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

Forbes.com
GE's Downgrade Not All Bad News
Maurna Desmond, 03.12.09, 01:50 PM EDT
S&P may have taken away the firm's coveted triple-A credit rating, but most of its report came up roses.

General Electric shares rallied 13% Thursday, ironically after the company lost its coveted and increasingly rare triple-A credit rating.

Standard & Poor's lowered GE (nyse: GE - news - people ) one notch to "double-A plus" from "triple-A plus," citing concerns about rising loan losses and diminishing earnings in its financial arm.

The downgrade comes just a month after Chief Executive Jeffrey Immelt took responsibility for allowing his company's reputation to be "tarnished" because it strayed from the "safe and reliable" formula it prides itself on.

But investors shrugged it off, because the rest of the report was much more upbeat than expected. Immelt certainly was relieved. "While no one likes a downgrade, this review and rating reaffirm the relative strength of the company," he said.

While attributing the credit ding to trouble at GE Capital, S&P analyst Robert Schulz said the 100-year-old company as a whole is still an "excellent business risk profile," with significant cash flow and liquidity, strong corporate governance and management's commitment to maintaining very high credit quality.

The company is believed to have "very strong capacity to meet its financial commitments," Schulz said. S&P has rated GE's outlook "stable."

GE's strong suit is its industrial-based businesses, which Schulz says will generate about $2 billion in discretionary cash flow in 2009 and a "significantly greater" amount the following year, thanks in large part to a 68% cut to its dividend (see "GE May Need More Capital").
Comment On This Story

Debt downgrades are usually unwelcome news in the stock market, because the associated higher borrowing costs can hurt a firm's ability to raise funds. But GE has been shoring up its balance sheet aggressively over the last few months through the government's bond guarantee program.

Gimme Credit Analyst Kathleen Shanley notes GE Capital can issue up to $126 billion under the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program, "so it doesn't have to run out and raise new funds at the onerous spreads implied by its CDS [credit default swap] levels." At the end of last year, GE had $35.2 billion of FDIC-backed debt already outstanding.

Shanley notes that GE and its finance operations have $60 billion of committed, unused lines of credit, including $37.4 billion in revolving credit agreements and $21.3 billion of 364-day lines. GE said it has already raised over 90% of its 2009 long-term debt needs, and lowered its outstanding commercial paper to $60 billion from $88 billion in Q3 2008.

While GE does appear fit enough to weather the storm, its dabblings in high-return investments may cause greater losses than it expects. In his February annual report, Immelt warned, "Today, I wish we had less exposure to commercial real estate and U.K. mortgages."

Soon we'll find out if this unfulfilled wish becomes a nightmare for GE.
 
Buy on rumors & sell on news.. che in questo caso diventa short on rumors & cover on news :D +14%
 
GE to Provide a Detailed Review of GE Capital; Expects GE Capital Finance to be Profitable in 1Q and Full Year 2009; Does Not Foresee a Need for External Capital Even Under Stress Assumptions Approximating Federal Reserve's Adverse Case


Last update: 9:07 a.m. EDT March 19, 2009
FAIRFIELD, Conn., Mar 19, 2009 (BUSINESS WIRE) -- GE (GE:General Electric Company
News , chart , profile , more
Last: 11.01+0.69+6.69%

