial business would be hit by the collapse of Lehman Brothers and shakiness at other banks...
GE Capital's CDS spreads widen 139 bps-Markit
The cost of protecting General Electric Capital's debt with credit default swaps surged on Monday after the bankruptcy of Lehman Brothers...
GE seeks to reassure investors
General Electric Co. said its financial services units didn't need to raise external capital, affirmed its profit forecast for the commercial real estate unit and said its consumer-finance division, GE Money, had "adequate reserves."Profit at the finance units, collectively known as GE Capital, was $5.2 billion in the first half of 2008, General Electric said in a memo posted on its website in an effort to reassure investors amid "extraordinary market conditions."...
GE to launch 5 regional headquarters in China
The U.S. giant now operates two regional headquarters in Shanghai and Beijing. The new locations will be in Shenyang, Wuhan, Chengdu, Xi'an and Guangzhou -- provincial capitals in the country's northeast, central, southwest, northwest and south, according to Chen Xiangli, president of China Technology Center under GE...
Monday, September 15, 2008
ONN Sidewinder Video Report: General Electric Co. (GE)
Video Report from the CBOE on GE Options
The Sidewinder Report, is a daily options news program on www.onn.tv, recorded live on the floor of the Chicago Board Options Exchange.
The Sidewinder Report, is a daily options news program on www.onn.tv, recorded live on the floor of the Chicago Board Options Exchange.
Of Interest: Lehman Brothers file Chapter 11 - Markets Fall
Markets in turmoil by Lehman failure and Merrill sale
Global markets plummeted on Monday after investment bank Lehman Brothers filed for bankruptcy protection, rival Merrill Lynch agreed to be taken over and the Federal Reserve threw a life line to the battered financial industry.
As a deepening crisis took new, bigger victims, The U.S. Federal Reserve said for the first time it would accept stocks in exchange for cash loans and 10 of the world's top banks agreed to establish a $70 billion emergency fund, with any one of them able to tap up to a third of that.
On a black Sunday for Wall Street, frantic attempts to find a rescuer for Lehman failed, and troubled insurer American International Group asked the Fed for a lifeline, according to news reports.
Global markets plummeted on Monday after investment bank Lehman Brothers filed for bankruptcy protection, rival Merrill Lynch agreed to be taken over and the Federal Reserve threw a life line to the battered financial industry.
As a deepening crisis took new, bigger victims, The U.S. Federal Reserve said for the first time it would accept stocks in exchange for cash loans and 10 of the world's top banks agreed to establish a $70 billion emergency fund, with any one of them able to tap up to a third of that.
On a black Sunday for Wall Street, frantic attempts to find a rescuer for Lehman failed, and troubled insurer American International Group asked the Fed for a lifeline, according to news reports.
Recent News: Stock Performance, Ex-GE Worker was a spy, and Dividends
GE (GE) Down 6%: Nothing Is Sacred
Wall St. might make the argument that GE (GE) has more exposure to the credit markets than most huge companies because of its financial division. But, the current hammering of the shares may have gotten out of hand....
GE Falls Most Since April, Dragged by Lehman, AIG
General Electric Co. fell the most in New York trading since cutting its annual forecast five months ago, dragged down by financial stocks including American International Group Inc. and Lehman Brothers Holdings Inc. ...
Movers roundup: Panera Bread, GE
Shares of General Electric Co. fell 5 percent Friday, which an analyst attributed to nervousness at the conglomerate's inability to sell its private-label credit card business....
Ex-GE worker admits he was a spy
A former Schenectady man involved in the most famous espionage case of the 20th century has for the first time acknowledged giving military information to the Soviet Union, according to Thursday’s New York Times....
Dividend growth power
Venerable blue-chip companies such as General Electric and Boeing deserve your attention — for their dividends...
GE slides on worries over credit card unit sale
Shares of General Electric Co. fell 5 percent Friday, which an analyst attributed to nervousness at the conglomerate's inability to sell its private-label credit card business...
Wall St. might make the argument that GE (GE) has more exposure to the credit markets than most huge companies because of its financial division. But, the current hammering of the shares may have gotten out of hand....
GE Falls Most Since April, Dragged by Lehman, AIG
General Electric Co. fell the most in New York trading since cutting its annual forecast five months ago, dragged down by financial stocks including American International Group Inc. and Lehman Brothers Holdings Inc. ...
Movers roundup: Panera Bread, GE
Shares of General Electric Co. fell 5 percent Friday, which an analyst attributed to nervousness at the conglomerate's inability to sell its private-label credit card business....
Ex-GE worker admits he was a spy
A former Schenectady man involved in the most famous espionage case of the 20th century has for the first time acknowledged giving military information to the Soviet Union, according to Thursday’s New York Times....
Dividend growth power
Venerable blue-chip companies such as General Electric and Boeing deserve your attention — for their dividends...
GE slides on worries over credit card unit sale
Shares of General Electric Co. fell 5 percent Friday, which an analyst attributed to nervousness at the conglomerate's inability to sell its private-label credit card business...
Saturday, September 13, 2008
Recent News: NBC Super Bowl Ads and Stock Performance
NBC Manages to Rack Up Strong Sales on Super Bowl Marketers may be tightening their belts amid the economic downturn, but you'd never know it from the sale of Super Bowl ads. The National Football League season is only a week old, but General Electric's NBC Universal says it has already sold about 85% of the available spots, up from the 60% that is standard this time of year. The robust sales pace comes despite an estimated 10% price increase from the last Super Bowl, and NBC says there are only about 10 spots left...
General Electric (GE) PriceWatch Alert for September 15, 2008
General Electric (NYSE: GE) ended the last trading session at $26.75. So far the stock has hit a 52-week low of $25.60 and 52-week high of $42.15. General Electric stock has been showing support around 25.53 and resistance in the 28.35 range. Technical indicators for the stock are Bearish and S&P gives GE a positive 4 STAR (out of 5) buy rating. GE appears on the Investors Observer Analysts Favorites list. For a hedged play on this stock, look at a Mar '09 27 covered call (GEW CA) for a net debit in the $24.40 area. That is also the break even stock price for this trade...
GE shares down 5 percent amid financial sector worry
General Electric Co shares fell 5 percent on Friday, as investors worried that turmoil in the financial sector would take a toll on the conglomerate.
The shares of the second-largest company by market capitalization were down $1.46 to $26.70 in late afternoon trading on the New York Stock Exchange. Earlier, they had been as low as $26.33....
GE slides on worries over credit card unit sale
Shares of General Electric Co. fell more than 6 percent Friday, which an analyst attributed to nervousness at the conglomerate's inability to sell its private-label credit card business. Analyst Nicholas Heymann of Sterne Agee in New York said in a phone interview that investors believed GE would sell its credit card business this summer....
General Electric (GE) PriceWatch Alert for September 15, 2008
General Electric (NYSE: GE) ended the last trading session at $26.75. So far the stock has hit a 52-week low of $25.60 and 52-week high of $42.15. General Electric stock has been showing support around 25.53 and resistance in the 28.35 range. Technical indicators for the stock are Bearish and S&P gives GE a positive 4 STAR (out of 5) buy rating. GE appears on the Investors Observer Analysts Favorites list. For a hedged play on this stock, look at a Mar '09 27 covered call (GEW CA) for a net debit in the $24.40 area. That is also the break even stock price for this trade...
GE shares down 5 percent amid financial sector worry
General Electric Co shares fell 5 percent on Friday, as investors worried that turmoil in the financial sector would take a toll on the conglomerate.
The shares of the second-largest company by market capitalization were down $1.46 to $26.70 in late afternoon trading on the New York Stock Exchange. Earlier, they had been as low as $26.33....
GE slides on worries over credit card unit sale
Shares of General Electric Co. fell more than 6 percent Friday, which an analyst attributed to nervousness at the conglomerate's inability to sell its private-label credit card business. Analyst Nicholas Heymann of Sterne Agee in New York said in a phone interview that investors believed GE would sell its credit card business this summer....
Friday, September 12, 2008
Recent News: India Acquisitions
GE eyes acquisitions in India
New Delhi, Sept. 10 General Electric Co (GE) is scouting for acquisitions to scale up its presence in India. The diversified engineering and services major is looking across a gamut of sectors for opportunities to acquire firms, especially the core infrastructure, healthcare and the media space. “We are looking across the board for opportunities (for acquisitions). Core infrastructure is definitely an area where we are evaluating options, while healthcare, and media space could also be other possible areas,” Mr Tejpreet S. Chopra, President and Chief Executive Officer, GE (India), told Business Line. He said the targets could include suppliers and customers in these sectors...
General Electric scouts for acquisitions in India
General Electric (GE) is eyeing for acquisitions to increase its presence in India. The diversified engineering and services major is looking across a gamut of sectors for opportunities to acquire firms, especially the core infrastructure, healthcare and the media space, reports Business Line...
New Delhi, Sept. 10 General Electric Co (GE) is scouting for acquisitions to scale up its presence in India. The diversified engineering and services major is looking across a gamut of sectors for opportunities to acquire firms, especially the core infrastructure, healthcare and the media space. “We are looking across the board for opportunities (for acquisitions). Core infrastructure is definitely an area where we are evaluating options, while healthcare, and media space could also be other possible areas,” Mr Tejpreet S. Chopra, President and Chief Executive Officer, GE (India), told Business Line. He said the targets could include suppliers and customers in these sectors...
General Electric scouts for acquisitions in India
General Electric (GE) is eyeing for acquisitions to increase its presence in India. The diversified engineering and services major is looking across a gamut of sectors for opportunities to acquire firms, especially the core infrastructure, healthcare and the media space, reports Business Line...
Thursday, September 11, 2008
Recent News: Apple iTunes and NBCU Programs, Google, GE Oil and Gas, and EPA / Housatonic River
Apple ends beef with NBC over iTunes shows
Apple Inc. has lured the NBC television network back to the iTunes online media service. This ends a year of acrimony over the prices Apple charges for shows it sells over iTunes...
You Don't Really Understand Google
lot of people think that Google lives and dies with online success alone, and that this state of affairs will never change. I hate to have to tell you this, but you're all wrong.
The Wall Street Journal supports my position today by lifting the veil of secrecy from an advertising deal between Mountain View and General Electric's NBC Universal unit. No, Google isn't going to carpet-bomb the Sci-Fi Channel and CNBC with obnoxious brand-builder ads, the way Yahoo! yodeled all over your TV a decade ago. This deal goes the other way....
GE Oil & Gas wins 100 mln usd contract for China's 2nd West-to-East gas pipeline
GE Oil & Gas, a unit of US-based General Electric, said it won a 100 mln usd contract to provide pipeline compression equipment for China's second West-to-East natural gas transmission pipeline...
EPA says GE cleanup plan for Housatonic inadequate
The EPA has criticized General Electric Co.'s cleanup plan for a stretch of the Housatonic River south of Pittsfield....
Apple Inc. has lured the NBC television network back to the iTunes online media service. This ends a year of acrimony over the prices Apple charges for shows it sells over iTunes...
You Don't Really Understand Google
lot of people think that Google lives and dies with online success alone, and that this state of affairs will never change. I hate to have to tell you this, but you're all wrong.
The Wall Street Journal supports my position today by lifting the veil of secrecy from an advertising deal between Mountain View and General Electric's NBC Universal unit. No, Google isn't going to carpet-bomb the Sci-Fi Channel and CNBC with obnoxious brand-builder ads, the way Yahoo! yodeled all over your TV a decade ago. This deal goes the other way....
GE Oil & Gas wins 100 mln usd contract for China's 2nd West-to-East gas pipeline
GE Oil & Gas, a unit of US-based General Electric, said it won a 100 mln usd contract to provide pipeline compression equipment for China's second West-to-East natural gas transmission pipeline...
EPA says GE cleanup plan for Housatonic inadequate
The EPA has criticized General Electric Co.'s cleanup plan for a stretch of the Housatonic River south of Pittsfield....
Recent News: China, Google TV Ads, Duke Energy Wind, US Navy Contract, GE Pipeline, Saudi Air Force, MSNBC Keith Olberman and Jeffery Immelt
New Look General Electric Aims to Double its China Business by the Decade’s End
General Electric Co. expects its business in China to double to $10 billion a year by 2010, as the U.S. industrial giant aims to overcome a sputtering U.S. economy by ramping up its emerging-markets focus...
NBC Universal in pact for Google to sell its TV ads
NBC Universal, a unit of General Electric Co, is teaming up with Google Inc on a multi-year partnership in which Google will act as a broker to sell TV advertising on some NBC cable channels. In a joint statement, the two companies said NBC Universal will offer advertising time from several of its cable networks for Google to sell advertising through its Google TV Ads service.
Google to broker ads for cable TV channels
Financial terms of the deal were not disclosed. Google said in a prepared statement that its TV Ads platform will begin selling inventory for channels including Oxygen, CNBC, Sci Fi, Sleuth and Chiller "in the coming months, with potential to expand onto other NBCU properties in the future."...
Duke Energy Buys GE Wind Turbines For Undisclosed Sum
Duke Energy Corp. (DUK), said it agreed to buy 100 wind turbines from General Electric Co. (GE) for an undisclosed sum. Duke, which has been investing in its wind-energy business, also announced a long-term agreement to sell 99 megawatts of electricity from its new Wyoming wind farm. Terms of the deal weren't disclosed....
General Electric gets $120.2M Navy deal
A division of General Electric Co. received a $120.2 million contract boost from the Naval Air Systems Command. The contract covers 30 engines for the F/A-18E/F aircraft, plus 24 devices kits and 19 various modules for the Royal Australian Air Force, the Pentagon said late Monday....
GE Oil & Gas' PII Pipeline Solutions Division Signs Pipeline Integrity Services Distribution Agreement In Colombia
GE Oil & Gas' PII Pipeline Solutions division has signed a pipeline integrity services distributor agreement with Tecnicontrol S.A., in Colombia, as part of GE's strategy to strengthen its pipeline integrity services in South America....
Saudi Air Force adds to GE Aviation engine order
The Royal Saudi Air Force has added 91 F110-GE-129C engines to a previous order for its military aircraft, GE Aviation said Tuesday. With the latest order, the Saudis plan to upgrade 41 twin-engine Boeing F-15S aircraft, according to a news release. They had previously ordered 65 F110 engines to upgrade 29 of the aircraft...
MSNBC Bags "Fighting Anchors" Strategy, Dumps Olbermann And Matthews
Keith Olbermann and Chris Matthews, MSNBC's on-air political duo covering this year's primaries, debates and conventions, have never had the best on-air rapport. But at the Democratic National Convention, the animosity had reached a boiling point (see video below), so MSNBC decided to replace their contentious duo with seasoned and seemingly even-tempered political reporter: David Gregory...
Did GE CEO Jeff Immelt Order Keith Olbermann Demotion?
Rumor has it that GE CEO Jeff Immelt personally ordered MSNBC to remove Keith Olbermann after a host of shareholder complaints—a charge NBC and Olbermann deny...
