GE is getting smoked after missing big on earnings

Markest Insider

    Shares of General Electric are down 6.91% to $21.96 after the company reported disappointing earnings and slashed forecasts. GE reported an adjusted profit of $0.29 per share, much lower than the $0.49 per share expected by Wall Street. The company also cut its profit forecasts for the year to $1.05-$1.10 from $1.60-$1.70, a 34% drop. GE said a lot of its costs are coming from new CEO John Flannery’s restructuring plan.

Read more about GE’s earnings results here.