9:41am 03/19/2009

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GE 11.01, +0.69, +6.7%) is today providing investors with a detailed update on GE Capital's framework and outlook at an investor meeting in New York and via webcast. The session builds on the December 2008 update in which the Company outlined tough but prudent actions intended to improve liquidity, reduce costs and control credit losses at GE Capital amid the global recession.
"Even in this difficult environment of credit pressure and declining asset values, we expect GE Capital Finance to be profitable in the first quarter and full year 2009," GE Vice Chairman and Chief Financial Officer Keith Sherin said. "Our funding position is strong, having already completed 93% of 2009 funding goal."
"We have a strong set of financial services businesses built with discipline, sound risk management and a conservative, originate-to-hold model. We expect these businesses to perform through this difficult cycle. We have sufficient capital and alternatives to weather the tough environment," GE Vice Chairman & GE Capital Chairman and CEO Mike Neal said.
"To give our investors further assurance and recognizing the uncertainty of the current climate, we have stress tested GE Capital Finance using assumptions consistent with the Federal Reserve's base case and a more severe adverse case, which contemplates unemployment peaking at 10% and GDP declining by more than 3% in 2009," Neal said. "Even under this more severe case, which would potentially cause our losses and impairments to increase significantly, GE Capital Finance would still essentially break even and not require additional capital.
"GE Capital Finance's key capital ratios compare favorably to banks, including the important ratio of tangible common equity to tangible assets (TCE/TA)," Neal said. "With the recent $9.5 billion capital infusion by GE, GE Capital Finance will have a TCE/TA ratio of approximately 6%, which reflects a very strong capital base."
GE is providing a detailed review of the GE Capital businesses and will address questions raised by investors about portfolio risk, such as commercial real estate, global mortgage, U.S. consumer and Eastern Europe.
The meeting in its entirety will be presented live via webcast beginning at 9:00 a.m. ET today. Webcast and call information is available at www.ge.com/investor, and related charts will be posted there prior to the call.



sembrano buone notizie...titolo che rivede quota 11 oggi.......
 
GE to Provide a Detailed Review of GE Capital; Expects GE Capital Finance to be Profitable in 1Q and Full Year 2009; Does Not Foresee a Need for External Capital Even Under Stress Assumptions Approximating Federal Reserve's Adverse Case


Last update: 9:07 a.m. EDT March 19, 2009
FAIRFIELD, Conn., Mar 19, 2009 (BUSINESS WIRE) -- GE (GE:General Electric Company
News , chart , profile , more
Last: 11.01+0.69+6.69%

9:41am 03/19/2009

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Financials
Sponsored by:
GE 11.01, +0.69, +6.7%) is today providing investors with a detailed update on GE Capital's framework and outlook at an investor meeting in New York and via webcast. The session builds on the December 2008 update in which the Company outlined tough but prudent actions intended to improve liquidity, reduce costs and control credit losses at GE Capital amid the global recession.
"Even in this difficult environment of credit pressure and declining asset values, we expect GE Capital Finance to be profitable in the first quarter and full year 2009," GE Vice Chairman and Chief Financial Officer Keith Sherin said. "Our funding position is strong, having already completed 93% of 2009 funding goal."
"We have a strong set of financial services businesses built with discipline, sound risk management and a conservative, originate-to-hold model. We expect these businesses to perform through this difficult cycle. We have sufficient capital and alternatives to weather the tough environment," GE Vice Chairman & GE Capital Chairman and CEO Mike Neal said.
"To give our investors further assurance and recognizing the uncertainty of the current climate, we have stress tested GE Capital Finance using assumptions consistent with the Federal Reserve's base case and a more severe adverse case, which contemplates unemployment peaking at 10% and GDP declining by more than 3% in 2009," Neal said. "Even under this more severe case, which would potentially cause our losses and impairments to increase significantly, GE Capital Finance would still essentially break even and not require additional capital.
"GE Capital Finance's key capital ratios compare favorably to banks, including the important ratio of tangible common equity to tangible assets (TCE/TA)," Neal said. "With the recent $9.5 billion capital infusion by GE, GE Capital Finance will have a TCE/TA ratio of approximately 6%, which reflects a very strong capital base."
GE is providing a detailed review of the GE Capital businesses and will address questions raised by investors about portfolio risk, such as commercial real estate, global mortgage, U.S. consumer and Eastern Europe.
The meeting in its entirety will be presented live via webcast beginning at 9:00 a.m. ET today. Webcast and call information is available at www.ge.com/investor, and related charts will be posted there prior to the call.



sembrano buone notizie...titolo che rivede quota 11 oggi.......

E pensare che stavo per entrare a 5,80... come ti dicevo quel giorno ! E vabbè.... dai che piano piano si torna a valori più consoni.
 
Speriamo che sia il punto d'inizio della riscossa.......