General Electric Co. expects its business in China to double to $10 billion a year by 2010, as the U.S. industrial giant aims to overcome a sputtering U.S. economy by ramping up its emerging-markets focus...
NBC Universal in pact for Google to sell its TV ads
NBC Universal, a unit of General Electric Co, is teaming up with Google Inc on a multi-year partnership in which Google will act as a broker to sell TV advertising on some NBC cable channels. In a joint statement, the two companies said NBC Universal will offer advertising time from several of its cable networks for Google to sell advertising through its Google TV Ads service.
Google to broker ads for cable TV channels
Financial terms of the deal were not disclosed. Google said in a prepared statement that its TV Ads platform will begin selling inventory for channels including Oxygen, CNBC, Sci Fi, Sleuth and Chiller "in the coming months, with potential to expand onto other NBCU properties in the future."...
Duke Energy Buys GE Wind Turbines For Undisclosed Sum
Duke Energy Corp. (DUK), said it agreed to buy 100 wind turbines from General Electric Co. (GE) for an undisclosed sum. Duke, which has been investing in its wind-energy business, also announced a long-term agreement to sell 99 megawatts of electricity from its new Wyoming wind farm. Terms of the deal weren't disclosed....
General Electric gets $120.2M Navy deal
A division of General Electric Co. received a $120.2 million contract boost from the Naval Air Systems Command. The contract covers 30 engines for the F/A-18E/F aircraft, plus 24 devices kits and 19 various modules for the Royal Australian Air Force, the Pentagon said late Monday....
GE Oil & Gas' PII Pipeline Solutions Division Signs Pipeline Integrity Services Distribution Agreement In Colombia
GE Oil & Gas' PII Pipeline Solutions division has signed a pipeline integrity services distributor agreement with Tecnicontrol S.A., in Colombia, as part of GE's strategy to strengthen its pipeline integrity services in South America....
Saudi Air Force adds to GE Aviation engine order
The Royal Saudi Air Force has added 91 F110-GE-129C engines to a previous order for its military aircraft, GE Aviation said Tuesday. With the latest order, the Saudis plan to upgrade 41 twin-engine Boeing F-15S aircraft, according to a news release. They had previously ordered 65 F110 engines to upgrade 29 of the aircraft...
MSNBC Bags "Fighting Anchors" Strategy, Dumps Olbermann And Matthews
Keith Olbermann and Chris Matthews, MSNBC's on-air political duo covering this year's primaries, debates and conventions, have never had the best on-air rapport. But at the Democratic National Convention, the animosity had reached a boiling point (see video below), so MSNBC decided to replace their contentious duo with seasoned and seemingly even-tempered political reporter: David Gregory...
Did GE CEO Jeff Immelt Order Keith Olbermann Demotion?
Rumor has it that GE CEO Jeff Immelt personally ordered MSNBC to remove Keith Olbermann after a host of shareholder complaints—a charge NBC and Olbermann deny...
Monday, September 8, 2008
Recent News: Iraq Power Plants, GE Lawsuit, CIT Aerospace Order, and Accounting Investigation
Talks with GE on power plants in Iraq
Talks are starting on Saturday between the Iraqi electricity ministry and the U.S. company General Electric (GE) on providing Iraq with power plants that could produce 4-6,000 megawatt of electric power in a first stage, a ministry spokesman said.
"A delegation under Electricity Minister Kareem Waheed left Iraq on Friday heading for Amman, Jordan, for a meeting today on the first round of talks with GE pertaining to a contract to install power plants in Iraq," Aziz Sultan said in statements to Aswat al-Iraq - Voices of Iraq - (VOI)....
General Electric Faces Lawsuit From Investors
Friday evening, Scott & Scott LLP filed a lawsuit against General Electric (NYSE: GE) relating to inaccurate reports of financial earnings information in their first quarter of 2008. According to investors GE has violated the Securities Exchange Act of 1934. The suit charges that GE reported 10% earnings per share in the first quarter of 2008 instead of the actual loss of 2%...
CIT Aerospace places $320M order with GE Aviation, CFM
Aircraft financing firm CIT Aerospace has tapped GE Aviation and CFM International for $320 million in engine orders the companies said Monday. CIT will purchase CFM’s CFM56-5B engine to power 15 Airbus A320 aircraft, and GE’s CF6-80E1 engine to power four Airbus A330 aircraft. The CFM engine order, worth about $200 million at list price...
Will GE Hedge Accounting Pass Muster?
General Electric said it faces possible civil action by the Securities and Exchange Commission stemming from an investigation into its use of hedge accounting for derivatives. The conglomerate said in a regulatory filing released on Friday that the SEC staff issued a "Wells notice" recommending that the commission considers bringing a civil injunctive action against GE for possible violations of securities laws....
Talks are starting on Saturday between the Iraqi electricity ministry and the U.S. company General Electric (GE) on providing Iraq with power plants that could produce 4-6,000 megawatt of electric power in a first stage, a ministry spokesman said.
"A delegation under Electricity Minister Kareem Waheed left Iraq on Friday heading for Amman, Jordan, for a meeting today on the first round of talks with GE pertaining to a contract to install power plants in Iraq," Aziz Sultan said in statements to Aswat al-Iraq - Voices of Iraq - (VOI)....
General Electric Faces Lawsuit From Investors
Friday evening, Scott & Scott LLP filed a lawsuit against General Electric (NYSE: GE) relating to inaccurate reports of financial earnings information in their first quarter of 2008. According to investors GE has violated the Securities Exchange Act of 1934. The suit charges that GE reported 10% earnings per share in the first quarter of 2008 instead of the actual loss of 2%...
CIT Aerospace places $320M order with GE Aviation, CFM
Aircraft financing firm CIT Aerospace has tapped GE Aviation and CFM International for $320 million in engine orders the companies said Monday. CIT will purchase CFM’s CFM56-5B engine to power 15 Airbus A320 aircraft, and GE’s CF6-80E1 engine to power four Airbus A330 aircraft. The CFM engine order, worth about $200 million at list price...
Will GE Hedge Accounting Pass Muster?
General Electric said it faces possible civil action by the Securities and Exchange Commission stemming from an investigation into its use of hedge accounting for derivatives. The conglomerate said in a regulatory filing released on Friday that the SEC staff issued a "Wells notice" recommending that the commission considers bringing a civil injunctive action against GE for possible violations of securities laws....
Sunday, September 7, 2008
Recent News: Accounting Probe / Wells Notice
Wells notice (Cornell University Law School)
A "Wells Notice" is a letter sent by a securities regulator to a prospective respondent, notifying him of the substance of charges that the regulator intends to bring against the respondent, and affording the respondent with the opportunity to submit a written statement to the ultimate decision maker.
There is no legal requirement for a regulator to provide a Wells Notice, however it is the practice of the SEC and the NASD to provide such notice. Procedurally, the SEC and NASD Staff (the people you are dealing with during the investigation) do not have the authority to commence proceedings. They need to obtain approval to commence proceedings. The approval process is handled without any input from the prospective defendant.
While there is no rule or regulation that requires that a prospective defendant be given the opportunity to address the decision maker prior to the filing of an action, in 1972, SEC Chairman William J. Casey appointed a committee (chaired by John Wells and commonly referred to as the “Wells Committee”) to review and evaluate the Commission's enforcement policies and practices.
GE may face civil action on securities violations
General Electric Co. said Friday it has been informed that the Securities and Exchange Commission may recommend fines and other action for possible violations of securities law related to accounting changes the company made. GE said in a regulatory filing that the notification, called a "Wells notice," is related to issues dating to several years ago concerning GE's accounting for certain derivatives used for hedging interest rate risk and other transactions....
GE gets "Wells notice" in SEC accounting probe
General Electric Co said on Friday it had been notified by U.S. regulators that a civil complaint could be filed against the company following a more than three-year-long probe into its use of hedge accounting for derivatives and other accounting matters....
SEC Weighs GE Civil Charges
General Electric Co. said it received a Wells notice that staffers at the Securities and Exchange Commission are considering recommending the SEC file civil charges in a long-running probe of GE's accounting....
GE says SEC probing possible securities violations
General Electric Co. says the Securities and Exchange Commission staff has notified the company it may recommend fines and other action for possible violations of securities laws.
GE said Friday that the notification concerns issues from several years ago over its accounting for derivatives formerly used to hedge the risk of interest-rate changes related to commercial paper and derivatives in which a fee was a part of the consideration for the derivative....
GE Says SEC May File Civil Case in Accounting Probe (Update2)
General Electric Co. said the U.S. Securities and Exchange Commission plans to recommend a civil complaint against the company in a three-year-old probe that includes the way it recognizes revenue and presents cash flow. The SEC staff issued a so-called Wells notice yesterday, GE said in a regulatory filing after the close of U.S. markets today. Wells notices typically give the recipient an opportunity to dissuade the SEC from proceeding. GE, the world's third- biggest company by market value, is in preliminary settlement discussions with the agency, spokesman Russell Wilkerson said....
A "Wells Notice" is a letter sent by a securities regulator to a prospective respondent, notifying him of the substance of charges that the regulator intends to bring against the respondent, and affording the respondent with the opportunity to submit a written statement to the ultimate decision maker.
There is no legal requirement for a regulator to provide a Wells Notice, however it is the practice of the SEC and the NASD to provide such notice. Procedurally, the SEC and NASD Staff (the people you are dealing with during the investigation) do not have the authority to commence proceedings. They need to obtain approval to commence proceedings. The approval process is handled without any input from the prospective defendant.
While there is no rule or regulation that requires that a prospective defendant be given the opportunity to address the decision maker prior to the filing of an action, in 1972, SEC Chairman William J. Casey appointed a committee (chaired by John Wells and commonly referred to as the “Wells Committee”) to review and evaluate the Commission's enforcement policies and practices.
GE may face civil action on securities violations
General Electric Co. said Friday it has been informed that the Securities and Exchange Commission may recommend fines and other action for possible violations of securities law related to accounting changes the company made. GE said in a regulatory filing that the notification, called a "Wells notice," is related to issues dating to several years ago concerning GE's accounting for certain derivatives used for hedging interest rate risk and other transactions....
GE gets "Wells notice" in SEC accounting probe
General Electric Co said on Friday it had been notified by U.S. regulators that a civil complaint could be filed against the company following a more than three-year-long probe into its use of hedge accounting for derivatives and other accounting matters....
SEC Weighs GE Civil Charges
General Electric Co. said it received a Wells notice that staffers at the Securities and Exchange Commission are considering recommending the SEC file civil charges in a long-running probe of GE's accounting....
GE says SEC probing possible securities violations
General Electric Co. says the Securities and Exchange Commission staff has notified the company it may recommend fines and other action for possible violations of securities laws.
GE said Friday that the notification concerns issues from several years ago over its accounting for derivatives formerly used to hedge the risk of interest-rate changes related to commercial paper and derivatives in which a fee was a part of the consideration for the derivative....
GE Says SEC May File Civil Case in Accounting Probe (Update2)
General Electric Co. said the U.S. Securities and Exchange Commission plans to recommend a civil complaint against the company in a three-year-old probe that includes the way it recognizes revenue and presents cash flow. The SEC staff issued a so-called Wells notice yesterday, GE said in a regulatory filing after the close of U.S. markets today. Wells notices typically give the recipient an opportunity to dissuade the SEC from proceeding. GE, the world's third- biggest company by market value, is in preliminary settlement discussions with the agency, spokesman Russell Wilkerson said....
Recent News: LinkedIn CNBC, GE Stock v. Market, Theolia Wind Farm, Assurant, Profit, and GE Aviation
LinkedIn lands CNBC deal
CNBC has entered into an alliance with LinkedIn under which the financial news channel will air content generated by the professional networking site's 27 million members. CNBC, which is part of General Electric Co, will integrate LinkedIn's networking functionality into its website CNBC.com, enabling users to share and discuss news with their professional contacts....
GE stock: It's good, but it's riskier than the S&P 500
With its hands in everything from aircraft engine manufacturing to TV broadcasting, General Electric may seem like a slice of American business. And from a basic point of view, there's some truth to that. The company is involved in many sectors of the economy from finance to media to manufacturing. But don't think that by owning GE you've diversified your portfolio as much as by buying a diversified mutual fund...
Theolia's Wind Farm Flop
Shares of French wind-energy firm Theolia, which is partly owned by General Electric, dropped 8.6%, or 1.21 euros ($1.74), to 12.84 euros ($18.51), during morning trading in Paris on Wednesday. Theolia announced a hefty loss of 25.3 million euros ($36.5 million) for the first half of 2008 on Wednesday, slashing its full-year profitability...
Analysts say Assurant's GE deal 'a natural fit'
Shares of Assurant Inc. ticked higher Friday, after the New York-based insurer announced plans to acquire General Electric Cos warranty management group, which sells warranties for major appliances and consumer electronics. Shares gained $1.43, or 2.5 percent, to $58.41. The stock has fallen 18 percent since peaking at a 52-week high of $71.31 in July and is down about 13 percent so far this year....
GE upbeat in spite of just 1% profit rise
GENERAL Electric, the world’s largest company in terms of market value, has reported a rise in first-quarter profits of just one per cent, but said it was still on target for double-digit growth in 2005. The United States conglomerate, whose businesses range from aircraft engines to financial services, said earnings for the three months to the end of March rose to £1.77 billion, up from £1.75bn for the same period last year....
GE Aviation May Expand In Pinellas
General Electric's aviation unit is looking to expand operations in Pinellas County, a move that could bring new jobs to the area. GE spokeswoman Jennifer Villarreal confirmed Friday that the company has been seeking a location for expansion in Pinellas County and expects to make a decision on a site within a month. She declined to be specific about potential location sites in the county or job creation....
CNBC has entered into an alliance with LinkedIn under which the financial news channel will air content generated by the professional networking site's 27 million members. CNBC, which is part of General Electric Co, will integrate LinkedIn's networking functionality into its website CNBC.com, enabling users to share and discuss news with their professional contacts....
GE stock: It's good, but it's riskier than the S&P 500
With its hands in everything from aircraft engine manufacturing to TV broadcasting, General Electric may seem like a slice of American business. And from a basic point of view, there's some truth to that. The company is involved in many sectors of the economy from finance to media to manufacturing. But don't think that by owning GE you've diversified your portfolio as much as by buying a diversified mutual fund...
Theolia's Wind Farm Flop
Shares of French wind-energy firm Theolia, which is partly owned by General Electric, dropped 8.6%, or 1.21 euros ($1.74), to 12.84 euros ($18.51), during morning trading in Paris on Wednesday. Theolia announced a hefty loss of 25.3 million euros ($36.5 million) for the first half of 2008 on Wednesday, slashing its full-year profitability...
