General Electric

Ticker GE

Today's data summary

Market closed
% change
-0.53%
Price US dollars
9.37
Change
-0.05
As of 23:51 20 Sep 2019
Market cap. US dollars
81,609.31 million
As of 20:37 20 Sep 2019

Latest updates

MP 'delighted' at order 'securing' future of GE factory

An MP's spoken of his delight with a Ministry of Defence order for cutting edge naval frigates that will see the General Electric plant in Rugby supply the key electric drive motors.

Earlier today, the Unite trade union said the deal regarding the Type 26 Frigates had secured the future of the site.

GE previously said the work would be moved to Nancy, France, by the end of 2019 and Unite said the site would close with the loss of 250 jobs.

The Rugby site
BBC

Rugby's Conservative MP Mark Pawsey told Parliament he was "delighted" at the news and that it would keep the "vitally important facility here in the UK".

Defence minister Stuart Andrew in turn paid tribute to him "lobbying hard" for the contract.

GE site 'secured after MoD order for navy frigates'

The future of an engineering factory in Warwickshire has been secured after an order from the Ministry of Defence, according to Unite.

The union said workers at the General Electric site in Rugby had secured an order for motors for naval frigates

GE Rugby
BBC

Job losses at the site were announced in 2017, along with cuts at the company's Stafford base.

Unite said the order secured the immediate future of the site, which employs more than 250 workers making power conversion units.

Assistant general secretary Steve Turner said: "Unite's priority is now to reduce the number of potential redundancies at the site and secure its long-term future.

"We urge the government to build on today's announcement and ensure vital skills and knowledge are not lost for a generation by working with us to ensure the site has a pipeline of work for years to come."

General Electric disappoints

General Electric hats
Reuters

US industrial giant General Electric, which is in the midst of a drastic restructuring, has disappointed with its latest forecast for the year.

It expects earnings of 50 to 60 cents a share, below the 70 cents a share analysts were expecting.

Last year, the firm announced a turnaround plan aimed at simplifying the business model of the conglomerate, which had grown to encompass everything from light bulbs to loans.

Since then, GE has announced the sale of several divisions, including its rail and health technology units.

However, the disposals have failed to rebuild investor confidence and shares have fallen by around a third over the past year.

GE shares jump

Worker in GE t-shirt
Getty Images

General Electric's shares have received a boost in pre-market trading after it sold its biopharma business to Danahar Group.

The $21bn (£16bn) deal is the first major transaction by the new chief executive Larry Culp, who used to run Danaher before he joined GE.

"Today’s transaction is a pivotal milestone. It demonstrates that we are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and strengthen our balance sheet," he said.

The shares are up 11%.

GE pays €50m for missing jobs target

GE worker
Getty Images

General Electric is to pay the French government €50m (£44m) after falling short of its goal to create 1,000 new jobs in the country.

The US giant had pledged to create the jobs by the end of last year as part of its 2015 purchase of the power and electrical grid businesses of France's Alstom.

But shortly after closing the deal GE unveiled a series of job cuts across Europe as slumping oil and gas prices crimped demand for its heavy-duty turbines and other equipment.

As part of the deal, GE agreed to pay 50,000 euros for every job not created over the three-year period.

The French finance ministry said today that GE had created just 25 new jobs overall, meaning it would pay €50m into an industrial development fund.

Facebook jumps

While GE's shares are enjoying a double digit rise - their biggest jump in nine years - so are Facebook's after its results on Wednesday showed its user numbers have continued to rise despite a series of data privacy scandals. Facebook's shares are up 12%.

Bloomberg's Luke Kawa tweets:

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GE leaps

GE logo
Getty Images

General Electric's shares have jumped more than 10% as trading gets underway on Wall Street.

This is after it announced it had reached a settlement over an investigation into WMC Mortgage, its now defunct sub-prime mortgage business, and after it returned to profit in the fourth quarter.