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GE

General Electric Company

5/26/2013, 4:05 AM ET

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Wednesday, May 22, 10:32 PM GE bucked the downtrend today, rising 0.9% as Jeff Immelt - speaking at a conference (transcript) - says the company is considering spinning off parts of GE Capital through an IPO. "In financial services, putting things up for sale with the assumption that a bank would buy it has been a fool's journey," said Immelt, "(but) the capital markets are very receptive to IPOs." The proceeds would fund more buybacks as Immelt hopes to lower the share count to 9B-9.5B shares by 2015's end (from about 10.4B currently). 6 Comments
Tuesday, May 21, 5:40 AM Goldman Sachs lifts its forecasts for the S&P 500 (SPY), as David Kostin and company now say they expect the index to gain 5% by year-end to 1,750, 9% to 1,900 in 2014, and 10% to 2,100 in 2015. The rationale: expectations of above-trend real GDP growth beginning next year (Mr. Evans' "escape velocity" ?) coupled with P/E multiple expansion to 16x. Furthermore, dividends should rise ~30% over the next two years, bolstering the firm's claim that dividend-paying equities (DVY) are one of the only places U.S. investors can look to for income-generation. Some of GS's dividend picks, as listed on MarketWatch: Mattel (MAT), Ford (F), Philip Morris (PM), Walgreen (WAG), Chevron (CVX), U.S. Bancorp (USB), GE, Western Union (WU), Dow Chemical (DOW), and AT&T (T). 11 Comments
Monday, May 20, 6:47 AM GE Capital will pay a $6.5B in dividends to parent company GE in 2013, consistent with previously stated goals on capital allocation. Overall, GE plans to return $18B in cash to its shareholders in 2013. 6 Comments [Financials]
Friday, May 3, 12:18 PM GE's nearly $3B acquisition of Lufkin Industries (LUFK) receives antitrust approval from the FTC. The companies hope to close the deal - which will sharply increase GE's presence in the shale industry - by June. 4 Comments [M&A]
Tuesday, April 30, 10:51 AM General Electric (GE +0.1%) will pay $40M to settle a lawsuit stemming from a 77% decline in the value of the company's shares over a six-month period during the financial crisis. State Universities Retirement System of Illinois claimed the company hid bad debt tied to subprime loans, an accusation GE believes is "without merit." Nonetheless, the company says it is "in the best interests of shareholders [to] avoid diverting significant resources to" the lawsuit. 9 Comments
Wednesday, April 24, 3:40 PM GE Capital (GE +2.5%) cuts off lending to gun shops in response to public backlash since the Sandy Hook shootings. Though the company isn't the first financial firm to back away from involvement with the gun industry, the development puts the spotlight back on sellers such as Dick's Sporting Goods (DKS -0.4%), Wal-Mart (WMT -1.2%), and Cabela's (CAB +0.9%) which could see more foot traffic. It's also of interest to gun manufacturers Smith & Wesson (SWHC +0.8%) and Sturn Ruger (RGR -0.8%) - wallowing around with relatively low P-E ratios with future demand tough to forecast. 32 Comments [Consumer]
Wednesday, April 24, 1:38 PM GE (GE +1.7%) says its healthcare unit GE Healthcare announces a research collaboration agreement with Eisai (ESALY.PK, in which the Japanese pharmacuetical developer will use GEs investigational PET amyloid imaging agent to help select patients for a Phase I clinical Alzhiemers trial. The trial evaluates Eisai's investigational compound E2609, a BACE inhibitor designed to prevent the accumulation of beta amyloid in the brain, which is believed to play a role in the in the development of the disease. 1 Comment [Healthcare, On the Move]
Wednesday, April 24, 11:20 AM GE is investing $105M to obtain a 10% stake in EMC (EMC +0.9%) and VMware's (VMW -4.7%) Pivotal big data/app development tool spinoff ahead of an IPO; given the valuations assigned to peers, GE might've gotten a good deal. GE and Pivotal are also forming an R&D partnership "aimed at accelerating GE's ability to create new analytic services and solutions," with an eye towards industrial, energy, and healthcare applications. The announcement comes as VMware declines due to soft guidance marked by slumping license growth. EMC is faring better after reaffirming guidance in spite of a Q1 miss. Comment! [Tech, On the Move]
Monday, April 22, 1:16 PM Adding to GE's (GE -2.4%) woes today is an earlier announcement that its GE Healthcare unit has initiated a nationwide voluntary field corrective action of its Giraffe Incubator with a Servo Control Oxygen System and Giraffe OmniBed, saying that when the systems are powered "on", any manual settings entered by the clinician for the oxygen set point or radiant heater set point may be overwritten. GE says that as of yet, no related customer complaints or patient injuries have been reported. 1 Comment [On the Move, Healthcare]
Monday, April 22, 11:47 AM GE (GE) is the Dow's biggest loser today, falling 2.2% to $21.26 after JPMorgan cuts its rating on the conglomerate to neutral from overweight and lowers its price target to $22 from $24. Comment! [On the Move]
Monday, April 22, 9:33 AM JPMorgan downgrades General Electric (GE -0.8%) to Neutral from Overweight. The "safety stock" pitch "is increasingly hard to defend," notes analyst Stephen Tusa, who laments on the company call that predicting results for GE based on the macro environment is difficult due to the "mind boggling" number of moving parts at play. Tusa also asked Jeff Immelt about weakness in oil and gas on the call, and now says he no longer values GE Industrial at a premium. The stock is "dead money near term," Tusa notes. (transcript) 3 Comments
Friday, April 19, 12:39 PM Analysts, who earlier in the day hailed GE's (GE -3.8%) better-than-expected Q1 revenue, turn negative as Jeff Immelt says GE will try to boost earnings by cutting $1B in costs this year rather than relying primarily on sales growth (conference call). "The level of uncertainty in terms of their ability to meet their goals has risen," says one. Nomura calls the quarter "broadly disappointing." 11 Comments [Consumer, On the Move]
Friday, April 19, 8:16 AM A little more from GE: Immelt "always anticipated Q1 would be a tough comparison." GE Capital revenue up 1.7% to $11.54B, around a third of total revenue, as profits in the unit rose nearly 9%. That's a far cry from the industrials business where revenue and profits fell 5.7% and 11% respectively, even as Immelt attempts to scale back the company's dependence on GE Capital as a driver of profits. (earlier: GE beats, markets mixed) 1 Comment [Earnings]
Friday, April 19, 7:25 AM More on GE's Q1 results: "GE's markets were mixed," Immelt says, with strength coming from the U.S. and emerging markets but Europe showing weakness. Industrial sales were $22.3B, -6% Y/Y, led by a drop in power and water revenue. Aviation sales rose 4% and transportation gained 12%, boosting GE's equipment and services backlog to a record $216B. Shares -1.3% premarket. 1 Comment [Earnings]
Friday, April 19, 6:31 AM General Electric (GE): Q1 EPS of $0.39 beats by $0.04. Revenue of $35.0B beats by $0.3B. (PR) 7 Comments [Earnings, Breaking News]
Friday, April 19, 12:05 AM Notable earnings before Friday’s open: BHI, COL, FHN, FNFG, GE, GPC, HON, IPG, KMB, KSU, LH, MAN, MCD, NPBC, SAP, SLB, STI, STT, TCB, TNP, UA Comment! [Earnings]

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