General Electric

Ticker GE

Today's data summary

Market open
% change
+0.47%
Price US dollars
13.76
Change
+0.07
As of 14:59 18 Jul 2018
Market cap. US dollars
119,423.40 million
As of 14:59 18 Jul 2018

Latest updates

GE to spin off healthcare division

GE hard hats
Reuters

General Electric has announced plans to spin off its healthcare business and divest its oil services company Baker Hughes.

The resulting company will focus on power, aviation and renewable-energy.

The move comes at the end of a year-long restructure overseen by chief executive John Flannery.

We will continue to improve our operations and balance sheet as we make GE simpler and stronger

John FlanneryChief Executive Officer
Tidal lagoon: GE project to make Swansea Bay turbines
John Wheeler, GE's project manager for the Swansea Bay tidal lagoon, explains how the whole supply chain could benefit from the £1.3bn investment.

GE shares suffer

General Electric shares are being hit after chief executive John Flannery said a dividend for 2019 is not guaranteed.

The US industrial giant is going through a big reorganisation to improve profitability.

"We have to see how this plays out," he told analysts in Flordia.

GE shares were down 6.9% in intraday trading.

GE merges train business in $11.1bn deal

GE train
General Electric

US industrial conglomerate General Electric has confirmed that it will merge its transportation business which makes train engines with Wabtec, which manufacturers equipment for the rail industry.

The deal is valued at around $11.1bn (£8.27bn) and GE will own 50.1% of the combined business.

It is the latest deal to be announced under the leadership of chief executive John Flannery, who is attempting to simplify GE.

As part of the Wabtec deal, GE will receive a cash infusion of $2.9bn.

GE shares rise on aviation strength

General Electric hats
Reuters

Shares in giant conglomerate General Electric have risen more than 2% in pre-market trading after it reported a strong quarter for its aviation, transportation, and healthcare businesses.

That helped buoy GE's power and oil and gas businesses, where profits fell more than 30% apiece.

Earnings from continuing operations attributable to GE shareholders rose to $369m in the quarter that ended on 31 March, from $122m a year earlier.

GE shares sink further as more problems emerge

General Electric logo
AFP/Getty

General Electric's share price briefly fell below $14 on Monday in response to new issues at the US conglomerate.

GE said on Friday it was cooperating with a US Department of Justice investigation connected to subprime mortgages. It also expects profits to be lower as it restates its 2016 and 2017 results.

On Monday, GE said three new people will be appointed to its board.

They are Leslie Seidman, a former JP Morgan vice president and chair of the Financial Accounting Standards Board; Thomas Horton, who oversaw the restructuring and merger of American Airlines with US Airways and Lawrence Culp, the former chief executive of Danaher Corporation, the industrial and consumer products group.

General Electric to be quizzed over job cuts

Union officials are meeting bosses at General Electric today - after plans were announced to cut around 1,100 jobs from its UK power business mainly in Stafford and Rugby.

GE site
BBC

The Unite Union wants assurances over the future of the town's sites - GE says the proposed job losses are in response to a reducing demand for fossil fuel power.

Unite says the meeting will take place at the European Works Council in Paris and adds that they want assurances over the future of the two sites in Rugby and Stafford.