Analysts say Assurant's GE deal 'a natural fit'
Shares of Assurant Inc. ticked higher Friday, after the New York-based insurer announced plans to acquire General Electric Cos warranty management group, which sells warranties for major appliances and consumer electronics. Shares gained $1.43, or 2.5 percent, to $58.41. The stock has fallen 18 percent since peaking at a 52-week high of $71.31 in July and is down about 13 percent so far this year....
GE upbeat in spite of just 1% profit rise
GENERAL Electric, the world’s largest company in terms of market value, has reported a rise in first-quarter profits of just one per cent, but said it was still on target for double-digit growth in 2005. The United States conglomerate, whose businesses range from aircraft engines to financial services, said earnings for the three months to the end of March rose to £1.77 billion, up from £1.75bn for the same period last year....
GE Aviation May Expand In Pinellas
General Electric's aviation unit is looking to expand operations in Pinellas County, a move that could bring new jobs to the area. GE spokeswoman Jennifer Villarreal confirmed Friday that the company has been seeking a location for expansion in Pinellas County and expects to make a decision on a site within a month. She declined to be specific about potential location sites in the county or job creation....
Thursday, September 4, 2008
Recent News: NBC, Blue Chips, and Nuke Deal
General Electric (GE) NewsBite - GE Not Ready to Give Up NBC
General Electric (NYSE: GE) opened at $28.54. So far today, the stock has hit a low of $28.53 and a high of $28.95. GE is now trading at $28.94, up $0.84 (2.98%). Over the last 52 weeks the stock has ranged from a low of $25.60 to a high of $42.15. Shares of GE are trading higher this morning on news that company CEO Jeffrey Immelt has said that he will not sell the company's...
Survival Bets on Blue Chips
It is hard to recall a time when the shares of so many onetime U.S. stock market stalwarts have come to resemble little more than options on survivability. But investors -- for the most part quite rightly -- seem to have thrown aside the fundamental measures that not so long ago underpinned the value of these now-faded blue chips...
General Electric likely to hold onto NBC - Vivendi CEO
General Electric (NYSE: GE - option chain) shares are soaring higher today due to a number of factors such as sinking oil futures, but also on comments from Vivendi CEO Jean-Bernard Levy. Levy said in an interview with the Financial Times that he has heard GE CEO Jeffrey Immelt say several times both privately and publicly that GE has no intention of selling its 80% of NBC Universal. Levy may have more information that the average investor on this matter since Vivendi owns the remaining 20% of NBC...
General Electric concerned over time constraints for nuke deal
A delayed Nuclear Suppliers Group (NSG) approval for the Indo-US nuke deal could be bad news for US reactor manufacturers eyeing the Indian atomic power space. With opposition within the 45-member NSG for an India-specific waiver refusing to die down, US companies run the risk of losing out on the first set of contracts on offer in India to potential competitors from other countries....
General Electric (NYSE: GE) opened at $28.54. So far today, the stock has hit a low of $28.53 and a high of $28.95. GE is now trading at $28.94, up $0.84 (2.98%). Over the last 52 weeks the stock has ranged from a low of $25.60 to a high of $42.15. Shares of GE are trading higher this morning on news that company CEO Jeffrey Immelt has said that he will not sell the company's...
Survival Bets on Blue Chips
It is hard to recall a time when the shares of so many onetime U.S. stock market stalwarts have come to resemble little more than options on survivability. But investors -- for the most part quite rightly -- seem to have thrown aside the fundamental measures that not so long ago underpinned the value of these now-faded blue chips...
General Electric likely to hold onto NBC - Vivendi CEO
General Electric (NYSE: GE - option chain) shares are soaring higher today due to a number of factors such as sinking oil futures, but also on comments from Vivendi CEO Jean-Bernard Levy. Levy said in an interview with the Financial Times that he has heard GE CEO Jeffrey Immelt say several times both privately and publicly that GE has no intention of selling its 80% of NBC Universal. Levy may have more information that the average investor on this matter since Vivendi owns the remaining 20% of NBC...
General Electric concerned over time constraints for nuke deal
A delayed Nuclear Suppliers Group (NSG) approval for the Indo-US nuke deal could be bad news for US reactor manufacturers eyeing the Indian atomic power space. With opposition within the 45-member NSG for an India-specific waiver refusing to die down, US companies run the risk of losing out on the first set of contracts on offer in India to potential competitors from other countries....
Monday, September 1, 2008
Recent News: Olympics, China, Locomotives, Dividend, Virgin Blue Airlines, Pickens Plan TV ad
The Rewards of Olympic Hospitality
For General Electric Co., being a big Olympic sponsor isn't only about generating revenue and buffing its public image. The Fairfield, Conn., company also sees Beijing as an exotic venue for wining and dining top-performing employees and important clients. General Electric is hosting 2,000 customers and other guests from around the world in Beijing during the Games, inviting them to meals and offering tickets to Olympic events and sightseeing trips. Chairman and Chief Executive Jeffrey Immelt and other senior executives are among those playing host, according to GE spokeswoman Deirdre Latour.
China to get first of 300 GE locomotives by end-Aug
General Electric Co said on Thursday it would deliver the first of 300 advanced locomotives to China by the end of August, with the remainder arriving by mid 2010...
GE Board Authorizes Regular Quarterly Dividend 31c
The Board of Directors of General Electric Company authorized a regular quarterly dividend of $0.31 per outstanding share of the Company's common stock. The dividend is payable October 27, 2008 to shareowners of record at the close of business on September 22, 2008. The ex-dividend date is September 18, 2008...
GE's Making All the Right Moves
Earlier this week, I wrote that with market conditions being what they are, Fools might revisit the largest U.S. company, ExxonMobil (NYSE: XOM). It therefore may seem like a systematic traipse down Market Cap Lane when I suggest that No. 2 General Electric (NYSE: GE) also deserves more than a passing gander. The past year hasn't been an especially happy one for the General. With Mr. Market anything but stable, its shares have declined by about a quarter to around $29. And if you take the time to skim the company's second-quarter earnings release...
Will Olympic Coverage Score General Electric a Gold?
Every 4 years, the greatest athletes in the world gather to put on an athletic spectacle worthy of the gods residing on Mt. Olympus, giving us the name of this athletic extravaganza: The Olympics. Many things have changed from the original Olympic Games; women are allowed to watch and compete, there are Summer and Winter Games, the competitors wear clothes, and you can watch the competition on television and via the Internet ... thanks to General Electric. Yes, General Electric – remember folks, that this conglomerate is the parent company of NBC....
GE Locates China Headquarters In Shanghai
General Electric announced that its China Technology Park in Shanghai's Zhangjiang Hi-Tech Park has been formally completed and it will become GE's headquarters in China...
GE's Olympic Score
Well, the Olympics are over, and Michael Phelps may be going home with eight gold medals, but he might as well start receiving GE dividends. The extraordinary swimmer helped to fuel Olympic mania, sending viewership of the peacock network, which is owned by conglomerate General Electric, soaring. In the end, the Beijing Olympics were the most-watched event in TV history, according to Nielsen Media Research. Olympics watching surpassed executives’ “wildest expectations” and drew in more viewers than the games in either Sydney or Athens...
Virgin Blue inks engine maintenance deal with GE
Virgin Blue inked a maintenance and overhaul agreement with GE for the Australian carrier's CFM International CFM56-7B engines...
NBC approves Pickens' "Iran" ad after complaint
NBC Universal approved an advertisement by T. Boone Pickens entitled "Iran" which questions U.S. dependence on foreign oil, after the oil tycoon complained that the network had rejected it...
For General Electric Co., being a big Olympic sponsor isn't only about generating revenue and buffing its public image. The Fairfield, Conn., company also sees Beijing as an exotic venue for wining and dining top-performing employees and important clients. General Electric is hosting 2,000 customers and other guests from around the world in Beijing during the Games, inviting them to meals and offering tickets to Olympic events and sightseeing trips. Chairman and Chief Executive Jeffrey Immelt and other senior executives are among those playing host, according to GE spokeswoman Deirdre Latour.
China to get first of 300 GE locomotives by end-Aug
General Electric Co said on Thursday it would deliver the first of 300 advanced locomotives to China by the end of August, with the remainder arriving by mid 2010...
GE Board Authorizes Regular Quarterly Dividend 31c
The Board of Directors of General Electric Company authorized a regular quarterly dividend of $0.31 per outstanding share of the Company's common stock. The dividend is payable October 27, 2008 to shareowners of record at the close of business on September 22, 2008. The ex-dividend date is September 18, 2008...
GE's Making All the Right Moves
Earlier this week, I wrote that with market conditions being what they are, Fools might revisit the largest U.S. company, ExxonMobil (NYSE: XOM). It therefore may seem like a systematic traipse down Market Cap Lane when I suggest that No. 2 General Electric (NYSE: GE) also deserves more than a passing gander. The past year hasn't been an especially happy one for the General. With Mr. Market anything but stable, its shares have declined by about a quarter to around $29. And if you take the time to skim the company's second-quarter earnings release...
Will Olympic Coverage Score General Electric a Gold?
Every 4 years, the greatest athletes in the world gather to put on an athletic spectacle worthy of the gods residing on Mt. Olympus, giving us the name of this athletic extravaganza: The Olympics. Many things have changed from the original Olympic Games; women are allowed to watch and compete, there are Summer and Winter Games, the competitors wear clothes, and you can watch the competition on television and via the Internet ... thanks to General Electric. Yes, General Electric – remember folks, that this conglomerate is the parent company of NBC....
GE Locates China Headquarters In Shanghai
General Electric announced that its China Technology Park in Shanghai's Zhangjiang Hi-Tech Park has been formally completed and it will become GE's headquarters in China...
GE's Olympic Score
Well, the Olympics are over, and Michael Phelps may be going home with eight gold medals, but he might as well start receiving GE dividends. The extraordinary swimmer helped to fuel Olympic mania, sending viewership of the peacock network, which is owned by conglomerate General Electric, soaring. In the end, the Beijing Olympics were the most-watched event in TV history, according to Nielsen Media Research. Olympics watching surpassed executives’ “wildest expectations” and drew in more viewers than the games in either Sydney or Athens...
Virgin Blue inks engine maintenance deal with GE
Virgin Blue inked a maintenance and overhaul agreement with GE for the Australian carrier's CFM International CFM56-7B engines...
NBC approves Pickens' "Iran" ad after complaint
NBC Universal approved an advertisement by T. Boone Pickens entitled "Iran" which questions U.S. dependence on foreign oil, after the oil tycoon complained that the network had rejected it...
Recent News: Blackstone, Appliances, Rail Cars, Olympics, Lobbying, GE Healthcare, Jeff Immelt: '...cable deals'
Blackstone joins China's Haier in bid for GE's appliances unit
The investment firm Blackstone is joining forces with one of China's largest consumer goods-makers in the $7bn auction of General Electric's appliances unit. Blackstone is drawing up plans to invest with Qingdao Haier, China's biggest white goods-maker, and hopes to build a global enterprise to compete with rivals such as Maytag and Electrolux...
General Electric may dump its rail car division
General Electric Co. may be close to selling its rail car leading division to GATX Corp. According to Bloomberg, GATX plans to "invest more aggressively" during a financial slowdown...
NBC sees new media habits form with Olympic games
About half of the people who are using mobile phones to pull down video or information about the Olympics have been trying out that technology for the first time, NBC said on Wednesday.
NBC Universal, a unit of General Electric Co., has been using the Olympics as something of a research lab to track the adoption of new media technology. Since the opening ceremony last Friday, the company has made content available online, through video on demand and via cell phones along with traditional TV...
General Electric spent nearly $5.4M lobbying in 2Q
General Electric Co. spent nearly $5.4 million in the second quarter lobbying on everything from patent reform to the fiscal 2009 defense spending bill, according to a disclosure report....
For Olympic Marketers, Emotions Pay
For many Olympic swimmers in Beijing, Speedo LZRs have helped produce record times. For winning advertisers during the Games, the key ingredient is proving to be emotional ads...
Huge Olympic Success To Add One Penny To GE's (GE) Bottom Line
The Olympics were far from a sure thing for NBC Universal. American interest in the games had been waning for years, and the prospect of a Chinese crackdown on protestors made many network bigwigs nervous...
U.S. FDA warns GE Healthcare unit over records
The U.S. Food and Drug Administration has warned GE Healthcare's Integrated IT Solutions unit about a dozen manufacturing violations including improper record keeping that could result in further action from the agency....
Immelt: GE ‘Not Done Doing Cable Deals’
General Electric chairman and CEO Jeff Immelt said that on the heels of NBC Universal’s acquisition of The Weather Channel, there may be more cable deals on the horizon. And he told CNBC’s Carl Quintanilla Monday morning that he is satisfied with the strategy of partnership arrangements such as the one formed for the TWC purchase.
The investment firm Blackstone is joining forces with one of China's largest consumer goods-makers in the $7bn auction of General Electric's appliances unit. Blackstone is drawing up plans to invest with Qingdao Haier, China's biggest white goods-maker, and hopes to build a global enterprise to compete with rivals such as Maytag and Electrolux...
General Electric may dump its rail car division
General Electric Co. may be close to selling its rail car leading division to GATX Corp. According to Bloomberg, GATX plans to "invest more aggressively" during a financial slowdown...
NBC sees new media habits form with Olympic games
About half of the people who are using mobile phones to pull down video or information about the Olympics have been trying out that technology for the first time, NBC said on Wednesday.
NBC Universal, a unit of General Electric Co., has been using the Olympics as something of a research lab to track the adoption of new media technology. Since the opening ceremony last Friday, the company has made content available online, through video on demand and via cell phones along with traditional TV...
General Electric spent nearly $5.4M lobbying in 2Q
General Electric Co. spent nearly $5.4 million in the second quarter lobbying on everything from patent reform to the fiscal 2009 defense spending bill, according to a disclosure report....
For Olympic Marketers, Emotions Pay
For many Olympic swimmers in Beijing, Speedo LZRs have helped produce record times. For winning advertisers during the Games, the key ingredient is proving to be emotional ads...
Huge Olympic Success To Add One Penny To GE's (GE) Bottom Line
The Olympics were far from a sure thing for NBC Universal. American interest in the games had been waning for years, and the prospect of a Chinese crackdown on protestors made many network bigwigs nervous...
U.S. FDA warns GE Healthcare unit over records
The U.S. Food and Drug Administration has warned GE Healthcare's Integrated IT Solutions unit about a dozen manufacturing violations including improper record keeping that could result in further action from the agency....
Immelt: GE ‘Not Done Doing Cable Deals’
General Electric chairman and CEO Jeff Immelt said that on the heels of NBC Universal’s acquisition of The Weather Channel, there may be more cable deals on the horizon. And he told CNBC’s Carl Quintanilla Monday morning that he is satisfied with the strategy of partnership arrangements such as the one formed for the TWC purchase.
Recent News: Olympic Coverage
GE Use Taxis At Olympics
General Electric (GE), is using Beijing taxi cabs as a way to promote its green credentials at the Chinese Olympic games. More than 1,000 screens have been installed in the back of taxis which are running interactive ...
