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  • Yesterday, 8:13 AM
    • General Electric (NYSE:GE) says it will not extend or change the terms of the tender offer for 3-D printer company SLM Solutions, likely killing GE's plan to buy both SLM and Sweden’s Arcam for a combined $1.4B in a significant expansion of its 3-D printing capabilities.
    • GE's statement came just hours after two Elliott Management funds said they had amassed more than a 20% stake in SLM and would reject GE’s bid, saying the offer undervalued the company.
    • Elliott’s opposition to the SLM deal came just ahead of today’s deadline for GE to potentially change its offer; without the extension or change, the tender ends Monday.
    | Yesterday, 8:13 AM | 11 Comments
  • Yesterday, 7:16 AM
    • Q3 non-GAAP EPS (what GE calls its "Industrial operating + Verticals EPS") of $0.32 was up 10% Y/Y.
    • Backlogs of $319B up 18% Y/Y, up 6% ex. Alstom; Orders up 16%, with organic growth down 6%. $25B returned to shareholders in Q3, including $18.1B in buybacks.
    • Full-year guidance is cut, with the company now expecting revenue to be flat to up 2% in 2016 vs. an earlier hope of 2-4% growth. The midpoint of EPS guidance remains the same at $1.50; the range is narrowed to $1.48-$1.52 from $1.45-$1.55.
    • Conference call at 8:30 ET
    • Previously: General Electric EPS in-line, misses on revenue (Oct. 21)
    • GE -0.6%
    | Yesterday, 7:16 AM | 8 Comments
  • Yesterday, 6:35 AM
    • General Electric (NYSE:GE): Q3 EPS of $0.32 in-line.
    • Revenue of $29.27B (+4.4% Y/Y) misses by $370M.
    • Shares -0.2% PM.
    • Press Release
    | Yesterday, 6:35 AM
  • Thu, Oct. 20, 5:30 PM
    | Thu, Oct. 20, 5:30 PM | 2 Comments
  • Thu, Oct. 20, 9:58 AM
    • General Electric (GE +0.1%) says it may appeal a decision upholding the EPA's plan that requires the company to clean chemicals from the Housatonic River in western Massachusetts.
    • The EPA proposes a ~$613M cleanup of PCBs from more than 400 acres along a 10.5-mile stretch of the river in Pittsfield and Lenox, including dredging and trucking contaminated soil and sediment to an out-of-state facility.
    • Separately, the Czech government says it signed a deal with GE Aviation to build a plant to develop, test and produce turboprop engines in the country.
    | Thu, Oct. 20, 9:58 AM | 4 Comments
  • Fri, Oct. 14, 7:47 AM
    • General Electric (NYSE:GE) expects increased partnership with Chinese infrastructure firms along China's 'New Silk Road' to generate a significant jump in third-party country sales.
    • Vice Chairman John Rice said GE's third-party country revenue involving Chinese partners, which now stands at about $1B per year, could jump to more than $5B a year, and may reach $10B annually.
    | Fri, Oct. 14, 7:47 AM | 10 Comments
  • Tue, Oct. 11, 4:56 PM
    • General Electric (NYSE:GE) and Citigroup (NYSE:C) provided tax equity financing to the U.S.’s first offshore wind farm, a 30 MW project recently completed off Rhode Island, the project's developer said today.
    • Deepwater Wind announced the financing from GE Energy Financial Services and Citi without disclosing the amount; D.E. Shaw provided ~$70M in equity financing for the project, and Societe Generale and KeyBank provided $290M in debt financing.
    • A separate GE unit, GE Renewable Energy, supplied the five wind turbines for the $300M project and will provide long-term maintenance service.
    | Tue, Oct. 11, 4:56 PM | 15 Comments
  • Tue, Oct. 11, 8:06 AM
    • General Electric (NYSE:GE) says it intends to purchase Denmark-based LM Wind Power for $1.65B, in a deal that would in-source wind turbine blade design and manufacturing for its renewable energy business.
    • The acquisition "will help sustain growth in the wind power industry," says Jerome Pecresse, head of GE Renewable Energy. "We'll be more local, have more flexibility and knowledge in turbine design and supply, and more ability to innovate and reduce product costs, while improving turbine performance."
    • GE values the deal at 8.3x pro forma EBITDA, and expects the deal to be accretive to earnings in 2018.
    | Tue, Oct. 11, 8:06 AM | 18 Comments
  • Mon, Oct. 10, 2:58 PM
    • General Electric (GE -0.8%) says it has a "keen interest" in acquiring a Nigeria railway concession worth ~$2B.
    • Nigeria has been looking for partners to upgrade its aging rail network but GE has not specified the concession it wants.
    • GE's top executive in Africa said last week that the company sought to invest ~$150M in Nigeria by 2017, while Nigerian Pres. Buhari said he had in mind a ~$2.2B "investment in revamping, providing rolling stock, and managing some of the country's railway lines.
    | Mon, Oct. 10, 2:58 PM | 31 Comments
  • Sat, Oct. 8, 8:25 AM
    • This is the bottom” for Honeywell's (NYSE:HON) businesses exposed to the oil and gas industries, but troubles in the business jet industry “will get worse” next year, CEO David Cote said Friday, a day after the company cut its earnings and sales forecast, causing shares to slide 7.5% in their worst showing in five years.
