General Electric

  • Ecco la 72° Edizione del settimanale "Le opportunità di Borsa" dedicato ai consulenti finanziari ed esperti di borsa.

    È stata un’ottava ricca di spunti per i mercati, dapprima con l’esito delle elezioni europee, poi con i dati americani incoraggianti sull’inflazione e la riunione della Fed. L’esito delle urne ha mostrato uno spostamento verso destra del Parlamento europeo, con l’avanzata dei partiti nazionalisti più euroscettici a scapito di liberali e verdi. In Francia, il presidente Macron ha indetto il voto anticipato dopo la vittoria di Le Pen e in Germania i socialdemocratici del cancelliere tedesco Olaf Scholz hanno subito una disfatta record. L’azionario europeo ha scontato molto queste incertezze legate al rischio politico in Francia. Oltreoceano, i principali indici di Wall Street hanno raggiunto nuovi record dopo che mercoledì sera, la Fed ha mantenuto invariati i tassi nel range 5,25-5,50%. I dot plot, le proiezioni dei funzionari sul costo del denaro, stimano ora una sola riduzione quest’anno rispetto a tre previste a marzo. Lo stesso giorno è stato diffuso il report sull’inflazione di maggio, che ha mostrato un rallentamento al 3,3% e un dato core al 3,4%, meglio delle attese.
    Per continuare a leggere visita il link

Default protection costs on GE Capital jump
CDS on GE's financial unit trade 'upfront' for the first time, brokers say
By Alistair Barr, MarketWatch
Last update: 5:58 p.m. EST March 2, 2009Comments: 18SAN FRANCISCO (MarketWatch) -- The cost of insuring against a default by General Electric's financial-services unit jumped to distressed levels Monday on concern about a potential credit-rating downgrade, brokers said.
Credit-default swaps on GE Capital traded 11% upfront on Monday, according to broker Phoenix Partners Group.
When contracts on credit-default swaps trade upfront, it means investors seeking protection against a default must pay fees immediately. These contracts usually require only annual payments, but when concerns reach extreme levels, sellers of protection demand money upfront as well.
Upfront prices on credit-default swaps of 11% mean that investors seeking protection on $100 million of debt for five years would need to pay $11 million upfront and $5 million a year.
Monday marked the first time that GE Capital CDS traded upfront. On Friday, the contracts changed hands at 710 basis points, Phoenix Partners said. That means investors seeking protection on $100 million of debt needed to pay $7,100,000 a year, in quarterly installments.
GE (GE:General Electric Company
News , chart , profile , more
Last: 7.61-0.90-10.58%

4:00pm 03/02/2009

Delayed quote dataAdd to portfolio
Analyst
Create alert Insider
Discuss
Financials
Sponsored by:
GE 7.61, -0.90, -10.6%) announced plans to slash its dividend by 68% last week, saving roughly $9 billion a year. However, Moody's Investors Service, a leading ratings agency, said it would continue reviewing the prized AAA ratings of GE and GE Capital for possible downgrade.
"Moody's review remains centered on GE Capital's performance prospects given the deteriorating trends in asset quality, the headwinds facing the industrial segment's cash flow as a result of the global economic downturn and continued tight credit market conditions," the ratings agency said.
Aside from fundamental concerns such as these, GE Capital CDS prices may be surging because debt of the unit was probably included in many collateralized debt obligations, or CDOs, according to Tim Backshall, chief credit strategist at Credit Derivatives Research.
CDOs are structured products that hold mortgage-backed securities, corporate debt and other fixed-income securities. GE Capital debt may have been included in these vehicles because it was AAA rated but paid relatively high interest rates during the credit boom earlier this decade, Backshall explained.
Now that GE Capital is in danger of a downgrade, the dealers who set up these CDOs may be hedging themselves by buying CDS protection on the unit's debt, he said.
Alistair Barr is a reporter for MarketWatch in San Francisco.
 
GE didn't expect global crisis; aims to `weather the cycle'

By Robert Daniel
Last update: 3:47 a.m. EST March 3, 2009Comments: 45
TEL AVIV (MarketWatch) -- General Electric Co.'s (GE:General Electric Company
News , chart , profile , more
Last: 7.61-0.90-10.58%

4:00pm 03/02/2009


top executives never expected the financial system's failure and the economic fallout that followed, Chairman and Chief Executive Jeffrey Immelt said in a letter to shareholders. The executive said in the letter that he couldn't say how deep the recession will be or how long it will last but that management is "running GE to `weather the cycle.'" The Fairfield, Conn., industrial and financial-services giant is geographically diverse, taking in 53% of revenue from outside the U.S., and it has a $172 billion backlog in infrastructure projects, Immelt said. But despite management's efforts, he said, GE stock "got hammered. Companies with a presence in financial services, like GE, are simply out of favor." Going forward, the financial industry will be less leveraged, with fewer competitors "and a fundamental repricing of risk," he said.
 