Will GE get rid of NBC Universal following a strong Olympics?
According to The Wall Street Journal, "More viewers tuned in to watch the first two prime-time Olympics telecasts on General Electric Co.'s NBC network than any summer Games in a decade -- even as the Games received record attention on the Internet."...
NBC's Olympics coverage boosts General Electric in China
General Electric Co. is poised to capture some gold from the 2008 Olympic Games in Beijing. The Fairfield, Conn.-based company, parent of NBC Universal, said Monday that the Olympics would generate at least $1.7 billion in revenue from advertising time and sales of GE industrial products that have been incorporated into Olympic venues. Profit could be more than $150 million...
GE exceeds target for Games-related sales
General Electric Co. said sales related to the Beijing 2008 Olympic Games topped its $1.7 billion (U.S.) goal on record-setting advertising revenue and work on venues that include the National Stadium, known as the "Bird's Nest."...
GE says Olympics generating big revenue for co.
General Electric Co. said Monday it expects to generate $700 million in revenue from 400 infrastructure projects that it has been doing in and around Beijing, the site of this year's Summer Olympics....
Market Report -- In Play (GE)
General Electric surpasses $1.7 bln in company-wide sales revenues for the Beijing 2008 Olympic games Co announces it has exceeded its sales goal for the Beijing 2008 Olympic Games, winning 400 infrastructure projects in and around Beijing that will generate $700 mln in revenues. NBC Universal has also generated a record of more than $1 bln in advertising revenues....
General Electric (GE), is using Beijing taxi cabs as a way to promote its green credentials at the Chinese Olympic games. More than 1,000 screens have been installed in the back of taxis which are running interactive ...
Will GE get rid of NBC Universal following a strong Olympics?
According to The Wall Street Journal, "More viewers tuned in to watch the first two prime-time Olympics telecasts on General Electric Co.'s NBC network than any summer Games in a decade -- even as the Games received record attention on the Internet."...
NBC's Olympics coverage boosts General Electric in China
General Electric Co. is poised to capture some gold from the 2008 Olympic Games in Beijing. The Fairfield, Conn.-based company, parent of NBC Universal, said Monday that the Olympics would generate at least $1.7 billion in revenue from advertising time and sales of GE industrial products that have been incorporated into Olympic venues. Profit could be more than $150 million...
GE exceeds target for Games-related sales
General Electric Co. said sales related to the Beijing 2008 Olympic Games topped its $1.7 billion (U.S.) goal on record-setting advertising revenue and work on venues that include the National Stadium, known as the "Bird's Nest."...
GE says Olympics generating big revenue for co.
General Electric Co. said Monday it expects to generate $700 million in revenue from 400 infrastructure projects that it has been doing in and around Beijing, the site of this year's Summer Olympics....
Market Report -- In Play (GE)
General Electric surpasses $1.7 bln in company-wide sales revenues for the Beijing 2008 Olympic games Co announces it has exceeded its sales goal for the Beijing 2008 Olympic Games, winning 400 infrastructure projects in and around Beijing that will generate $700 mln in revenues. NBC Universal has also generated a record of more than $1 bln in advertising revenues....
Saturday, August 9, 2008
Recent News: GE Energy Olympics, Spanish Solar, GE Capital, Haier, Investors Misled, Appliance Buyers, Jack Welch, GE Aviation, T. Boone Pickens, NBC
GE Energy to Provide Services for Beijing Power Plant That Will Supply Power for Beijing 2008 Olympic Games
GE Energy will provide long-term services for a new power plant that will supply electricity for the Beijing 2008 Olympic Games, as well as heat and power for the city of Beijing in the future...
GE buys 32 pct of Spanish solar energy firm
Spanish solar power company Fotowatio said on Friday that General Electric's Energy Financial Services unit had bought 32 percent of the company for 150 million euros ($233.5 million)....
GE Capital Completes Acquisition of Most of CitiCapital
GE Capital today announced the completion of its acquisition of most of CitiCapital, Citigroup's North American commercial leasing and commercial equipment finance business, adding $13.2 billion in assets...
Haier Eyes GE Appliance Unit as It Seeks Acquisitions
Haier Group Corp., China's largest maker of refrigerators and air conditioners, is looking at General Electric Co.'s appliance arm and other ``opportunities'' as it seeks acquisitions overseas...
Suit claims GE misled investors in first quarter
Two shareholders of General Electric Co. have filed suit in federal court in Connecticut, accusing the conglomerate of failing to disclose deteriorating business conditions during the first quarter in what they said amounted to securities fraud...
GE Executive: Still In Talks With Possible Appliance Unit Buyers
General Electic Co. (GE) is still in talks with possible buyers of its appliance business, but will most likely spin it off along with the company's consumer and industrial division, GE International Chief Executive Ferdinando Beccalli-Falco said Monday...
The success story of Jack Welch
He is one of the world's most admired and influential business leaders. A business strategist with a great vision, his business philosophy is a lesson for businesses across the globe. Meet Jack Welch who served as chairman and CEO of General Electric (GE) from 1981-2001. He transformed an ailing organization into one of the world's best companies...
GE Aviation wins $730M deal from Air One
Italian airline Air One SpA has ordered engines and signed an agreement with GE Aviation that add up to more than $730 million, the engine maker announced Monday...
GE Struggles but Signs T. Boone Pickens Deal
General Electric (GE: NYSE) has had a tough couple of months, with the stock falling to about $26 per share. It has made up some lost ground and has been trading around $28.50 for the past few days or so. It's a challenge to know what it will do in the short-term...
GE investors see post-Olympics NBC sale unlikely
After more than a year of Wall Street chatter that General Electric Co. would sell its NBC Universal media unit after broadcasting the Beijing Olympics, investors now say such a move seems unlikely....
GE pushes Beijing Olympics sponsorship
General Electric (GE) is launching a global campaign to promote its sponsorship of the Beijing Olympics. It breaks to coincide with the opening ceremony later today (August 8)...
GE Energy will provide long-term services for a new power plant that will supply electricity for the Beijing 2008 Olympic Games, as well as heat and power for the city of Beijing in the future...
GE buys 32 pct of Spanish solar energy firm
Spanish solar power company Fotowatio said on Friday that General Electric's Energy Financial Services unit had bought 32 percent of the company for 150 million euros ($233.5 million)....
GE Capital Completes Acquisition of Most of CitiCapital
GE Capital today announced the completion of its acquisition of most of CitiCapital, Citigroup's North American commercial leasing and commercial equipment finance business, adding $13.2 billion in assets...
Haier Eyes GE Appliance Unit as It Seeks Acquisitions
Haier Group Corp., China's largest maker of refrigerators and air conditioners, is looking at General Electric Co.'s appliance arm and other ``opportunities'' as it seeks acquisitions overseas...
Suit claims GE misled investors in first quarter
Two shareholders of General Electric Co. have filed suit in federal court in Connecticut, accusing the conglomerate of failing to disclose deteriorating business conditions during the first quarter in what they said amounted to securities fraud...
GE Executive: Still In Talks With Possible Appliance Unit Buyers
General Electic Co. (GE) is still in talks with possible buyers of its appliance business, but will most likely spin it off along with the company's consumer and industrial division, GE International Chief Executive Ferdinando Beccalli-Falco said Monday...
The success story of Jack Welch
He is one of the world's most admired and influential business leaders. A business strategist with a great vision, his business philosophy is a lesson for businesses across the globe. Meet Jack Welch who served as chairman and CEO of General Electric (GE) from 1981-2001. He transformed an ailing organization into one of the world's best companies...
GE Aviation wins $730M deal from Air One
Italian airline Air One SpA has ordered engines and signed an agreement with GE Aviation that add up to more than $730 million, the engine maker announced Monday...
GE Struggles but Signs T. Boone Pickens Deal
General Electric (GE: NYSE) has had a tough couple of months, with the stock falling to about $26 per share. It has made up some lost ground and has been trading around $28.50 for the past few days or so. It's a challenge to know what it will do in the short-term...
GE investors see post-Olympics NBC sale unlikely
After more than a year of Wall Street chatter that General Electric Co. would sell its NBC Universal media unit after broadcasting the Beijing Olympics, investors now say such a move seems unlikely....
GE pushes Beijing Olympics sponsorship
General Electric (GE) is launching a global campaign to promote its sponsorship of the Beijing Olympics. It breaks to coincide with the opening ceremony later today (August 8)...
Recent News: GE Money Canadian Mortgage, GE Energy UAE Wind, UAE Smelter, Reorganization, Clean Coal, NBC Universal, and GE Healthcare
GE Money gets out of Canadian mortgage business
A finance subsidiary of General Electric Co plans to wind up its Canadian alternative mortgage business this week as part of a wider corporate shift away from consumer finance, according to a note sent to brokers. GE Money said that as of the close of business Thursday, it will no longer accept new Canadian mortgage applications but will continue to fund existing commitments...
GE Receives $500 Million Contract to Supply Power Equipment for World's Largest Single-Site Aluminum Complex
GE Energy has received a contract of more than US$500 million to supply equipment to power the world's largest aluminum processing complex at a single site. The Emirates Aluminum (EMAL) production facility is located close to the Arabian Gulf near Al Taweelah, Abu Dhabi, in the United Arab Emirates (UAE). Using natural gas as its primary fuel, the power plant will feature Frame 9FA gas turbines, C7 steam turbines, heat recovery steam generators and condensers, all provided by GE Energy...
General Electric wins $500 mln UAE smelter deal
U.S. conglomerate General Electric said on Wednesday its energy unit had won a contract worth more than $500 million to supply equipment to power an aluminium smelter in Abu Dhabi. Emirates Aluminium is building a $5 billion smelter with target output capacity of 1.4 million tonnes of aluminium per year, which will make it one of the largest in the world...
GE executive: Reorg will simplify conglomerate
General Electric Co.'s recently announced reorganization will help simplify operations and give investors a clearer view of the company, a top executive told members of Congress on Monday.
John Rice, vice chairman of the Fairfield-based GE and president of the newly formed GE Technology Infrastructure unit, said cutting GE to four businesses from six is a logical move....
GE close to $3bn clean-coal deal to bury carbon
US conglomerate GE says it could sign a deal within months to build a $US3 billion ($3.13 billion) "clean coal" power plant in NSW or Queensland that would store carbon dioxide underground.
But any plant agreement would probably rely on government help with the cost of storing the greenhouse gases, depending on the final outcome of the federal Government's planned emissions trading scheme. GE, which intends to turn coal into gas and then strip out and bury the carbon dioxide, is in talks with utilities in both states and would like to see an agreement for a commercial plant "within the next six months", GE global clean coal power business head Keith White said in Melbourne yesterday...
Abu Dhabi Investor to Pressure GE's NBC Universal
The conventional wisdom in American business is this: find a sovereign fund investor to lift investors' confidence by boosting the price and demand for shares. Facing its toughest uphill battle in decades, even blue-chip king General Electric has resorted to that strategy, creating an $8 billion global partnership with Abu Dhabi-based Mubadala Development Co., which is in the process of buying enough discounted GE shares on the open market to become one of the conglomerate's top 10 institutional investors....
GE Healthcare in definitive agreement to acquire Vital Signs
GE Healthcare, a provider of medical technologies and services for patient care and a business unit of General Electric Company (NYSE:GE), and Vital Signs Inc (Nasdaq:VITL), a global provider of medical products applicable to a wide range of care areas, announced on Thursday (24 July) that the companies have entered into a definitive merger agreement under which GE will acquire Vital Signs...
A finance subsidiary of General Electric Co plans to wind up its Canadian alternative mortgage business this week as part of a wider corporate shift away from consumer finance, according to a note sent to brokers. GE Money said that as of the close of business Thursday, it will no longer accept new Canadian mortgage applications but will continue to fund existing commitments...
GE Receives $500 Million Contract to Supply Power Equipment for World's Largest Single-Site Aluminum Complex
GE Energy has received a contract of more than US$500 million to supply equipment to power the world's largest aluminum processing complex at a single site. The Emirates Aluminum (EMAL) production facility is located close to the Arabian Gulf near Al Taweelah, Abu Dhabi, in the United Arab Emirates (UAE). Using natural gas as its primary fuel, the power plant will feature Frame 9FA gas turbines, C7 steam turbines, heat recovery steam generators and condensers, all provided by GE Energy...
General Electric wins $500 mln UAE smelter deal
U.S. conglomerate General Electric said on Wednesday its energy unit had won a contract worth more than $500 million to supply equipment to power an aluminium smelter in Abu Dhabi. Emirates Aluminium is building a $5 billion smelter with target output capacity of 1.4 million tonnes of aluminium per year, which will make it one of the largest in the world...
GE executive: Reorg will simplify conglomerate
General Electric Co.'s recently announced reorganization will help simplify operations and give investors a clearer view of the company, a top executive told members of Congress on Monday.
John Rice, vice chairman of the Fairfield-based GE and president of the newly formed GE Technology Infrastructure unit, said cutting GE to four businesses from six is a logical move....
GE close to $3bn clean-coal deal to bury carbon
US conglomerate GE says it could sign a deal within months to build a $US3 billion ($3.13 billion) "clean coal" power plant in NSW or Queensland that would store carbon dioxide underground.
But any plant agreement would probably rely on government help with the cost of storing the greenhouse gases, depending on the final outcome of the federal Government's planned emissions trading scheme. GE, which intends to turn coal into gas and then strip out and bury the carbon dioxide, is in talks with utilities in both states and would like to see an agreement for a commercial plant "within the next six months", GE global clean coal power business head Keith White said in Melbourne yesterday...
Abu Dhabi Investor to Pressure GE's NBC Universal
The conventional wisdom in American business is this: find a sovereign fund investor to lift investors' confidence by boosting the price and demand for shares. Facing its toughest uphill battle in decades, even blue-chip king General Electric has resorted to that strategy, creating an $8 billion global partnership with Abu Dhabi-based Mubadala Development Co., which is in the process of buying enough discounted GE shares on the open market to become one of the conglomerate's top 10 institutional investors....
GE Healthcare in definitive agreement to acquire Vital Signs
GE Healthcare, a provider of medical technologies and services for patient care and a business unit of General Electric Company (NYSE:GE), and Vital Signs Inc (Nasdaq:VITL), a global provider of medical products applicable to a wide range of care areas, announced on Thursday (24 July) that the companies have entered into a definitive merger agreement under which GE will acquire Vital Signs...
Sunday, July 27, 2008
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....
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....
Thursday, July 24, 2008
Recent News: Abu Dhabi Investment
GE partners with Abu Dhabi firm for a $8 billion finance fund
General Electric, seeking higher returns overseas, and Abu Dhabi's Mubadala Development formed a partnership Tuesday to invest in emerging markets in the Middle East and Africa, led by an $8 billion commercial finance fund....
Abu Dhabi to buy stake in General Electric
Abu Dhabi’s state investment fund said yesterday that it would become one of the largest investors in General Electric (GE) and that the two companies would set up an $8 billion (£4 billion) joint commercial finance venture in the Middle East and Africa....
