Moody's Corporation, General Electric Company Q2 2017 Earnings

Nike shares jumped almost 3% early Thursday after an analyst upgrade

Nike shares jumped almost 3% early Thursday after an analyst upgrade

USA markets opened lower on Friday, weighed down by weaker-than-expected earnings from General Electric.

GE forecast full-year earnings to fall 51% versus 2016 against the slump in its oil & gas unit.

Going the other way, eBay fell in pre-market trade after its second-quarter sales and earnings came in as expected.

Shares of Dow component GE slipped 0.1% to $26.67.

The oil and gas division of the company, however, posted revenue of $3.1 billion, a 3 percent decline from the same time previous year. Revenue fell 11.8% to $29.6bn.

By General Electric Company (w:File:General_Electric_logo.svg) [Public domain], via Wikimedia CommonsGeneral Electric Q2 2017 earnings amounted to 13 cents per share on a net basis, marking a 57% year over year decline. Organic industrial revenue rose 2%.

Operating cash flow from GE's continuing industrial operations, adjusted to exclude deal taxes and pension plan funding, rose from $65 million to $1.47 billion year over year in the quarter.

GE also noted that its backlog during the quarter rose 2% year over year to $326.8 billion.

With oil prices having fallen from $53 to $48 per barrel over the second quarter, GE warned of weaker full-year trading from its unit that serves the oil & gas industry.

Immelt said the company would be able to navigate through a market where crude oil prices are suppressing spending in some exploration and production sectors because of the global scale of GE's portfolio.

In June, GE announced that Immelt would step down as CEO on August 1, to be replaced by longtime executive John Flannery. The stock trended lower leading up to the post-results conference call (http://www.marketwatch.com/story/ges-stock-turns-sharply-lower-after-ceo-immelt-gives-downbeat-outlook-on-conference-call-2017-07-21), with the stock down 0.9% just before the call started.

The stock is now trading at $26.70 per share, floating in a range of $26.67 to $27.05.

Analyst Jim Corridore at CFRA, which acquired S&P Global's equity and fund-research business a year ago, followed by downgrading GE to hold from buy, and by cutting his stock price target to $27 from $36.

Recommended News

  • SpaceX Dragon Capsules Will Not Land On Mars

    SpaceX Dragon Capsules Will Not Land On Mars

    The idea was born from Musk's frustration with traffic , The Hill reported . "Then prob LA-SF and a TX loop", he tweeted . At this point in time, it has only been revealed that the new system will be slightly smaller and more affordable.
    Elephant trapped in ocean current rescued in massive effort

    Elephant trapped in ocean current rescued in massive effort

    Like most mammals, they're quite capable swimmers , easily crossing rivers and shallow ocean when they need to. The elephant had been caught in a current and washed out to sea off Sri Lanka when the navy spotted it.
    One-time Aussie stands in way of Williams' tilt at title

    One-time Aussie stands in way of Williams' tilt at title

    Main-draw victories by Venus Williams at Wimbledon , equalling her sister Serena's record at the All England Club. The second set had more action as Williams struggled before Ostapenko held to love to lead 4-3.
  • BBC male presenters could face salary cuts after gender pay gap revealed

    BBC male presenters could face salary cuts after gender pay gap revealed

    The BBC have stressed that its overall talent bill has been reduced by more than £4m over the last financial year, to £194m. There are no Black, Asian or Minority Ethnic (BAME) stars featured in the list of 24 staff earning over £300,000.
    Mayweather, McGregor wrap up promotional tour

    Mayweather, McGregor wrap up promotional tour

    According to TMZ , Conor's "monkey" comment was off the mic. 'All of the media seem to be saying that I am against black people. Mayweather will look to move his professional boxing record to a flawless 50-0, while McGregor will make his boxing debut.
    'Walking Dead' production temporarily halts after tragic stuntman death

    'Walking Dead' production temporarily halts after tragic stuntman death

    The Coweta County Coroner's Office in Georgia has reportedly confirmed the news of the stuntman's death to Entertainment Weekly . Unfortunately, thoughts and prayers may not be enough, as Deadline is reporting that Bernecker is brain dead and on life-support.
  • Chargers 1st-rounder Mike Williams could need season-ending back surgery

    Chargers 1st-rounder Mike Williams could need season-ending back surgery

    Williams suffered a herniated disk in rookie minicamp and was ruled out for the team's OTAs. Williams, a receiver out of Clemson, was the seventh-overall pick in this year's draft.
    Ian Poulter battles the elements to share Scottish Open lead

    Ian Poulter battles the elements to share Scottish Open lead

    Rafa Cabrera Bello took out the European Tour event in a play-off with Callum Shinkwin after the pair finished at 13-under par. Cabrera Bello will climb into the world's top 20 heading into the Open Championship at Royal Birkdale .
    76ers' Ben Simmons: 'Team wants me to start at point guard'

    76ers' Ben Simmons: 'Team wants me to start at point guard'

    Fultz is a traditional point guard. "Just trying to get back to how I was playing and I've been doing well", Simmons said. To complement its slew of promising young talent, Philadelphia has also signed veterans J.J.
  • USA hits Iran with new economic sanctions

    Chief Political Correspondent David Brody says Trump wants out of the Iran Nuclear Deal, but the timing isn't right . Republicans have long argued that Tehran is abiding only by the strict letter of the deal, not the spirit .

    New Barcelona coach Valverde relieved not facing Messi

    According to reports , Barcelona are considering a bid for Tottenham wonder kid Dele Alli after their bid for Marco Verratti stalled.
    Sung Hyun Park wins US Women's Open by two shots

    Sung Hyun Park wins US Women's Open by two shots

    Her approach shot on the par-5 18th left her off the green and down a small slope, in the shadow of a hulking television tower. Park, a 23-year-old from South Korea, fired a 5-under 67 to pull away on the back nine and finish 11-under for the tournament.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.