GE Shares, Down 20%, Put Drag on Dow [-0.01]

Posted on Aug. 16, 2017, 10:30 a.m. by 24/7 Wall St. @ [source]

The Dow Jones Industrial Average is up 11.2% this year to 21,999. Net income was down 52% to $1.4 billion.

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General Electric Co. (NYSE: GE) stock struggled last week. Shares dipped 2.2% week over week and the company widened its lead as the worst performing equity of the 30 stocks that comprise the Dow Jones Industrial Average.

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GE's closely watched cash flow from operations fell 67 percent to $3.6 billion from a year earlier, reflecting the loss of the appliances division, which the company has sold.

GE said earnings are likely to end the year at the bottom end of its projected range at $1.60 a share to $1.70 a share.

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Jeff Immelt, the 16-year General Electric (NYSE:GE) CEO, is stepping down August 1. Immelt helped usher GE through the financial crisis and has grossly reshaped the GE business model.

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Yesterday, when the news broke that GE (GE) CEO Jeff Immelt was retiring, the stock jumped around ten percent. Immelt has been in charge at the giant conglomerate since 2001, and since then, the stock has lost around thirty percent in price terms while the S&P 500 has doubled.

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I'm excited to see Jeff Immelt stepping down as CEO from General Electric (NYSE: GE). It will be 'wait and see' to determine what John Flannery, the current president and CEO of GE Healthcare, does as the new GE CEO.

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The company on Monday named John Flannery, the president and CEO of GE Healthcare, as the new CEO, effective August 1.

Immelt, 61, succeeded legendary CEO Jack Welch, who led the company for 20 years and vastly increased its size and scope.

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Jeffrey Immelt to Retire as General Electric Chief [0.12]

Posted on June 12, 2017, 1:28 p.m. by NYT > DealBook @ [source]

General Electric said on Monday that its longtime chairman and chief executive, Jeffrey R. Immelt, would retire, ending a 16-year run in which he refocused the company on its industrial roots but also made notable acquisitions.

The move was part of efforts to extend G.E.’s reach in providing electrical utilities with generating equipment and power-grid distribution systems.

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General Electric Co. (NYSE: GE) named John Flannery, president and CEO of GE Healthcare, as chief executive Monday, effective August 1, ending the nearly 16-year tenure of Jeff Immelt.

Flannery, 55, began his career at GE Capital in 1987, where he focused on evaluating risk for leveraged buy-outs, according to a press release from GE.

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Movers: Jeff Immelt Out as C.E.O. of G.E. [0.18]

Posted on June 12, 2017, 11:26 a.m. by NYT > DealBook @ [source]

We’re following major market developments throughout the day.

The industrial giant said on Monday that its chairman and chief executive, Jeffrey R. Immelt, would retire at the end of the year, and be replaced by the top executive in its health care business.

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