Ho letto da qualche parte che Immelt ha comprato 50.000 azioni...
 
da quando ho Ge tutto quel che ha detto si e' dimostrato sbagliato.....non so come sia ancora sulla poltrona......
 
Consueto tonfo dell'8%....siamo a quota 6,97.....tra poco se si continua si chiude il thread......Qui ci vuole lo Spirito santo...come La Pira disse a Mattei per fargli prendere il Nuovo Pignone e salvare 2000 famiglie se chiudeva ....la storia si ripete?......
 
Ho letto da qualche parte che Immelt ha comprato 50.000 azioni...
ho trovato anch'io la notizia....

As a final reassurance, Immelt and other company executives and board members bought GE stock Monday. Immelt bought 50,000 shares, a move the company said was meant to project his confidence in GE's long-term future.

"This is one of the ways I can say to investors that I am all in, that we are kind of shoulder to shoulder with you," he said in an interview broadcast on GE's Web site late Monday.
 
consueto - 14% ed e' bucato anche i sei......siamo s 5,98... se continua tra 7 giorni si chiude baracca........

shares fall 15 percent to below $6March 4, 2009 10:52 AM ET advertisement

BOSTON (Reuters) - General Electric Co's shares fell more than 15 percent on Wednesday, trading below $6 for the first time since 1991, as investors' anxiety about its hefty GE Capital arm continued to swirl.

"People are playing the $2.50 options on this thing pretty heavily," Peter Sorrentino, senior vice president and portfolio manager at Huntington Asset Advisors in Cincinnati, which holds GE shares, said, referring to bets that the U.S. conglomerate's stock could fall to that level.

"This looks like the same kind of bear rush that the financials got last summer. There's blood in the water and they're going to keep pounding away on this name."

GE shares were down about 78 cents, or 11 percent, at $6.23 on the New York Stock Exchange in morning trading, after touching a low of $5.87 early in the session.

They have lost roughly 79 percent of their value over the past year, a steeper drop than the 45 percent slide of the Dow Jones industrial average , or the 47 percent tumble of the Standard & Poor's 500 index .

(Reporting by Scott Malone, editing by Maureen Bavdek)

© 2009 Reuters Limited. A
 
Ultima modifica:
Consueto tonfo dell'8%....siamo a quota 6,97.....tra poco se si continua si chiude il thread......Qui ci vuole lo Spirito santo...come La Pira disse a Mattei per fargli prendere il Nuovo Pignone e salvare 2000 famiglie se chiudeva ....la storia si ripete?......

Bellissimo parallelismo storico.... ma con uno sfondo ancor più grave: quella del Nuovo Pignone che rinasce passando ad ENI era la storia di un'azienda SINGOLA in crisi che veniva salvata da un'azienda all'epoca completamente statale ma inserita in un contesto di ripresa economica italiana e soprattutto fu un'operazione guidata da politici locali (La Pira) e nazionali (De Gasperi) e da manager statali (Mattei) tutti con le contropalle....

Oggi se zompa GE la Nuovo Pignone se la prende in quel posto... l'ENI è viva e vegeta ma non so se avrebbe la possibilità di comprarsela, anche perché al posto di La Pira c'è Domenici (o Renzi tra qualche mese), al posto di De Gasperi c'è Berlusconi e, con tutto il rispetto, al posto di Mattei c'è Scaroni che sarà anche un bravo manager ma ovviamente ha in testa solo lo yield per gli azionisti e non le 2000 famiglie (che nel frattempo sono diventate oltre 4000....).

Anni fa ebbi un'offerta di lavoro dalla Nuovo Pignone e, per vari motivi, la rifiutai tenendomi il posto che avevo allora. Per un pò me ne sono pentito ma oggi non più: ho ancora amici che lavorano là dentro e fino a un paio d'anni fa sventolavano a destra e sinistra i loro bravi assegni ad personam che l'azienda gli concedeva spesso extra busta paga. Ora questi assegni non circolano più e gli rimane la busta paga da impiegati del CCNL metalmeccanici, e pregano Dio ogni sera che gli rimanga almeno quella, perché il lavoro si è drasticamente ridotto e ogni 3 che vanno in pensione o riescono a cambiare lavoro ne riassumono uno....
 
comprate 1000 ge.a 6.80.per me rimbalza bene..
 