GE sees profitable finance unit in 1st qtr, '09March 19, 2009 11:34 AM ET advertisement

Article tools E-mail this article Print-friendly version Discuss this articleStocks mentioned in this articleGeneral Electric Co (GE) Stock Quote, Chart, News, Add to WatchlistRelated topicsEarnings ForecastsEconomic IndicatorsInvesting OpinionsDividendsRelated newsStocks jump after Fed says it will buy TreasurysSunoco, General Motors, Whole Foods are big moversDollar sinks after Fed says it will buy TreasurysOil prices fall on new US inventory reportHow the Dow Jones industrials fared Tuesday
All Associated Press newsWASHINGTON (AP) - General Electric Co. on Thursday forecast a profitable first quarter and full year for its struggling finance unit, aiming to soothe investor fears that factors like falling real estate values and unpaid credit cards could further damage GE Capital.

At an investors conference in New York, the company backed an earlier forecast that GE Capital could earn up to $5 billion this year, despite a U.S. recession and global slowdown. The unit, which provides loans for consumer credit cards, energy projects like power plants, and overseas home sales, has been battered by cautious spending and losses in areas such as mortgages and commercial real estate.

Worries over GE Capital have contributed to a 70-percent plunge in GE's share price in the past year, although the stock gained 4 percent in early trading on Thursday. Investors have feared big losses may be looming in GE Capital's units, especially its investments in the soft commercial real estate market, its lending in the falling United Kingdom housing sector, and the consumer credit card segment that is under pressure as more borrowers lose jobs.

Those worries prompted the Fairfield, Conn.-based conglomerate to open GE Capital's books to show there are no hidden "time bombs" on its balance sheet. Thursday's exhaustive review was to last five hours, covering areas that included everything from details on its commercial properties to forecasts for economic growth in business regions like Eastern Europe.

GE cautioned that its finance unit may end up breaking even under a worst-case scenario where the U.S. economy continues to deteriorate. That scenario included unemployment of 10 percent and a decline in gross domestic product of around 3 percent.

The company said that it would not have to plug more cash into GE Capital even if that grim forecast came true. GE said it also remains committed to holding on to GE Capital, which last year accounted for about half of the industrial conglomerate's earnings.

"We are running GE Capital to be safe and secure," Keith Sherin, GE's chief financial officer, told investors.

Since GE missed its first-quarter earnings forecast last April, the share price has fallen from the high $30s to a low of $5.72 earlier this month. GE has cut its dividend for the first time since 1938, and last week it lost its coveted 'AAA' credit rating from Standard & Poor's.

GE plans to restructure and shrink GE Capital, cutting it down to about 30 percent of overall company earnings. It is reducing its use of riskier debt like commercial paper and slashing an unspecified number of jobs as well.

GE said Thursday that it has also raised $45 billion of long-term funding for 2009, about 93 percent of its goal for the year. Much of that was through a program that offers federal government backing of corporate debt.

"We have sufficient capital and alternatives to weather the tough environment," said Mike Neal, head of GE Capital.

Sherin said earlier this month that GE was prepared for $35 billion in losses and impairments between 2008 and 2010. He said GE Capital GE will have $16 billion in cash in 2009, enough to meet its funding needs.

Shares of GE rose 40 cents, or 3.9 percent, to $10.72 in late morning trading Thursday.

__
 
primo quarto 2009 EPS 26 cent...e l'indicazione che GE capital tornera' in nero e' ribadita.