General Electric, seeking higher returns overseas, and Abu Dhabi's Mubadala Development formed a partnership Tuesday to invest in emerging markets in the Middle East and Africa, led by an $8 billion commercial finance fund....
Abu Dhabi to buy stake in General Electric
Abu Dhabi’s state investment fund said yesterday that it would become one of the largest investors in General Electric (GE) and that the two companies would set up an $8 billion (£4 billion) joint commercial finance venture in the Middle East and Africa....
GE 2Q Earnings
General Electric 2Q profit falls
Industrial and financial conglomerate General Electric Co. announced Friday that its profit fell 6 percent in the second quarter, and that it has agreed to sell its Japanese consumer finance business for $5.4 billion. Fairfield-based GE earned $5.07 billion, or 51 cents per share, compared with a year-earlier profit of $5.38 billion, or 52 cents per share....
GE and Markets
General Electric's earnings today offer a stark look at what's going wrong (and a bit of what's right) in the market. Second-quarter profits fell 6 percent, and the company said it's selling off its Japanese consumer finance business. That's the latest surprise just weeks after GE said it would consider selling its consumer and industrial unit, which includes its signature appliances and light-bulb divisions....
Industrial and financial conglomerate General Electric Co. announced Friday that its profit fell 6 percent in the second quarter, and that it has agreed to sell its Japanese consumer finance business for $5.4 billion. Fairfield-based GE earned $5.07 billion, or 51 cents per share, compared with a year-earlier profit of $5.38 billion, or 52 cents per share....
GE and Markets
General Electric's earnings today offer a stark look at what's going wrong (and a bit of what's right) in the market. Second-quarter profits fell 6 percent, and the company said it's selling off its Japanese consumer finance business. That's the latest surprise just weeks after GE said it would consider selling its consumer and industrial unit, which includes its signature appliances and light-bulb divisions....
Recent News: Jack Welch, Olympics, GE Aviation, and NBC Universal
Judging Ge's Jack Welch
One of the big problems that most of us have in life is that we never get to read our own obituaries, which would be our best chance to see people saying nice things about us. But high-profile corporate chieftains who announce their departures don't have this problem. They get to hear all that nice stuff while they're still around, because retirement stories strongly resemble obits, except that the subject is still alive and kicking. As witness the gushing and slobbering over General Electric chairman Jack Welch last week after he mentioned on a TV show that he plans to retire in April 2001...
GE Goes For The Gold
For years investors have been asking why General Electric owns NBC Universal, and GE has been making the case that despite having little to do with the rest of the business, the network was a one-of-a-kind asset worth hanging on to....
GE Aviation enters fast-growing industry segment with purchase of Czech turboprop engine maker
General Electric's aviation unit said Thursday it bought a Czech company that will help it make inroads into the fast-growing market for small twin-engine turboprop aircraft. GE Aviation said it purchased Walter Engines, a manufacturer of small turboprop engines and machined parts for the aviation industry...
Immelt Defends GE's Wide Reach
Unlike three months ago, when GE announced an unexpected 5.9% drop in first-quarter earnings just weeks after Mr. Immelt had issued sunnier projections, he has told investors to expect relatively flat second-quarter results and profit growth of zero to 5% for 2008. He blames the credit crisis and a difficult economic time....
NBC Universal Clinches Deal to Buy Weather Channel
Long before April’s rare earnings miss at General Electric, which ramped up some analysts’ calls for the industrial conglomerate to sell off some of its businesses, many on Wall Street have scratched their heads over NBC Universal, GE’s media and entertainment arm. Some have called for the company, whose booming infrastructure business can seem like an odd fit with a TV network and movie studio, to spin off the peacock part of the portfolio....
Will GE get out of hot water by selling NBC to Time Warner?
General Electric (NYSE:GE), which reports earnings tomorrow, has indicated that it may spin-off its weakest divisions -- the firm's consumer and industrial units. No one cared, and the stock did not move. The action would not be enough, nearly enough to pull GE away from its multi-year lows....
GE Aviation to supply parts for Gulfstream G650
A unit of General Electric Co. said Monday it will supply parts for Gulfstream Aircraft Corp.'s G650 business jet in a deal worth potentially more than $100 million.
GE Aviation said it will supply the secondary power distribution system and APU door actuation system for the Gulfstream jet....
FlyDubai orders CFM56-7B engines
General Electric Company announced on Monday (15 July) that FlyDubai, a new low-cost carrier from the government of Dubai, UAE, has ordered 50 CFM56-7B-powered Boeing Next-Generation 737-800 and 737-900 aircraft. The CFM56-7B is a product of CFM International (CFM), a 50/50 joint company between Snecma (SAFRAN Group) and General Electric Company...
Airworthiness Directives; General Electric Company (GE) CT58 Series Turboshaft Engines
The FAA proposes to adopt a new airworthiness directive (AD) for certain GE CT58 series turboshaft engines. This proposed AD would require recalculating the lives of certain part numbered compressor spools using a new repetitive heavy lift (RHL) multiplying factor. This proposed AD results from reports of cracks originating from the inner faces of the locking screw holes in the compressor spool. We are proposing this AD to prevent cracks due to RHL missions. Cracks could result in an uncontained rotor burst and damage to, or loss of, the helicopter and serious injuries to any person onboard...
One of the big problems that most of us have in life is that we never get to read our own obituaries, which would be our best chance to see people saying nice things about us. But high-profile corporate chieftains who announce their departures don't have this problem. They get to hear all that nice stuff while they're still around, because retirement stories strongly resemble obits, except that the subject is still alive and kicking. As witness the gushing and slobbering over General Electric chairman Jack Welch last week after he mentioned on a TV show that he plans to retire in April 2001...
GE Goes For The Gold
For years investors have been asking why General Electric owns NBC Universal, and GE has been making the case that despite having little to do with the rest of the business, the network was a one-of-a-kind asset worth hanging on to....
GE Aviation enters fast-growing industry segment with purchase of Czech turboprop engine maker
General Electric's aviation unit said Thursday it bought a Czech company that will help it make inroads into the fast-growing market for small twin-engine turboprop aircraft. GE Aviation said it purchased Walter Engines, a manufacturer of small turboprop engines and machined parts for the aviation industry...
Immelt Defends GE's Wide Reach
Unlike three months ago, when GE announced an unexpected 5.9% drop in first-quarter earnings just weeks after Mr. Immelt had issued sunnier projections, he has told investors to expect relatively flat second-quarter results and profit growth of zero to 5% for 2008. He blames the credit crisis and a difficult economic time....
NBC Universal Clinches Deal to Buy Weather Channel
Long before April’s rare earnings miss at General Electric, which ramped up some analysts’ calls for the industrial conglomerate to sell off some of its businesses, many on Wall Street have scratched their heads over NBC Universal, GE’s media and entertainment arm. Some have called for the company, whose booming infrastructure business can seem like an odd fit with a TV network and movie studio, to spin off the peacock part of the portfolio....
Will GE get out of hot water by selling NBC to Time Warner?
General Electric (NYSE:GE), which reports earnings tomorrow, has indicated that it may spin-off its weakest divisions -- the firm's consumer and industrial units. No one cared, and the stock did not move. The action would not be enough, nearly enough to pull GE away from its multi-year lows....
GE Aviation to supply parts for Gulfstream G650
A unit of General Electric Co. said Monday it will supply parts for Gulfstream Aircraft Corp.'s G650 business jet in a deal worth potentially more than $100 million.
GE Aviation said it will supply the secondary power distribution system and APU door actuation system for the Gulfstream jet....
FlyDubai orders CFM56-7B engines
General Electric Company announced on Monday (15 July) that FlyDubai, a new low-cost carrier from the government of Dubai, UAE, has ordered 50 CFM56-7B-powered Boeing Next-Generation 737-800 and 737-900 aircraft. The CFM56-7B is a product of CFM International (CFM), a 50/50 joint company between Snecma (SAFRAN Group) and General Electric Company...
Airworthiness Directives; General Electric Company (GE) CT58 Series Turboshaft Engines
The FAA proposes to adopt a new airworthiness directive (AD) for certain GE CT58 series turboshaft engines. This proposed AD would require recalculating the lives of certain part numbered compressor spools using a new repetitive heavy lift (RHL) multiplying factor. This proposed AD results from reports of cracks originating from the inner faces of the locking screw holes in the compressor spool. We are proposing this AD to prevent cracks due to RHL missions. Cracks could result in an uncontained rotor burst and damage to, or loss of, the helicopter and serious injuries to any person onboard...
Recent News: Wall Street, Credit Card, Bounce, Yield, and Warren Buffett
Wall Street falls out of love with General Electric
Usually, it's easy to find bullish analysts on Wall Street. In fact, the criticism leveled most often at stock pickers at major brokerage firms is that they are too easy on the companies they cover, explaining away every earnings miss and always finding another reason to slap on a buy rating.
Not in the case of General Electric, though. These days, it's hard to find much love on the Street for what was once the bluest of blue chips....
Buyers shying away from GE's credit card business: report
General Electric Co's auction of its $30 billion credit-card business is attracting only tepid interest, according to an article on the Wall Street Journal's website....
GE: Not Too Big to Bounce
That question has to be bothering General Electric shareholders today, as the stock continues to bounce around its five-year low. Weighing it at a robust $260 billion-plus in market cap, GE's very size suggests that it could have a tough time fulfilling its routine promises of year-over-year double-digit profits growth. Still more important to shareholders, the company's size makes it difficult to imagine the stock price resuming its upward rise of yester-decade...
General Electric: A buy for yield
General Electric (NYSE: GE) may be one of the most admired companies in the world, at least according to Fortune. But, Wall Street hates the company and has driven its stock to multi-year lows. The concerns have been printed dozens of times in the press: GE is too large. It has too many units that do not do well. None of the firm's divisions fit well together....
Is General Electric One of Buffett’s “Wonderful Companies?”
Warren Buffett bestows that nugget of knowledge upon us peasant investors. I believe that it’s very important to reflect on such a quote during current market conditions...
Usually, it's easy to find bullish analysts on Wall Street. In fact, the criticism leveled most often at stock pickers at major brokerage firms is that they are too easy on the companies they cover, explaining away every earnings miss and always finding another reason to slap on a buy rating.
Not in the case of General Electric, though. These days, it's hard to find much love on the Street for what was once the bluest of blue chips....
Buyers shying away from GE's credit card business: report
General Electric Co's auction of its $30 billion credit-card business is attracting only tepid interest, according to an article on the Wall Street Journal's website....
GE: Not Too Big to Bounce
That question has to be bothering General Electric shareholders today, as the stock continues to bounce around its five-year low. Weighing it at a robust $260 billion-plus in market cap, GE's very size suggests that it could have a tough time fulfilling its routine promises of year-over-year double-digit profits growth. Still more important to shareholders, the company's size makes it difficult to imagine the stock price resuming its upward rise of yester-decade...
General Electric: A buy for yield
General Electric (NYSE: GE) may be one of the most admired companies in the world, at least according to Fortune. But, Wall Street hates the company and has driven its stock to multi-year lows. The concerns have been printed dozens of times in the press: GE is too large. It has too many units that do not do well. None of the firm's divisions fit well together....
Is General Electric One of Buffett’s “Wonderful Companies?”
Warren Buffett bestows that nugget of knowledge upon us peasant investors. I believe that it’s very important to reflect on such a quote during current market conditions...
Blogging Stocks: Recent General Electric News and Opinion
Insider is bullish on General Electric's stock -- should you be?
If you ask me, General Electric is being priced as if the Cloverfield monster will be attacking Wall Street any day now. Thank goodness that an insider apparently thinks that GE is a great buy at these levels. According to the AP, vice chairman Michael A. Neal purchased 35,000 shares this past Wednesday. The price? $29.99 per share. Not bad. At $29.99, GE's stock sports a nice, juicy dividend yield of 4.1%. I was pretty happy when I read this piece of news because, frankly, I've been wrong about GE...
General Electric (GE): A 'global juggernaut'
Despite negative analyst commentary, General Electric is one of the biggest and best blue-chip stocks," says Karim Rahemtulla. The contributing editor to The Oxford Club looks at the "global juggernaut." "It's now more crucial than ever that your portfolio holdings are well-diversified, and GE is arguably the most diversified company in the world, with exposure to a plethora of sectors....
If you ask me, General Electric is being priced as if the Cloverfield monster will be attacking Wall Street any day now. Thank goodness that an insider apparently thinks that GE is a great buy at these levels. According to the AP, vice chairman Michael A. Neal purchased 35,000 shares this past Wednesday. The price? $29.99 per share. Not bad. At $29.99, GE's stock sports a nice, juicy dividend yield of 4.1%. I was pretty happy when I read this piece of news because, frankly, I've been wrong about GE...
General Electric (GE): A 'global juggernaut'
Despite negative analyst commentary, General Electric is one of the biggest and best blue-chip stocks," says Karim Rahemtulla. The contributing editor to The Oxford Club looks at the "global juggernaut." "It's now more crucial than ever that your portfolio holdings are well-diversified, and GE is arguably the most diversified company in the world, with exposure to a plethora of sectors....
Recent News: Volatility, Stock Performance, GE Healthcare, Hybrid Vehicles, and Weather Channel
Volatility the new reality for GE shares
Investors can expect more volatility in the stock of once rock-solid General Electric Co., at least until the company reassures Wall Street with a few solid earnings reports. Shares of the second-largest U.S. company by market capitalization fell for a second straight day on Friday -- hitting their lowest point since late 2003 -- after speculation about coming write-offs at its financial arm spooked investors....
GE, Near 5-Year Low, Says Outside Capital Not Needed
General Electric Co., whose shares neared a five-year low today partly on concern it may need to pump cash into its finance units, repeated that no outside infusion is needed to keep its AAA credit rating....
GE Healthcare to manage its operations from Turkey
GE Healthcare, General Electric's (GE) healthcare services branch worth $17 billion, will start managing its operations in the Eastern and Asian markets (EAGM), from Turkey. GE Healthcare decided to combine the EAGM region into a single "International Diagnostic Imaging" operation, and conduct its activities from Istanbul, officials from GE Healthcare and Turkey's Investment Support and Promotion Agency said at a joint press conference on Friday....
Feds Scrape Together $30M for Plug-In Hybrids. That's All?
The Bush Administration has shown its support for plug-in hybrids by promising a measly $30 million to get them on the road within eight years, a figure and a timeline some automakers and plug-in advocates say is too little and too long. Getting these cars on the road quickly, they say, should be a national priority with the funding to match....
NBC Nears a Deal for Weather Channel
A group of investors led by NBC Universal and the Blackstone Group is near a deal to buy The Weather Channel for more than $3 billion, people briefed on the negotiations said....
Weather Channel may be GE's prize as Time Warner balks
Everybody talks about the weather. Time Warner has decided not to do anything about it.