GE CFO Keith Sherin says Company is Safe and Secure and Sees No Need for New Capital
GE CFO Keith Sherin says Company is Safe and Secure and Sees No Need for New Capital; Financial Services Business Expected to be Profitable in First Quarter and Full Year 2009;
Will Host GE Capital Investor Meeting the Week of March 16



GE CFO Keith Sherin said today that the Company has taken the right steps to ensure that it is safe and secure in this environment and that he sees no need to raise additional capital. Mr. Sherin said GE’s financial services business expects to be profitable in the first quarter of 2009 and for the full year, and the Company will provide a detailed review of the financial services business the week of March 16 in a dedicated GE Capital meeting.

“We have taken a number of actions to make the Company stronger and safer. These actions have given us an incredibly strong liquidity position, including $45 billion in cash," Sherin said. “We have no triggers that we can see that would have any call on our cash in the short-term; and we have $60 billion of additional capacity available under the Temporary Loan Guarantee Program (TLGP). We've done 70% of the long-term debt we need for this year, and we're going to complete the remainder of 2009's funding needs in the near future. We have the capacity under TLGP to complete 2010's funding needs as well.

Mr. Sherin said he expects the financial services business to be profitable for the first quarter and full-year 2009, and he addressed questions on the Company’s position on cash generation and loss reserves: "Over a three-year period here, we expect GE Capital to be profitable, even after $35 billion of losses and impairments. We're looking today for GE’s total cash flow to be around $16 billion for the year. In our stress case we could be down in the $14 billion level. In either scenario, we can fund the company. If conditions were to deteriorate beyond what is in our stress scenario, we also have the option of scaling back originations in GE Capital to conserve cash and capital."

Mr. Sherin corrected some of the inaccuracies circulating in the market, including the rumor the Company has $45 billion in commercial mortgage backed securities (CMBS) that will need to be marked down, “I have no idea where that comes from. We don’t have $45 billion in CMBS. We have a $50 billion commercial real estate loan book. It's a senior secured position and we underwrite each individual property. We have about $34 billion of equity. That's the actual value of the properties, with over 80% of that with no third party debt.” The Company has $2.9 billion of CMBS in its investment portfolio, as reported in its 2008 10-K.

Mr. Sherin announced that GE would host a dedicated GE Capital investor meeting the week of March 16: “We will do a deep dive around the hot spots in the Company, including real estate, U.S. consumer, global mortgage with a focus on UK home lending, and central and eastern Europe exposure.” Mr. Sherin said the Company will also present the results of its stress test at the meeting to demonstrate the ability of its financial services business to absorb and handle losses even in this difficult environment.

Mr. Sherin also highlighted the strength of the Company’s industrial businesses, “We've got a big equipment backlog in the infrastructure businesses, and we have a huge services business. The long cycle energy business should have a very strong year. The technology infrastructure business and aviation are in a good position, mostly driven by the service business. Healthcare and NBC Universal will probably have a tough year.”

Mr. Sherin addressed these topics and others this morning on CNBC’s Squawk Box. The full video is available at http://www.cnbc.com. CNBC is part of NBC Universal, one of GE’s four business segments.
 