    • "This was a surprise," says William Blair's Nick Heymann, as HON had been considered a safe-haven stock amid sluggish industrial growth, on Cote's reputation and record of delivering on profit targets.
    • Morgan Stanley analyst Nigel Coe compared HON’s announcement to a “paella bowl” dropped in front of investors and said “credibility is becoming a growing issue.”
    • Other analysts are more confident: J.P. Morgan's Steve Tusa says "it's not that bad in the grand scheme," noting that HON’s profits are off ~5% YTD, roughly in line with its industrial peers.
    • “While this quarter and maybe next quarter look to be a little bit worse than anticipated, we still believe they’re well positioned long term to benefit from growth opportunities," according to Edward Jones' Jeff WIndau.
    • HON supplies parts to Textron (NYSE:TXT) and General Dynamics (NYSE:GD), which fell a respective 3.6% and 0.8% yesterday, while aerospace parts makers Heico (NYSE:HEI), B/E Aerospace (NASDAQ:BEAV) and TransDigm (NYSE:TDG) each slid more than 1%; also, GE slipped 0.6%, United Technologies (NYSE:UTX) fell 1.5%, and Boeing (NYSE:BA) lost 0.4%.
    | Sat, Oct. 8, 8:25 AM | 25 Comments
  • Fri, Oct. 7, 6:37 AM
    • The venture capital arms of both GE and Caterpillar (NYSE:CAT) have recently invested in Clearpath Robotics, a startup focused on developing autonomous robots for factories, according to Fortune.
    • The investment was a part of larger $30M Series B investment that was led by iNovia Capital.
    • Clearpath will use the new capital to improve its robots and hire more employees.
    | Fri, Oct. 7, 6:37 AM | 3 Comments
  • Thu, Oct. 6, 9:06 AM
    • General Electric (NYSE:GE) says it won a contract to supply software and analytics to the New York Power Authority, the state's public electrical system and the largest state-owned U.S. power utility.
    • The deal covers New York's 16 generating facilities and its transmission network, which supply ~20% of the state's electricity.
    • GE had signed software and analytics agreements with more than 20 utilities worldwide based on its new Predix industrial operating system, but the company says all involved only part of a utility's generating and transmission capacity.
    | Thu, Oct. 6, 9:06 AM | 6 Comments
  • Mon, Oct. 3, 6:40 PM
    • General Electric (NYSE:GE) plans to invest ~$150M in Nigeria by 2017, part of the company's plan to spend $2B in Africa in the coming years, according to Jay Ireland, GE's top executive in Africa.
    • But the $150M figure falls short of the amount Nigeria's government has said GE would invest, as Pres. Buhari said Saturday that GE was "investing $2.2B in a concession to revamp, provide rolling stock, and manage" some of the country's railway lines.
    | Mon, Oct. 3, 6:40 PM | 18 Comments
  • Mon, Oct. 3, 10:47 AM
    • September monthly performance was: +0.2%
    • AUM of $1.3B
    • 52-week performance vs. the S&P 500 is: +7%
    • $0.21 in dividends were paid in September
    • Top 10 Holdings as of 8/31/2016: AT&T Inc (T): 5.38068%, Exxon Mobil Corp (XOM): 5.11766%, Verizon Communications Inc (VZ): 4.15514%, Chevron Corp (CVX): 3.62745%, General Electric Co (GE): 3.46929%, Procter & Gamble Co (PG): 3.13406%, Wal-Mart Stores Inc (WMT): 2.92688%, Pfizer Inc (PFE): 2.90452%, Philip Morris International Inc (PM): 2.83223%, Merck & Co Inc (MRK): 2.39541%
    | Mon, Oct. 3, 10:47 AM
  • Mon, Oct. 3, 9:47 AM
    • September monthly performance was: -0.52%
    • AUM of $5.04M
    • 52-week performance vs. the S&P 500 is: -11%
    • $0.16 in dividends were paid in September
    • Top 10 Holdings as of 8/31/2016: Apple Inc (AAPL): 5.01757%, Microsoft Corp (MSFT): 4.59213%, Exxon Mobil Corp (XOM): 3.65506%, Johnson & Johnson (JNJ): 3.32616%, General Electric Co (GE): 2.90192%, Procter & Gamble Co (PG): 2.3854%, Wells Fargo & Co (WFC): 2.34646%, Pfizer Inc (PFE): 2.17377%, JPMorgan Chase & Co (JPM): 2.08563%, Inc (AMZN): 2.02582%
    | Mon, Oct. 3, 9:47 AM | 1 Comment
  • Mon, Oct. 3, 9:10 AM
    • September monthly performance was: +0.58%
    • AUM of $7.66M
    • 52-week performance vs. the S&P 500 is: -9%
    • $0.23 in dividends were paid in September
    • Top 10 Holdings as of 8/31/2016: Apple Inc (AAPL): 3.96271%, Microsoft Corp (MSFT): 3.09853%, Johnson & Johnson (JNJ): 2.24259%, General Electric Co (GE): 1.95493%, Exxon Mobil Corp (XOM): 1.64204%, Procter & Gamble Co (PG): 1.33805%, Wells Fargo & Co (WFC): 1.31607%, Pfizer Inc (PFE): 1.21901%, Nestle SA (OTCPK:NSRGF): 1.15897%, Intel Corp (INTC): 1.14963%
    | Mon, Oct. 3, 9:10 AM