Next wave of backward compatible original Xbox games are coming Spring 2018
Destiny 2's Trials of the Nine event postponed for two weeks
Alicia Keys Returns To NBC's 'The Voice'
Lego sets release date for Women of NASA sets
Mississippi School Replaces Jefferson Davis' Name With Barack Obama, Upgrade
GE stocks falls to the lowest level in the past 19 months
22 July 2017, 12:53 | Francis Delgado
Dow Leads Losses As General Electric Shares Drag Industrials
GE's results translated into 28c per share, 3c above analyst expectations.
Shares were down 3 per cent at $25.87 in mid-morning trading after earlier hitting a 2-year low. The figure was down 67 per cent from a year ago, partly reflecting the loss of contributions from the appliances division.
Nevertheless, second-quarter revenue and earnings were modestly ahead of analysts´ consensus forecasts.
GE attributed the decline in revenue to weakness in its energy connections business, which offset the strong performance in the renewable energy and power segments.
Net profit slumped 58 percent to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier.
On Friday, GE said it cut $593 million in industrial costs in the second quarter and is on track to meet or beat its $1 billion savings goal by the end of the year.
US stocks close lower as General Electric drags Dow
"The global scale of the company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets", added Immelt.
The company affirmed its full-year forecast for cash flow, profit, revenue and operating margin. The company did not update its predictions for 2018. Six-month revenue of $4.5 billion from renewable energy was up 20 percent from past year. Mr. Flannery said the financial framework for 2017 is set and he is "not anxious that we're going to be, you know, dead in the water in the meantime".
In all, GE's second-quarter earnings fell less than expected.
Guidance for 2018 will be provided at a later date by incoming CEO John Flannery, who will step into the role in August and the role of chairman in January.
After the release on Friday, GE shareholder Jack DeGan told CNBC that GE's new chief will likely "lower the bar" as a starting point for GE's future.
As stocks are down 18.10% this year, GE hopes with the new CEO change that it lead the company into a positive upward direction after the struggling year.
Germany Summons Turkish Ambassador over Activists' Arrests The German minister added that such developments made it "extremely difficult" to proceed with German investment in Turkey . The Steudtner case "shows that German citizens are no longer safe from arbitrary arrests in Turkey ", Gabriel said.
Polish parliament adopts contested Supreme Court reform
The change was a condition set by president Andrej Duda to sign the law. "I agree that we need a reform of the council". The ruling Law and Justice (PiS) party has embroiled itself in efforts to rein in judges since winning 2015's election.
Google Glass starts second life as an enterprise product
The lightweight, clip-on headset (now with increased power and battery life), has also made its way into the healthcare field. Glass will be sold via a range of specialised software companies, which are bundling it with their respective services.
Mercedes-Benz has unveiled a pickup X-Class
As promised last week, the new Mercedes-Benz pickup known as X-Class was finally unveiled today in its production version. A 165hp petrol engine completes the line-up, and in 2018 the new pickup will be available with a 258hp V6 petrol option.
Sears hops on Alexa bandwagon in move to spruce up appliances
The deal gives Sears a chance to restore its relevance while also affording Amazon a new offering in the market for appliances. Sears' stock pared some of the early gains but was still up 14 percent, on track for its best day in about four months.
'Game of Thrones' Director Defends Ed Sheeran After Backlash
So for Podeswa, the only thing he regrets about the cameo is how people are reacting and how it could be affecting the star. But the singer is receiving a morale boost from his director, Jeremy Podeswa, who helmed the episode "Dragonstone".