GE Capital is enormously leveraged to consumers throughout the world. It issues credit cards for Wal-Mart, Lowe’s, IKEA, and hundreds of other retailers throughout the world. GE Capital provides private label credit card programs, installment lending, bankcards and financial services for customers, retailers, manufacturers and health-care providers. It also owns 1,800 commercial airplanes and leases them to 225 airlines worldwide. GE Capital provides credit services to more than 130 million customers — like retailers, consumers, auto dealers and mortgage lenders. Their financial products and services include a suite of offerings, from credit cards to debt consolidation to home equity loans. GE Capital has also been a huge benefit to the industrial side of the business. GE Capital provides financing for customers that buy GE power turbines, jet engines, windmills, locomotives and other big ticket items. The crucial question is whether the people and companies who received loans from GE Capital can pay them back. GE’s future is highly dependent on the answer to this question.
The AAA rating of GE allows GE Capital to borrow funds at lower rates than all banks in the United States. Their cost of capital has been 7.3%. Losing that rating would be disastrous to GE Capital. Between 2002 and 2006, GE Capital did what most other banks did and levered up. Their ratio of debt to equity rose from 6.6 to 8.1, while profits quadrupled. GE Capital jumped into the subprime mortgage market in 2004, buying WMC Mortgage. It sold it in 2007, after racking up losses of $1 billion in 2007. It also unloaded a Japanese consumer lending company at a $1.2 billion loss in 2007. It is clear that risk management has taken a back seat to profits at GE Capital. GE Capital’s profits plunged 38% in the 3rd quarter, the main reason for GE’s earnings miss. Analyst Nicholas Heymann of Sterne Agee wrote: "Investors now understand that GE uses the last couple weeks in the quarter to 'fine-tune' its financial service portfolios to ensure its earnings objectives are achieved. It turns out it really wasn't miracle management systems or risk-control systems or even innovative brilliance. It was the green curtain that allowed the magic to be consistently performed undetected."
__________________
 
Barclays upgrades GE debt, sees stable liquidity

By Christopher Hinton
Last update: 11:05 a.m. EST March 6, 2009Comments: 6
NEW YORK (MarketWatch) -- Barclays Capital upgraded the debt for General Electric Co. on Friday to market weight from underweight, citing the recent decline in bond prices. "We still have fundamental concerns about wholesale funded businesses and believe asset quality will be a major headwind in 2009," the investment firm said. "Still, we believe liquidity is stable, and spreads therefore fully reflect the risk." Meanwhile, the cost of insuring GE's debt fell to $1.6 million from $1.78 million on Thursday to protect $10 million in senior bonds from default in five years, according to data from CMA. Shares of GE rose 3% at last check to $6.87. (Updates to place bond insurance prices into monetary form).
 
qualche refolo di ottimismo nella bufera.....



GE shares up after analysts say big writeoffs unlikelyMarch 6, 2009 10:05 AM ET advertisement

BOSTON (Reuters) - General Electric Co shares rose 5 percent on Friday after analysts at Merrill Lynch and BernsteinResearch said they did not see the U.S. conglomerate sharply marking down assets in its hefty finance arm in the near future.

GE shares have been pounded this week -- leaving them down 59 percent for the year, more than double the fall of the widely watched Dow Jones industrial average -- amid investor worries that GE Capital has not adequately reserved against an expected rise in delinquencies on its loans.

"With financial companies around (the) world under increasing pressure and governments injecting funds into multiple financial institutions, we think investors have rightly questioned managements' forecast and planning assumptions that continue to seem too optimistic and out-of-step with the environment," wrote Merrill Lynch analyst John Inch, in a note to clients.

BernsteinResearch analyst Steven Winoker wrote that, while he thinks GE will need to mark down the value of its financial portfolio over time, he does not see an immediate and large writedown as likely.

"Probably the biggest controversy surrounding GE right now is what the fair value of (GE Capital's) $661 billion is if/when a write-down to fair value should occur," Winoker wrote in a note to clients.

He estimated that parts of GE could be overestimating the value of some of its assets -- for example, he calculates that its real estate equity is worth about $20 billion, rather than the $32.7 billion GE estimated it at the end of the year.

But he saw no need for immediate action.

"We think such write-downs, if needed, would be spread over several years, which will lessen the need for equity raises, but will hurt long-term earnings," Winoker wrote.

Inch, of Merrill Lynch, wrote that he considered it unlikely GE would have to raise additional capital -- a step the company has repeatedly said it regards as unlikely. But he warned that if that changes, GE may it find it difficult to raise substantial money in equity markets due to its low stock price.

He noted that if GE Capital did face a funding crisis, he believed it would be likely the U.S. government would step in to block a bankruptcy filing or a spin-off, given the lender's huge role in the U.S. financial system.

"Investors cannot assume that the risks of a future government bailout of GE Capital are zero," Inch wrote.

Merrill Lynch cut its 2009 profit target for the Fairfield, Connecticut-based company to $1.16 per share, below his prior view of $1.32 but more in line with Reuters Estimates of $1.19, which would represent a roughly 38 percent drop on a per-share basis, excluding unusual items. It cited the deteriorating economy.

GE, which also runs the NBC Universal media business, has not provided a numeric per-share profit target for the year, instead setting out a framework that allows for a drop in profit at GE Capital but modest growth at its big infrastructure businesses.

