General Electric

Ticker GE

Today's data summary

Market closed
% change
-3.37%
Price US dollars
8.32
Change
-0.29
As of 01:50 15 Nov 2018
Market cap. US dollars
72,309.79 million
As of 01:50 15 Nov 2018

Latest updates

GE to 'bring down debt'

GE share price over a year
BBC
GE share price over a year

General Electric has been having a torrid time on the stock market, as this chart shows.

Larry Culp, the chief executive, has told CNBC that the company has too much debt and would sell off assets.

"We have no higher priority right now than bringing leverage levels down...We have plenty of opportunity to do that through asset sale."

The shares are off another 7%.

GE sinking

GE hard hats
Reuters

Shares in General Electric have fallen below $9 for the first time since the financial crisis.

They are off 7% at $8.44. Last year they were trading at $30 a share.

The move on Friday was said to have been sparked by research by JP Morgan which cut the target price for the stock to $6.

Last month the company reported third quarter loss of $22.8bn after it was forced to take a $22bn writedown on its power division.

General Electric sinks

General Electric
Reuters

Unsurprisingly, one US stock not joining in the rebound is industrial giant General Electric.

Its shares are currently over 5% lower

The firm earlier slashed its quarterly dividend to just a penny a share, the second time in less than a year that it has cut it.

It also said US regulator the Securities and Exchange Commission had expanded its ongoing investigations to include the firm's non-cash $22bn writedown in its power division

GE shares sink further

General Electric's shares are now down a whopping 10% after this morning's announcement that it was cutting its dividend and radically restructuring its power equipment division.

The earnings were the first to be reported under new chief executive Larry Culp, who took over last month after the sudden exit of John Flannery, who was only at the helm for a year.

General Electric cuts dividend

ge worker
Getty Images

General Electric has cut its quarterly dividend to just a cent from 12 cents after reporting a third quarter loss of $22.8bn.

A year ago it made profits of $1.3bn.

Earlier this month when the business named Lawrence Culp Jr as its new chief executive it warned it might have to write down the value of its power business by up to $23bn. That write-down has caused the quarterly loss.

BreakingGE names new boss and takes huge write-down

GE helmets
Reuters

US industrial giant GE has named a new chief executive and said it might have to write down the value of its power business by up to $23bn.

The company said that H Lawrence Culp Jr had been named chairman and chief executive of GE with immediate effect, replacing John Flannery.

It also said that the company's results for 2018 would fall short of previous guidance, due to a weaker performance at the GE Power unit.

GE said it expected to take a charge related to the power business. "GE Power’s current goodwill balance is approximately $23bn and the goodwill impairment charge is likely to constitute substantially all of this balance."

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