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‘His legacy is tarnished’: The big shake-up at GE is a direct challenge to former CEO Jeff Immelt’s most prized achievements

The legacy Jeff Immelt left behind at General Electric is officially on life support. Perhaps the biggest blow to date was landed on Tuesday when the company said it planned to spin off its healthcare business and divest its stake in oil-services company Baker Hughes.

GE will spin off its healthcare business and split from oil giant Baker Hughes in a massive reorganization

General Electric will spin off its healthcare business and divest its stake in oil-services company Baker Hughes. The moves come as part of a broad corporate reorganization that sees GE trying to shore up its balance sheet and streamline its businesses.

General Electric surges after announcing another spinoff as it leaves the Dow

The slimming down of businesses comes almost precisely on the one-year anniversary of GE’s acquisition of  a 62.5% stake in Baker-Hughes. Along with the healthcare spinoff also announced Tuesday, CEO John Flannery — who took over the company in August 2017— has focused on cost-cutting.

Baker Hughes is falling in its first day trading under a new ticker

The previously announced partnership combines GE's oil and gas business with Baker Hughes and enters the two companies in a partnership.

US oil-rig count rises for 12th straight week, Baker Hughes says

West Texas Intermediate crude oil futures were headed for a 3.2% weekly gain.

US oil rig count rises for 7th straight week, Baker Hughes says

The US oil-rig count rose by seven to 609 this week, according to oilfield-services giant Baker Hughes.

US oil rig count climbs for 5th straight week

West Texas Intermediate crude oil — the US benchmark — was on pace to close down for the first week in five ahead of the rig-count release.

Oil rig count jumps by 17

The latest reading on the US oil rig count from Baker Hughes.

Oil rig count jumps by 15

The latest reading on the US oil rig count from Baker Hughes.