Another question facing GE is what will happen to its current top-notch credit rating. Many on Wall Street expect Moody's Investors Service and Standard & Poor's to cut GE's "triple-A."

GE's chief financial officer and noted bond investor Dan Fuss of Loomis Sayles said on Thursday they believed any cut to GE's rating would keep the company in the "double-A" range.

If its rating was lowered further, to "A+," Winoker estimated GE would be on the hook for an $8.2 billion collateral call. A far deeper cut, to "BBB+" would mean another $2.9 billion payment.

GE shares rose 36 cents to $7.02 on the New York Stock Exchange. Earlier this week they hit an 18-year low of $5.87. They have traded as high as $38.52 over the past 52 weeks.

The cost of insuring GE Capital's debt through credit-default swaps declined on Friday, according to Phoenix Partners Group. Investors were paying 15.5 percent upfront, meaning that it required an immediate $1.55 million payment plus an additional $500,000 per year to ensure $10 million of GE debt for five years. At Thursday's close they had stood at 16.5 percent upfront.

(Reporting by Scott Malone, additional reporting by Dena Aubin in New York, editing by Dave Zimmerman)

© 2009 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters.

advertisement
 
Salve a tutti, guardavo in questi giorni l'andamento dei prezzi delle obbligazioni della GE sul Tlx, nel giro di pochi giorni hanno perso diversi punti %, il rendimento a scadenza calcolato è attorno all'8% (più o meno come un titolo di stato lituano), questo significa che la GE è messa maluccio, oppure è solo un momento di "panico" e nei prossimi giorni il loro prezzo si alzerà nuovamente come successo a dicembre?
 
Salve a tutti, guardavo in questi giorni l'andamento dei prezzi delle obbligazioni della GE sul Tlx, nel giro di pochi giorni hanno perso diversi punti %, il rendimento a scadenza calcolato è attorno all'8% (più o meno come un titolo di stato lituano), questo significa che la GE è messa maluccio, oppure è solo un momento di "panico" e nei prossimi giorni il loro prezzo si alzerà nuovamente come successo a dicembre?

questa e' "la domanda" per eccellenza.....infatti il rischio e' la bancarotta....non so stimare quanto sia questa probabilita'.....ma se fossi certo che non fallisse comprerei a piene mani sia obbligazioni che azione GE.....:confused:
 
questa e' "la domanda" per eccellenza.....infatti il rischio e' la bancarotta....non so stimare quanto sia questa probabilita'.....ma se fossi certo che non fallisse comprerei a piene mani sia obbligazioni che azione GE.....:confused:

Capisco, se il rendimento è così alto qualcosa sotto dev'esserci per forza.

Ti ringrazio.
 
Su "Finanza & Mercati" de "Il Sole 24 Ore" c'è a pagina 27 un articolo dedicato a Ge. In breve Ge viene paragonata ad Aig in quanto il costo per proteggere GECAP, sul mercato dei derivati, è quasi simile. Inoltre, si ritene prossimo un abbassamento del rating di GE poichè la sua divisione finanziaria dovrà subire perdite superiori alle attese nonostante il suo direttore finanziaro Keith Sherin vada rassicurando il mercato dicendo che le paure per GECAP siano eccessive e che la divisione finanziaria sarà in attivo nel primo trimestre.

Che cosa ne pensate?
 
prossimo appuntamento per il primo trimestre il 17 di aprile, ma l'11 marzo abbiamo una conferenza....

Wednesday, March 11, 2009, 11:15a.m. EST
Merrill Lynch Cleantech Leaders Conference (Wednesday, March 11, 2009, 11:15a.m. EST)Friday, April 17, 2009, 8:30a.m. EST
GE 1st Quarter 2009 Earnings Call(Friday, April 17, 2009, 8:30a.m. EST)Wednesday, April 22, 2009, 10:00a.m. EST
2009 Annual Meeting of Shareowners(Wednesday, April 22, 2009, 10:00a.m. EST)
 
Ge, Standard & Poor's taglia rating su debito a lungo termine

Finanzaonline.com - 12.3.09/14:52

Standard & Poor's ha tagliato il rating sul debito di lungo periodo su General Electric. L'agenzia di rating ha portato il rating da AAA ad AA+ con outlook stabile rimarcando l'aumento delle pressioni sugli utili derivanti dal peggioramento del contesto economico globale. A Wall Street il titolo Ge sale dell'1,29% a 8,59 dollari dopo i primi minuti di contrattazioni.
 
Indietro