The media giant today withdrew its bid for the Weather Channel, leaving only General Electric Co.'s NBC Universal unit and its partners as potential buyers for one of the most widely available cable channels in the U.S....
GE teams with Chrysler on plug-in hybrid system
General Electric is interested in supplying components for plug-in hybrid vehicles and is teaming with Chrysler on a project to demonstrate a technology GE calls a dual-battery energy storage system.Vlatko Vlatkovic, a GE official, told Automotive News on Thursday that the company has developed a hybrid railroad locomotive--which he compared to a "6,000-horsepower Prius on rails"--and is working on a heavy-duty, off-highway hybrid truck....
Investors can expect more volatility in the stock of once rock-solid General Electric Co., at least until the company reassures Wall Street with a few solid earnings reports. Shares of the second-largest U.S. company by market capitalization fell for a second straight day on Friday -- hitting their lowest point since late 2003 -- after speculation about coming write-offs at its financial arm spooked investors....
GE, Near 5-Year Low, Says Outside Capital Not Needed
General Electric Co., whose shares neared a five-year low today partly on concern it may need to pump cash into its finance units, repeated that no outside infusion is needed to keep its AAA credit rating....
GE Healthcare to manage its operations from Turkey
GE Healthcare, General Electric's (GE) healthcare services branch worth $17 billion, will start managing its operations in the Eastern and Asian markets (EAGM), from Turkey. GE Healthcare decided to combine the EAGM region into a single "International Diagnostic Imaging" operation, and conduct its activities from Istanbul, officials from GE Healthcare and Turkey's Investment Support and Promotion Agency said at a joint press conference on Friday....
Feds Scrape Together $30M for Plug-In Hybrids. That's All?
The Bush Administration has shown its support for plug-in hybrids by promising a measly $30 million to get them on the road within eight years, a figure and a timeline some automakers and plug-in advocates say is too little and too long. Getting these cars on the road quickly, they say, should be a national priority with the funding to match....
NBC Nears a Deal for Weather Channel
A group of investors led by NBC Universal and the Blackstone Group is near a deal to buy The Weather Channel for more than $3 billion, people briefed on the negotiations said....
Weather Channel may be GE's prize as Time Warner balks
Everybody talks about the weather. Time Warner has decided not to do anything about it.
The media giant today withdrew its bid for the Weather Channel, leaving only General Electric Co.'s NBC Universal unit and its partners as potential buyers for one of the most widely available cable channels in the U.S....
GE teams with Chrysler on plug-in hybrid system
General Electric is interested in supplying components for plug-in hybrid vehicles and is teaming with Chrysler on a project to demonstrate a technology GE calls a dual-battery energy storage system.Vlatko Vlatkovic, a GE official, told Automotive News on Thursday that the company has developed a hybrid railroad locomotive--which he compared to a "6,000-horsepower Prius on rails"--and is working on a heavy-duty, off-highway hybrid truck....
Sunday, June 29, 2008
Recent News: Lobbying, Stock Performance, Dog of the DOW, and Option Volume Volatility.
General Electric spent $4.2M on 1Q lobbying
General Electric Co. spent more than $4.2 million in the first quarter lobbying on issues as wide-ranging as the businesses it runs, according to a disclosure report...
GE Execs Dig In as Stock Falters
SHARES OF GENERAL ELECTRIC (ticker: GE) have continued their slide, but insiders have continued to signal confidence, snapping up $4.5 million in stock in the last two weeks.
On Wednesday Vice Chairman Michael Neal purchased 35,000 shares for $1 million, or $29.99 a share. He now owns 520,154 shares directly and 3,729 shares in his 401(k) plan...
General Electric: A Dow 30 Dog
After what looked like a washout bottom yesterday with General Electric Inc. (GE) shares tumbling to a near 5 year low at $28.89, the stock is sporting another 1% drop this morning – even with the Dow Jones Industrial Average up 1.4%, holding for now a triple digit gain. The conglomerate is the second largest percentage loser and one of only five stocks in the Dow 30 that are lower...
Option Update: General Electric put volume-volatility spike
GE is expected to report Q2 (earnings per share) EPS in mid-July. GE call option volume of 84,047 contracts compares to put volume of 205,829 contracts. GE June & July option implied volatility of 36 is above its 26-week average of 28 according to Track Data, suggesting larger price risk...
General Electric Co. spent more than $4.2 million in the first quarter lobbying on issues as wide-ranging as the businesses it runs, according to a disclosure report...
GE Execs Dig In as Stock Falters
SHARES OF GENERAL ELECTRIC (ticker: GE) have continued their slide, but insiders have continued to signal confidence, snapping up $4.5 million in stock in the last two weeks.
On Wednesday Vice Chairman Michael Neal purchased 35,000 shares for $1 million, or $29.99 a share. He now owns 520,154 shares directly and 3,729 shares in his 401(k) plan...
General Electric: A Dow 30 Dog
After what looked like a washout bottom yesterday with General Electric Inc. (GE) shares tumbling to a near 5 year low at $28.89, the stock is sporting another 1% drop this morning – even with the Dow Jones Industrial Average up 1.4%, holding for now a triple digit gain. The conglomerate is the second largest percentage loser and one of only five stocks in the Dow 30 that are lower...
Option Update: General Electric put volume-volatility spike
GE is expected to report Q2 (earnings per share) EPS in mid-July. GE call option volume of 84,047 contracts compares to put volume of 205,829 contracts. GE June & July option implied volatility of 36 is above its 26-week average of 28 according to Track Data, suggesting larger price risk...
Stock Analysis: General Electric (Seeking Alpha)
Company Description: General Electric is a diversified technology, media and financial services company. With products and services ranging from engines, power generation, water processing to medical, financing, media and industrial products....
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Recent News: NBC, GE Energy, CEO Hot Seat, Digital Microscope, and Solar
NBC sells $1.9 billion in 'upfront' ads
NBC Television has sold about $1.9 billion in advertising sales for the fall season, the first broadcaster to sell nearly all of its available commercials during the annual "upfront" period, a source familiar with the situation confirmed Friday....
GE shares in $1B Algerian power plant contract
A partnership that includes a unit of conglomerate General Electric Co. has received a contract worth nearly $1 billion to build a new power plant in Algeria. GE Energy and its partner, Algerian electric company Shariket Karhaba Koudiet Eddraouch Spa, received the contract for the 1,200-megawatt gas-turbine power plant....
Time Warner says no agenda for NBC deal
Media conglomerate Time Warner Inc said on Monday it has no agenda regarding buying General Electric Co's NBC Universal but it would consider the matter if the unit came up for sale.
"We don't need to or have a particular agenda with regard to those networks," Time Warner Chief Executive Jeffrey Bewkes said in response to a question at a Deutsche Bank media and telecom conference. "We'd have to look at that if and when it came up."
CEO’s on the Hot Seat: LEH, JAVA, GE
It’s all about managing expectations well and staying credible in the eye of the public, which unfortunately these top management folks haven’t done...
GE Energy buys Dallas-based mobile mapping firm
GE Energy, a unit of conglomerate General Electric Co., said Wednesday it will buy MapFrame, a Dallas-based provider of mobile mapping services, in a move to expand its utility transmission and distribution portfolio....
Digital microscope could be $500 mln business-GE
A General Electric Co joint venture to develop a device to allow doctors to view tissue samples from patients on computer monitors rather than using microscopes could be generating $500 million in annual revenue within the next decade, the head of the venture said....
GE Energy buys majority share in PrimeStar Solar
GE Energy has increased its equity share in PrimeStar Solar, becoming the majority shareholder in the solar thin-film technology and manufacturing company. GE Energy had held a minority equity share in the company since September 2007....
NBC Television has sold about $1.9 billion in advertising sales for the fall season, the first broadcaster to sell nearly all of its available commercials during the annual "upfront" period, a source familiar with the situation confirmed Friday....
GE shares in $1B Algerian power plant contract
A partnership that includes a unit of conglomerate General Electric Co. has received a contract worth nearly $1 billion to build a new power plant in Algeria. GE Energy and its partner, Algerian electric company Shariket Karhaba Koudiet Eddraouch Spa, received the contract for the 1,200-megawatt gas-turbine power plant....
Time Warner says no agenda for NBC deal
Media conglomerate Time Warner Inc said on Monday it has no agenda regarding buying General Electric Co's NBC Universal but it would consider the matter if the unit came up for sale.
"We don't need to or have a particular agenda with regard to those networks," Time Warner Chief Executive Jeffrey Bewkes said in response to a question at a Deutsche Bank media and telecom conference. "We'd have to look at that if and when it came up."
CEO’s on the Hot Seat: LEH, JAVA, GE
It’s all about managing expectations well and staying credible in the eye of the public, which unfortunately these top management folks haven’t done...
GE Energy buys Dallas-based mobile mapping firm
GE Energy, a unit of conglomerate General Electric Co., said Wednesday it will buy MapFrame, a Dallas-based provider of mobile mapping services, in a move to expand its utility transmission and distribution portfolio....
Digital microscope could be $500 mln business-GE
A General Electric Co joint venture to develop a device to allow doctors to view tissue samples from patients on computer monitors rather than using microscopes could be generating $500 million in annual revenue within the next decade, the head of the venture said....
GE Energy buys majority share in PrimeStar Solar
GE Energy has increased its equity share in PrimeStar Solar, becoming the majority shareholder in the solar thin-film technology and manufacturing company. GE Energy had held a minority equity share in the company since September 2007....
Saturday, June 28, 2008
Recent News: Wind, Insider Buying, Iraq, NBC, Australia Mortgage, and Dividends
enXco To Buy 200 GE Wind Turbines
enXco--an EDF Energies Nouvelles company--announced its second agreement in recent months with GE Energy to purchase turbines for new wind projects. Under the agreement, enXco will purchase 200 turbines representing 300 megawatts (MW) of electricity-producing capacity from GE Wind...
Who's Buying Now?
It's time once again to check out the week's most interesting insider purchases. After reading through numerous filings using insider tracking tool Form 4 Oracle, here are my top five today...
Iraq signs $480 mln contract with GE for power plants
Iraq has signed a contract with General Electric Co worth $480 million to build three power plants and is negotiating with Hyundai to buy diesel generators, the country's electricity minister said on Friday....
GE's NBC unit sells out nearly all TV ads for fall season
General Electric Co.'s NBC-TV unit scored a first in the annual network upfront ad sales game by selling out nearly all its inventory for the coming fall season, The Wall Street Journal reported Friday. The peacock network has secured commitments for about $1.9 billion in prime-time advertising, people close to the network told the newspaper. The fourth-place network had to sell more of its pre-season ad inventory than last year, rather than saving inventory for the shorter-term spot market, which can be more lucrative...
GE to sell Australian mortgage business
General Electric has appointed JP Morgan and Citigroup to manage the possible sale of its Australian mortgage business, a spokesman for GE Money Australia said on Friday. Wizard Home Loans, which GE bought from its founder Mark Bouris in 2004 for about $481 million, is a non-bank lender with some 250 branches....
Pentair, GE may link water businesses
Among the scores of water-technology companies around Milwaukee, one stands out for its size: Pentair Inc. has 1,450 employees at three local subsidiaries. Pentair is ready to expand further. It's negotiating with rival General Electric Co. to combine their respective residential water-treatment businesses into a joint venture with most of the research, development and global production working together at existing Pentair and GE sites around Milwaukee.
GE Declares 31 Cent Dividend
General Electric's board has authorized a regular quarterly dividend of $0.31 per outstanding share of the company's common stock. The dividend is payable on July 25 to shareowners of record at the close of business on June 23...
enXco--an EDF Energies Nouvelles company--announced its second agreement in recent months with GE Energy to purchase turbines for new wind projects. Under the agreement, enXco will purchase 200 turbines representing 300 megawatts (MW) of electricity-producing capacity from GE Wind...
Who's Buying Now?
It's time once again to check out the week's most interesting insider purchases. After reading through numerous filings using insider tracking tool Form 4 Oracle, here are my top five today...
Iraq signs $480 mln contract with GE for power plants
Iraq has signed a contract with General Electric Co worth $480 million to build three power plants and is negotiating with Hyundai to buy diesel generators, the country's electricity minister said on Friday....
GE's NBC unit sells out nearly all TV ads for fall season
General Electric Co.'s NBC-TV unit scored a first in the annual network upfront ad sales game by selling out nearly all its inventory for the coming fall season, The Wall Street Journal reported Friday. The peacock network has secured commitments for about $1.9 billion in prime-time advertising, people close to the network told the newspaper. The fourth-place network had to sell more of its pre-season ad inventory than last year, rather than saving inventory for the shorter-term spot market, which can be more lucrative...
GE to sell Australian mortgage business
General Electric has appointed JP Morgan and Citigroup to manage the possible sale of its Australian mortgage business, a spokesman for GE Money Australia said on Friday. Wizard Home Loans, which GE bought from its founder Mark Bouris in 2004 for about $481 million, is a non-bank lender with some 250 branches....
Pentair, GE may link water businesses
Among the scores of water-technology companies around Milwaukee, one stands out for its size: Pentair Inc. has 1,450 employees at three local subsidiaries. Pentair is ready to expand further. It's negotiating with rival General Electric Co. to combine their respective residential water-treatment businesses into a joint venture with most of the research, development and global production working together at existing Pentair and GE sites around Milwaukee.
GE Declares 31 Cent Dividend
General Electric's board has authorized a regular quarterly dividend of $0.31 per outstanding share of the company's common stock. The dividend is payable on July 25 to shareowners of record at the close of business on June 23...
Recent News: Water, Appliances - LG, NBC - Weather Channel, GE Aviation, Global Growth, Ratings, Santander, and GE Energy Financial Services
GE eyes world's next big worry: water
Surging oil prices have captured the attention of consumers and leaders around the globe, but General Electric Co. is already on to what it thinks will be the world's next big worry -- water. The company said on Wednesday it aims to cut its water usage 20 percent by 2012, a move that should reduce its annual operating costs by $15 million to $20 million....
LG Electronics says no decision on possible GE appliance unit bid
LG Electronics Inc. said Wednesday it has made no decisions on a possible bid for General Electric Co.'s appliance unit....
LG is a leading contender to buy GE appliance unit
General Electric named LG Electronics of South Korea on Wednesday as one of the leading contenders to buy its appliance business, which is valued at $4 billion to $8 billion.
Major Asian appliance makers like Haier Electronics Group of China and LG have been cited as likely bidders since GE said earlier this month that it may part with its century-old appliances unit. The unit had 2007 revenues of $7.2 billion....
Suitors line up for GE appliances
General Electric (GE) has named four companies it says are interested in buying its household appliances unit. It cited LG Electronics, China's Haier, Mabe of Mexico and Arcelik of Turkey as possible bidders for the unit, whose products include fridges and toasters. The US industrial giant said last month that it was likely to stop making household appliances after more than a century in the business...
