Recent News: Commercial paper, stock performance, earnings, batterys, innovation, annual shareholder meeting, and Immelt quote

GE Can't Shed Those Unwanted Pounds
There was a time not so long ago when it appeared that General Electric (NYSE: GE) was an undervalued conglomerate composed of numerous strong parts. But almost by the day it's become more likely that the company may be little more than a hodgepodge of ill-fitting businesses -- many of which it can't unload -- that are headed collectively for goodness-knows-where...

Cos Participating In US Govt's Commercial Paper Program
The following is a list of companies that have registered to participate in a program to allow companies to sell commercial paper to the Federal Reserve at a rate set daily plus a fee. The Commercial Paper Funding Facility is aimed at boosting the commercial paper market, where companies secure funding for day-to- day needs, from rent to inventory....

Gee Whiz GE!
General Electric investors were shocked late Wednesday when reports began circulating that the conglomerate’s chief executive said the company was looking to maintain its 2009 profit at 2008 levels, giving the entire stock market a kick in the teeth just as trading was ending for the day....

GE boosts bets on battery technology
With a 1914 electric car displayed outside, General Electric last week hosted a symposium on batteries for transportation and the electricity grid....

GE CEO: Cos Must Innovate Amid Current Environment
General Electric Co. (GE) Chief Executive Jeffrey Immelt said Wednesday companies must continue to emphasize research and development during the current financial crisis. They will need to innovate, especially in areas such as healthcare, education and renewable energy, he said....

Ugly Quote For GE
General Electric investors got a roller-coaster ride Wednesday afternoon following reports that the conglomerate's chief executive was looking to maintain its 2009 profit at 2008 levels....

GE to Convene 2009 Shareowners Meeting in Orlando, Florida
GE announced today that it plans to hold its 2009 Annual Meeting of Shareowners on April 22, 2009 in Orlando, Florida. GE gathers shareowners in a different city each year so as to demonstrate the performance of a different business and to illustrate the diversity and strength of the Company's business portfolio...

Dow Jones to issue "clarification" on GE story-source
Dow Jones Newswires plans to issue a "clarification" of a story that it published on Wednesday afternoon about comments that General Electric Co's chief executive made about the company's 2009 financial position, according to a source familiar with the matter....

GE calls Dow Jones Immelt report 'inaccurate'
A spokesman for General Electric Co said on Wednesday that a Dow Jones report quoting Chief Executive Jeff Immelt as forecasting flat profit in 2009 was "completely out of context and inaccurate."...

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....