Report: NBC U (GE) Bidding $3.5 Billion For Weather Channel
When Landmark first put Weather Channel on the block in January, the asking price floated was $5 billion. Now the leading bidder for the cable channel and Web site, a consortium including NBC U (GE), Blackstone Group and Bain Capital, is offering $3.5 billion, roughly half of which, or $1.8 billion, is equity, according to Reuters. Blackstone's GSO Capital is also putting in $600 million....
Four communities in running for GE facility
A planned 400,000-square-foot, $75 million GE Aviation engineering facility will be located in one of four locations, possibly West Chester Twp. Just who winds up with the prize may come down to aggressive salesmanship. ExtrasGE spokesman Rick Kennedy said West Chester Twp., Evendale, Springdale and a location in Boone County, Ky., are the potential homes of a consolidated office that will house almost 1,600 GE Aviation employees with a total annual payroll of about $140 million....
Nippon Takes Delivery Of GE's 1st Upgraded CF6-80C2 Engine
Nippon Cargo Airlines recently took delivery of its first General Electric CF6-80C2 engines incorporating a new, high-pressure turbine upgrade. The turbine upgrade, part of GE's new Tech CF6 program, was installed in engines for the airline's new Boeing 747-400F aircraft. Nippon Cargo ordered four 747-400F aircraft, and the first was delivered today. The remaining three will be delivered between now and February 2009...
If GE Thinks Globally, Shouldn't You?
It's hard enough keeping tabs on suppliers and customers within your own area code. Networking and expanding overseas? That's for the big guys, right? Not necessarily. In the U.S., small businesses thrive in niches overlooked by the big corporations, and the same holds true in other countries. These days, as the American economy stumbles, looking beyond the U.S. may be the key to success....
General Electric shares could be a buy - Barron's
Shares of General Electric Co, the second largest U.S. company, have limited downside and investors can now make a better case for buying the stock, financial weekly Barron's reported in its June 2 edition....
GE, Santander finalize GE Money, Interbanca deal
General Electric Co. said on Monday its GE Commercial Finance unit finalized an agreement to acquire Banco Santander SA's Italian banking arm Interbanca, while the Spanish bank buys several GE Money businesses in Europe....
GE to seek partnerships in consumer credit segment in Italy
General Electric Co, after closing the deal to take over Interbanca SpA, is looking for further partnerships in Italy in the consumer credit segment, said Giuseppe Recchi, chairman of GE Italia in an interview with daily La Stampa....
GeoResources, GE unit team up on Oklahama reserves investment
GeoResources Inc. is teaming up with GE Energy Financial Services to invest up to $90.5 million to buy and develop proven producing oil and gas reserves in Oklahoma....
Surging oil prices have captured the attention of consumers and leaders around the globe, but General Electric Co. is already on to what it thinks will be the world's next big worry -- water. The company said on Wednesday it aims to cut its water usage 20 percent by 2012, a move that should reduce its annual operating costs by $15 million to $20 million....
LG Electronics says no decision on possible GE appliance unit bid
LG Electronics Inc. said Wednesday it has made no decisions on a possible bid for General Electric Co.'s appliance unit....
LG is a leading contender to buy GE appliance unit
General Electric named LG Electronics of South Korea on Wednesday as one of the leading contenders to buy its appliance business, which is valued at $4 billion to $8 billion.
Major Asian appliance makers like Haier Electronics Group of China and LG have been cited as likely bidders since GE said earlier this month that it may part with its century-old appliances unit. The unit had 2007 revenues of $7.2 billion....
Suitors line up for GE appliances
General Electric (GE) has named four companies it says are interested in buying its household appliances unit. It cited LG Electronics, China's Haier, Mabe of Mexico and Arcelik of Turkey as possible bidders for the unit, whose products include fridges and toasters. The US industrial giant said last month that it was likely to stop making household appliances after more than a century in the business...
Report: NBC U (GE) Bidding $3.5 Billion For Weather Channel
When Landmark first put Weather Channel on the block in January, the asking price floated was $5 billion. Now the leading bidder for the cable channel and Web site, a consortium including NBC U (GE), Blackstone Group and Bain Capital, is offering $3.5 billion, roughly half of which, or $1.8 billion, is equity, according to Reuters. Blackstone's GSO Capital is also putting in $600 million....
Four communities in running for GE facility
A planned 400,000-square-foot, $75 million GE Aviation engineering facility will be located in one of four locations, possibly West Chester Twp. Just who winds up with the prize may come down to aggressive salesmanship. ExtrasGE spokesman Rick Kennedy said West Chester Twp., Evendale, Springdale and a location in Boone County, Ky., are the potential homes of a consolidated office that will house almost 1,600 GE Aviation employees with a total annual payroll of about $140 million....
Nippon Takes Delivery Of GE's 1st Upgraded CF6-80C2 Engine
Nippon Cargo Airlines recently took delivery of its first General Electric CF6-80C2 engines incorporating a new, high-pressure turbine upgrade. The turbine upgrade, part of GE's new Tech CF6 program, was installed in engines for the airline's new Boeing 747-400F aircraft. Nippon Cargo ordered four 747-400F aircraft, and the first was delivered today. The remaining three will be delivered between now and February 2009...
If GE Thinks Globally, Shouldn't You?
It's hard enough keeping tabs on suppliers and customers within your own area code. Networking and expanding overseas? That's for the big guys, right? Not necessarily. In the U.S., small businesses thrive in niches overlooked by the big corporations, and the same holds true in other countries. These days, as the American economy stumbles, looking beyond the U.S. may be the key to success....
General Electric shares could be a buy - Barron's
Shares of General Electric Co, the second largest U.S. company, have limited downside and investors can now make a better case for buying the stock, financial weekly Barron's reported in its June 2 edition....
GE, Santander finalize GE Money, Interbanca deal
General Electric Co. said on Monday its GE Commercial Finance unit finalized an agreement to acquire Banco Santander SA's Italian banking arm Interbanca, while the Spanish bank buys several GE Money businesses in Europe....
GE to seek partnerships in consumer credit segment in Italy
General Electric Co, after closing the deal to take over Interbanca SpA, is looking for further partnerships in Italy in the consumer credit segment, said Giuseppe Recchi, chairman of GE Italia in an interview with daily La Stampa....
GeoResources, GE unit team up on Oklahama reserves investment
GeoResources Inc. is teaming up with GE Energy Financial Services to invest up to $90.5 million to buy and develop proven producing oil and gas reserves in Oklahoma....
Sunday, June 22, 2008
Recent News: Weather Channel, NBC, China Growth, Appliance Sale (Videocon, LG, HAIER, Arcelik), Water, Energy, Saudi Arabia, and Immelt Trading
NBC Universal a top Weather Channel bidder-source
General Electric Co's NBC Universal, in partnership with the Blackstone Group, is seen as a leading contender for the Weather Channel, a source familiar with the matter said on Friday...
INTERVIEW-GE Fanuc expects faster growth in greater China
GE Fanuc, General Electric's production systems venture with Japan's Fanuc Ltd, expects its greater China sales will grow up to 30 percent annually over the next four to five years, up from about 20 percent now, as regional firms look to improve efficiency....
GE chief executive defends company's broad portfolio in face of calls to shed more businesses
General Electric Co.'s chief executive officer on Wednesday defended the industrial conglomerate's broad array of businesses and his decisions to sell off several units.
Jeffrey Immelt has been under pressure to shed more businesses, particularly after the Fairfield-based company's disappointing first-quarter earnings release last month in which profit fell 6 percent, to $4.3 billion (€2.73 billion)...
Videocon may bid for GE's appliances division
Videocon, the diversified electronics and retail business group, is studying an invitation from General Electric (GE) to bid for its century-old appliances division, which it has put up for sale...
General Electric should not sell NBC Universal
Lately, I've been hearing a lot of chatter about General Electric and its NBC Universal asset. Specifically, there's been talk about the future of the movie and television business and its role as a productive member of the GE portfolio. There are a lot of pundits out there who would like to see it sold off; probably a lot of investors would like that, too. Thankfully, CEO Jeffrey Immelt isn't one of them; he has consistently and steadfastly denied that NBC Universal will be offered to buyers in the near future. I hope he retains such opinion, because I definitely think GE needs NBC Universal....
LG Electronics Is Looking At GE's Appliance Unit
LG Electronics Inc.'s chief executive said the company is taking a close look at General Electric Co.'s appliance unit, which has recently been put up for sale, though he stopped short of declaring an interest in buying it....
HAIER Group Corp bids to buy GE unit under study
HAIER Group Corp is considering buying General Electric Co's consumer-appliance unit, the Economic Observer reported, citing an unidentified official with Haier. Haier has held talks with China Development Bank on financing the bid which could cost between 4 billion U.S. dollars and 8 billion U.S. dollars, the Beijing-based newspaper said in a report last Saturday. The Qingdao-based company hasn't yet made contact with GE about a possible purchase of the unit which makes refrigerators, ovens and dishwashers, the weekly newspaper said...
Turkey's Arcelik eyes to buy GE's appliance unit
Arcelik, Turkey's largest manufacturer of household appliances is among the several potential suitors vying to acquire the electrical household appliances of world giant General Electric (GE), company Chief Executive Officer Jeffrey Immelt said on Wednesday....
General Electric to Cut Water Usage by 20% by 2012
General Electric Co., the world's biggest maker of power-generation equipment and jet engines, plans to reduce water consumption by one-fifth by 2012 as part of its conservation efforts.
In addition to the first-ever water reduction pledge, Fairfield, Connecticut-based GE also said it intends to have $25 billion in sales of environmentally friendlier products and services by 2010, a 25 percent increase...
GE Energy signs $500 million for gas turbines, generators in Saudi Arabia
GE Energy, a General Electric Co. business, has signed contracts of more than $500 million (€319.37 million) to build and install gas turbines and generators at Saudi Arabian power plants, the company announced....
GE unit wins $500 million Saudi power contract
General Electric Co said on Thursday that its GE Energy unit had won $500 million in contracts to supply gas turbines and generators to various power plants owned by the Saudi Electricity Co...
Immelt Sells And Buys GE
Jeff Immelt was the consummate salesman Wednesday as he fanned the flames around the proposed sale of GE's appliance business by outing several bidders. He was also selling when he bought up more company stock, but with that move he was selling himself....
General Electric CEO buys 115,000 shares
The chief executive of General Electric Co. bought 115,000 shares of the conglomerate on Wednesday, according to a regulatory filing. In a U.S. Securities and Exchange Commission filing, Jeffrey Immelt said he bought the shares for prices ranging from $30.59 to $30.66 a share, for a total of about $3.5 million....
General Electric Co's NBC Universal, in partnership with the Blackstone Group, is seen as a leading contender for the Weather Channel, a source familiar with the matter said on Friday...
INTERVIEW-GE Fanuc expects faster growth in greater China
GE Fanuc, General Electric's production systems venture with Japan's Fanuc Ltd, expects its greater China sales will grow up to 30 percent annually over the next four to five years, up from about 20 percent now, as regional firms look to improve efficiency....
GE chief executive defends company's broad portfolio in face of calls to shed more businesses
General Electric Co.'s chief executive officer on Wednesday defended the industrial conglomerate's broad array of businesses and his decisions to sell off several units.
Jeffrey Immelt has been under pressure to shed more businesses, particularly after the Fairfield-based company's disappointing first-quarter earnings release last month in which profit fell 6 percent, to $4.3 billion (€2.73 billion)...
Videocon may bid for GE's appliances division
Videocon, the diversified electronics and retail business group, is studying an invitation from General Electric (GE) to bid for its century-old appliances division, which it has put up for sale...
General Electric should not sell NBC Universal
Lately, I've been hearing a lot of chatter about General Electric and its NBC Universal asset. Specifically, there's been talk about the future of the movie and television business and its role as a productive member of the GE portfolio. There are a lot of pundits out there who would like to see it sold off; probably a lot of investors would like that, too. Thankfully, CEO Jeffrey Immelt isn't one of them; he has consistently and steadfastly denied that NBC Universal will be offered to buyers in the near future. I hope he retains such opinion, because I definitely think GE needs NBC Universal....
LG Electronics Is Looking At GE's Appliance Unit
LG Electronics Inc.'s chief executive said the company is taking a close look at General Electric Co.'s appliance unit, which has recently been put up for sale, though he stopped short of declaring an interest in buying it....
HAIER Group Corp bids to buy GE unit under study
HAIER Group Corp is considering buying General Electric Co's consumer-appliance unit, the Economic Observer reported, citing an unidentified official with Haier. Haier has held talks with China Development Bank on financing the bid which could cost between 4 billion U.S. dollars and 8 billion U.S. dollars, the Beijing-based newspaper said in a report last Saturday. The Qingdao-based company hasn't yet made contact with GE about a possible purchase of the unit which makes refrigerators, ovens and dishwashers, the weekly newspaper said...
Turkey's Arcelik eyes to buy GE's appliance unit
Arcelik, Turkey's largest manufacturer of household appliances is among the several potential suitors vying to acquire the electrical household appliances of world giant General Electric (GE), company Chief Executive Officer Jeffrey Immelt said on Wednesday....
General Electric to Cut Water Usage by 20% by 2012
General Electric Co., the world's biggest maker of power-generation equipment and jet engines, plans to reduce water consumption by one-fifth by 2012 as part of its conservation efforts.
In addition to the first-ever water reduction pledge, Fairfield, Connecticut-based GE also said it intends to have $25 billion in sales of environmentally friendlier products and services by 2010, a 25 percent increase...
GE Energy signs $500 million for gas turbines, generators in Saudi Arabia
GE Energy, a General Electric Co. business, has signed contracts of more than $500 million (€319.37 million) to build and install gas turbines and generators at Saudi Arabian power plants, the company announced....
GE unit wins $500 million Saudi power contract
General Electric Co said on Thursday that its GE Energy unit had won $500 million in contracts to supply gas turbines and generators to various power plants owned by the Saudi Electricity Co...
Immelt Sells And Buys GE
Jeff Immelt was the consummate salesman Wednesday as he fanned the flames around the proposed sale of GE's appliance business by outing several bidders. He was also selling when he bought up more company stock, but with that move he was selling himself....
General Electric CEO buys 115,000 shares
The chief executive of General Electric Co. bought 115,000 shares of the conglomerate on Wednesday, according to a regulatory filing. In a U.S. Securities and Exchange Commission filing, Jeffrey Immelt said he bought the shares for prices ranging from $30.59 to $30.66 a share, for a total of about $3.5 million....
Saturday, June 7, 2008
Recent News: Bill O'Reilly & Jeffery Immelt at it Again
Feud Fuels Bill O'Reilly's Blasts at GE
Bill O'Reilly, the Fox News star, is mounting an extraordinary televised assault on the chief executive of General Electric, calling him a "pinhead" and a "despicable human being" who bears responsibility for the deaths of American soldiers in Iraq...
Media World: Bill O'Reilly's nasty war against General Electric
The feud between Fox News' Bill O'Reilly and MSNBC's Keith Olbermann has morphed from a sometimes amusing spat between cable news hosts to a clash of corporate titans....
O'Reilly Irrational Jihad #472: General Electric
Bill O'Reilly has identified yet another Greatest Threat to America to go along with DailyKos, Arianna Huffington, college professors, the War on Christmas, George Soros, and lesbian gangs with pink guns -- General Electric, parent company of NBC, and its CEO, Jeffrey Immelt...
Bill O'Reilly Video Rant Gives Way to GE "Pinhead"
Bill O'Reilly made waves earlier with a viral video rant full of all sorts of explicit language that brought great humor to many of his detectors. The video is still online but now Bill O'Reilly is making waves for something a bit more serious. Don't worry, O'Reilly is still furious but he is aiming his wrath at the chief executive of General Electric, and according to a report from the Washington Post he calls him all sorts of names...
Bill O'Reilly, the Fox News star, is mounting an extraordinary televised assault on the chief executive of General Electric, calling him a "pinhead" and a "despicable human being" who bears responsibility for the deaths of American soldiers in Iraq...
Media World: Bill O'Reilly's nasty war against General Electric
The feud between Fox News' Bill O'Reilly and MSNBC's Keith Olbermann has morphed from a sometimes amusing spat between cable news hosts to a clash of corporate titans....
O'Reilly Irrational Jihad #472: General Electric
Bill O'Reilly has identified yet another Greatest Threat to America to go along with DailyKos, Arianna Huffington, college professors, the War on Christmas, George Soros, and lesbian gangs with pink guns -- General Electric, parent company of NBC, and its CEO, Jeffrey Immelt...
Bill O'Reilly Video Rant Gives Way to GE "Pinhead"
Bill O'Reilly made waves earlier with a viral video rant full of all sorts of explicit language that brought great humor to many of his detectors. The video is still online but now Bill O'Reilly is making waves for something a bit more serious. Don't worry, O'Reilly is still furious but he is aiming his wrath at the chief executive of General Electric, and according to a report from the Washington Post he calls him all sorts of names...
Recent News: T. Boone Pickens & Wind, Appliance Unit, 2008 Profit Forecasts, Innovative?, and GE Healthcare
Mesa Sets Major Order For GE Wind Turbines Texas billionaire T. Boone Pickens's Mesa Power LLP placed the biggest-ever single-site order for wind turbines with General Electric Co., the latest sign of growing momentum behind clean-energy initiatives despite lingering uncertainty over government support.
Mesa will purchase 667 GE 1.5 megawatt wind turbines, as part of the $2 billion first phase of the biggest wind farm in the U.S...
GE's Immelt says appliances unit "easily sellable"
General Electric Co. has already had a lot of inquiries from potential buyers of its appliances unit, mostly from outside the United States, the company's top executive said on Wednesday. "We've had a lot of inquiries in the business and we think this is an asset that is easily sellable even in a difficult market," said Jeff Immelt, chairman and chief executive of the second-largest U.S. company by market capitalization. "Most of the potential buyers are outside the United States."...
GE CEO reiterates 2008 profit forecast
General Electric Co. on Wednesday reiterated its forecast that 2008 earnings per share will be flat to up 5 percent. "Infrastructure remains very strong, the global market remains very strong. The capital markets are slightly better than what we saw in the first quarter," said Jeff Immelt, chairman and chief executive of the second-largest U.S. company by market capitalization....
GE Is So-So
For now, General Electric says things are on track to be below par. The company's head, Jeff Immelt, affirmed its reduced earnings guidance Wednesday at the Electric Products Group Conference. In April, the company lowered its guidance for all of 2008 to a range of $2.20 to $2.30 per share from the previous $2.43....
How Innovative Is GE Really?
General Electric is selling its appliance division and the decision brings up a host of questions about whether or not the company is truly innovative or merely mouthing the words, as so many big companies do these days. I don’t have the answer yet but I am troubled by the sale of the GE brand of appliances for several reasons....
GE Healthcare sees 22% rev growth in Asia
General Electric Co's $US17 billion healthcare unit expects Asia Pacific revenue to grow an average of 22 per cent annually over the next three to five years, banking on strong spending on healthcare technology across the region...
Mesa Power Buys 667 GE Wind Turbines
Maverick Oklahoma oil tycoon, T. Boone Pickens is making good on his 2007 promise to build the world's largest wind farm by putting his money where his mouth is. His company, Mesa Power, has ordered 667 General Electric wind turbines that would produce 1,000 megawatts of electricity, enough electricity to power about 300,000 homes....
Mesa will purchase 667 GE 1.5 megawatt wind turbines, as part of the $2 billion first phase of the biggest wind farm in the U.S...
GE's Immelt says appliances unit "easily sellable"
General Electric Co. has already had a lot of inquiries from potential buyers of its appliances unit, mostly from outside the United States, the company's top executive said on Wednesday. "We've had a lot of inquiries in the business and we think this is an asset that is easily sellable even in a difficult market," said Jeff Immelt, chairman and chief executive of the second-largest U.S. company by market capitalization. "Most of the potential buyers are outside the United States."...
GE CEO reiterates 2008 profit forecast
General Electric Co. on Wednesday reiterated its forecast that 2008 earnings per share will be flat to up 5 percent. "Infrastructure remains very strong, the global market remains very strong. The capital markets are slightly better than what we saw in the first quarter," said Jeff Immelt, chairman and chief executive of the second-largest U.S. company by market capitalization....
GE Is So-So
For now, General Electric says things are on track to be below par. The company's head, Jeff Immelt, affirmed its reduced earnings guidance Wednesday at the Electric Products Group Conference. In April, the company lowered its guidance for all of 2008 to a range of $2.20 to $2.30 per share from the previous $2.43....
How Innovative Is GE Really?
General Electric is selling its appliance division and the decision brings up a host of questions about whether or not the company is truly innovative or merely mouthing the words, as so many big companies do these days. I don’t have the answer yet but I am troubled by the sale of the GE brand of appliances for several reasons....
GE Healthcare sees 22% rev growth in Asia
General Electric Co's $US17 billion healthcare unit expects Asia Pacific revenue to grow an average of 22 per cent annually over the next three to five years, banking on strong spending on healthcare technology across the region...
Mesa Power Buys 667 GE Wind Turbines
Maverick Oklahoma oil tycoon, T. Boone Pickens is making good on his 2007 promise to build the world's largest wind farm by putting his money where his mouth is. His company, Mesa Power, has ordered 667 General Electric wind turbines that would produce 1,000 megawatts of electricity, enough electricity to power about 300,000 homes....
Recent News: More on Appliances
Appliances A Washout At GE
Jeff Immelt isn't Thomas Edison, and General Electric isn't a general electric company anymore. The beleaguered chairman of the historic blue-chip has decided to sever its ties with its historic appliance business...
Why GE Is Dropping Appliances
General Electric CEO Jeff Immelt keeps telling us that the megaconglomerate is looking to refine its business model. If you didn't believe him before, maybe he'll get your attention by selling off GE's century-old consumer appliance division....
GE to 'switch off' appliance unit
US conglomerate General Electric (GE) may stop making household appliances after more than a century in the business. It blames a sharp slowdown in US consumer spending and the housing slump for weak sales of appliances. GE-branded fridges, ovens and air conditioners have made the firm a household name, but the unit generated just 4% of total revenues in 2007...
Jeff Immelt isn't Thomas Edison, and General Electric isn't a general electric company anymore. The beleaguered chairman of the historic blue-chip has decided to sever its ties with its historic appliance business...
Why GE Is Dropping Appliances
General Electric CEO Jeff Immelt keeps telling us that the megaconglomerate is looking to refine its business model. If you didn't believe him before, maybe he'll get your attention by selling off GE's century-old consumer appliance division....
GE to 'switch off' appliance unit
US conglomerate General Electric (GE) may stop making household appliances after more than a century in the business. It blames a sharp slowdown in US consumer spending and the housing slump for weak sales of appliances. GE-branded fridges, ovens and air conditioners have made the firm a household name, but the unit generated just 4% of total revenues in 2007...
Recent News: Appliance Unit for Sale
Why GE Is Getting Out of the Kitchen
By jettisoning one of its most iconic units, General Electric would join a small but high-profile club of companies that famously parted ways with businesses once synonymous with their brand names. Companies such as IBM and Eastman Kodak have also—either because of financial straits or tactical maneuvering—transformed themselves by letting go of ventures that once defined them...
GE appliances unit to have worldly suitors
Assessing the business's value is tricky, though. While some estimate the Fairfield, Conn.-based company could fetch between $5 billion and $8 billion for the unit, others see its current market value as a bit less. See full story from The Wall Street Journal...
GE To Put Out The Lights On Appliances
Being a good executive may mean knowing when to cut and run. For General Electric's Jeffrey Immelt, that time is now. The company is reportedly putting its iconic appliances business on the market...
Analysts say possible sale of GE appliance unit makes sense
The possible sale by General Electric Co. of its 101-year-old appliance business makes sense as consumer sales fall and financing continues to be squeezed, analysts said Thursday...
GE Appliance Sale May Foreshadow More Divestitures
General Electric Co.'s move away from consumer appliances may signal bigger divestitures by Chief Executive Officer Jeffrey Immelt this year, including the broader group that contains the century-old unit, analysts said. General Electric may sell, spin off or seek a partner for the refrigerator, oven and dishwasher unit, people familiar with the situation said yesterday. Appliances accounted for more than half of last year's $13.3 billion in sales at the GE Consumer & Industrial segment, which also sells lighting and switches....
G.E. Looks to Sell Its Appliances Unit
General Electric is planning to sell its appliances division, one of the longest-running businesses in the conglomerate’s 120-year history, a person briefed on the matter said Wednesday....
GE and the Death of Manufacturing
Is it the end of an era? Or is the era already over? When the Wall Street Journal first reported General Electric was leaving the appliance business, it seemed a telling metaphor for the state of American manufacturing and General Electric’s role in it. The American-made appliance business has been in turmoil for decades, with production moving offshore and brand names swapping hands. At GE’s appliance headquarters in Louisville, Ky., the number of employees surged to 23,000 in the 1970s. Today it employs 5,000...
GE confirms plans to exit appliance business
General Electric Co. said Friday it plans to sell or spin-off its century-old appliance business.
The Fairfield, Conn., industrial conglomerate said in a statement the move is part of an ongoing plan to exit "slower growth and more volatile businesses." The company is planning a strategic review that could result in an outright sale, a strategic partnership or a spin-off to shareholders...
By jettisoning one of its most iconic units, General Electric would join a small but high-profile club of companies that famously parted ways with businesses once synonymous with their brand names. Companies such as IBM and Eastman Kodak have also—either because of financial straits or tactical maneuvering—transformed themselves by letting go of ventures that once defined them...
GE appliances unit to have worldly suitors
Assessing the business's value is tricky, though. While some estimate the Fairfield, Conn.-based company could fetch between $5 billion and $8 billion for the unit, others see its current market value as a bit less. See full story from The Wall Street Journal...
GE To Put Out The Lights On Appliances
Being a good executive may mean knowing when to cut and run. For General Electric's Jeffrey Immelt, that time is now. The company is reportedly putting its iconic appliances business on the market...
Analysts say possible sale of GE appliance unit makes sense
The possible sale by General Electric Co. of its 101-year-old appliance business makes sense as consumer sales fall and financing continues to be squeezed, analysts said Thursday...
GE Appliance Sale May Foreshadow More Divestitures
General Electric Co.'s move away from consumer appliances may signal bigger divestitures by Chief Executive Officer Jeffrey Immelt this year, including the broader group that contains the century-old unit, analysts said. General Electric may sell, spin off or seek a partner for the refrigerator, oven and dishwasher unit, people familiar with the situation said yesterday. Appliances accounted for more than half of last year's $13.3 billion in sales at the GE Consumer & Industrial segment, which also sells lighting and switches....
G.E. Looks to Sell Its Appliances Unit
General Electric is planning to sell its appliances division, one of the longest-running businesses in the conglomerate’s 120-year history, a person briefed on the matter said Wednesday....
GE and the Death of Manufacturing
Is it the end of an era? Or is the era already over? When the Wall Street Journal first reported General Electric was leaving the appliance business, it seemed a telling metaphor for the state of American manufacturing and General Electric’s role in it. The American-made appliance business has been in turmoil for decades, with production moving offshore and brand names swapping hands. At GE’s appliance headquarters in Louisville, Ky., the number of employees surged to 23,000 in the 1970s. Today it employs 5,000...
GE confirms plans to exit appliance business
General Electric Co. said Friday it plans to sell or spin-off its century-old appliance business.
The Fairfield, Conn., industrial conglomerate said in a statement the move is part of an ongoing plan to exit "slower growth and more volatile businesses." The company is planning a strategic review that could result in an outright sale, a strategic partnership or a spin-off to shareholders...
Recent News: Rail, Wind, Bear Market, and NBC "Late Night"
GE close to $263 mln Bosnia rail deal
Bosnia's Serb Republic government said on Friday it is close to clinching a 170 million euro ($263 mln) deal with U.S. conglomerate General Electric to help it rebuild its devastated rail network....
Iberdrola to buy wind turbines from GE
Iberdrola will buy wind farm turbines from General Electric capable of generating 300 megawatts of power, or enough to power 75,000 homes, Iberdrola announced Friday. Terms of the deal were not announced...
General Electric (GE): Bellwether for a Global Bear Market
Worldwide infrastructure appears to be the next big investment magnet, and General Electric Co. is in the news today for having raised $5.64 billion with its partner, Credit Suisse Group, in a large private-equity venture called Global Infrastructure Partners....
GE's NBC Confirms Fallon Will Replace O'Brien On "Late Night"
NBC Universal confirmed Jimmy Fallon will replace Conan O'Brien as host of "Late Night" in 2009. The New York media company, a division of General Electric Co. (GE), said Fallon is known for his role as co-anchor of Saturday Night Live's "Weekend Update" and various television and hosting roles...
Bosnia's Serb Republic government said on Friday it is close to clinching a 170 million euro ($263 mln) deal with U.S. conglomerate General Electric to help it rebuild its devastated rail network....
Iberdrola to buy wind turbines from GE
Iberdrola will buy wind farm turbines from General Electric capable of generating 300 megawatts of power, or enough to power 75,000 homes, Iberdrola announced Friday. Terms of the deal were not announced...
General Electric (GE): Bellwether for a Global Bear Market
Worldwide infrastructure appears to be the next big investment magnet, and General Electric Co. is in the news today for having raised $5.64 billion with its partner, Credit Suisse Group, in a large private-equity venture called Global Infrastructure Partners....
GE's NBC Confirms Fallon Will Replace O'Brien On "Late Night"
NBC Universal confirmed Jimmy Fallon will replace Conan O'Brien as host of "Late Night" in 2009. The New York media company, a division of General Electric Co. (GE), said Fallon is known for his role as co-anchor of Saturday Night Live's "Weekend Update" and various television and hosting roles...