GE reports 1Q ’09 EPS of $.26;
Technology & Energy Infrastructure Earnings +11%;
Capital Finance Earns $1.1B in 1Q ’09;
Total Backlog Stable at $171B
1Q ’09 Highlights (Continuing Operations attributable to GE)
• Earnings per share (EPS) of $.26, down 40%; earnings of $2.8 billion, down 35%
• Revenues of $38.4 billion, down 9%; Industrial sales down 1%; financial services revenues down
20%; Industrial organic revenue was flat year-over-year
• Energy Infrastructure earnings grew 19%; Technology Infrastructure earnings grew 6%
• Capital Finance earned $1.1 billion in 1Q and remains on track for profitable 2009
• Capital Finance extended $69 billion of new credit in 1Q
• Total equipment and services backlog steady at $171 billion; 1Q Infrastructure orders totaled $19
billion, down 10%
• Achieved 93% of planned 2009 long-term debt funding; $47 billion cash and equivalents
• Results do not include any impact from newly issued mark-to-market rules; implementing in 2Q
• Cash generated from operating activities totaled $2.8 billion, on plan
FAIRFIELD, Conn. – April 17, 2009 – GE announced today first-quarter 2009 earnings from
continuing operations (attributable to GE) of $2.8 billion, or $.26 per share attributable to
common shareowners, down 40% from first quarter 2008. First-quarter 2009 revenues from
continuing operations were $38.4 billion, down 9% year-over-year.
“In a recessionary environment impacting every segment of the economy, we delivered firstquarter
business results consistent with our GE Capital investor meeting on March 19th and
the framework provided last December, which included a smaller but still-profitable GE
Capital and 0-5% earnings growth in our Industrial segments,” GE Chairman and CEO Jeff
Immelt said. “Amid a continued weak economy, we’re performing well and our backlog
remains strong.
“Infrastructure and Media earnings together were flat versus last year. Energy Infrastructure
grew earnings by 19% while Technology Infrastructure had earnings growth of 6%. While
Cable continued to deliver double-digit growth, NBC Universal had a tougher performance
overall due to a soft advertising market and fewer major DVD releases compared to a year
ago.
“Despite the difficult economy, we generated $19 billion in Infrastructure orders, a decline of
10%. Importantly, high-margin service orders grew 7%. Major equipment and service
backlog held approximately flat at $171 billion vs. year-end 2008 and was up 6% versus a
year ago.
“Capital Finance earned $1.1 billion in the quarter and remains on track to be profitable for
the full year,” Immelt said. “Revenues and profitability declined year-over-year in our financial
services business and we continue to experience rising delinquencies. However, we have
taken prudent actions to address these challenges, including tightening risk requirements,
improving liquidity and reducing leverage. Also, questions about credit ratings have been
resolved. We still have a strong rating and our outlook is stable.”
On balance, positive items were mostly offset by charges in the quarter. The Company
realized a $0.3 billion after-tax net benefit from transaction gains, marks and impairments
and an incremental $0.2 billion tax benefit, which were mostly offset by $0.4 billion in aftertax
restructuring and other charges. First-quarter results do not include any impact from the
newly issued mark-to-market accounting rules, which we will implement, as required, in the
second quarter 2009.
“We are aggressively managing our cost structure to respond to challenging global economic
conditions,” Immelt said. “For 2009, we will reduce our costs by more than $5 billion. We’ve
reduced headcount and are managing company operations more efficiently, leading to
improved operating leverage in our infrastructure businesses.”
First Quarter 2009 Financial Highlights:
Earnings from continuing operations attributable to GE were $2.8 billion, down 35% from
$4.4 billion in the first quarter of 2008. EPS from continuing operations was $.26, down 40%
from last year. Segment profit fell 27% in the quarter, as strong 19% growth at Energy
Infrastructure was more than offset by a 58% decline at Capital Finance and a 45% decrease
at NBC Universal.
Including the effects of discontinued operations, first quarter net earnings attributable to GE
were $2.8 billion ($.26 per share) in 2009 and $4.3 billion ($.43 per share) in the first quarter of
2008.
Revenues fell 9% to $38.4 billion. GE Capital Services’ (GECS) revenues fell 20% over last year
to $14.4 billion. Industrial sales were $24.0 billion, down 1% from the first quarter of 2008.
Industrial organic revenue held steady year over year.
Cash generated from GE operating activities in the first quarter of 2009 totaled $2.8 billion,
down 42% from last year, primarily reflecting the lack of a GECS dividend payment in 2009
and lower progress collections, which were offset by improvements in working capital.
Historically, the Company has generated approximately 18% of its full-year cash flow in the
first quarter. GE is on track to meet its full-year cash flow plan.
“We are running GE for the long term. Over the last six months, we have made the difficult
decisions to raise equity and cut the dividend to keep GE safe and secure,” Immelt said. “On
March 19, we conducted a ‘deep dive’ into GE Capital that demonstrated the strength of our
team and our commitment to transparency. Estimated stress-test results showed that we do
not need to raise additional capital even in the Fed’s adverse-case scenario.
“Meanwhile, we are investing in growth, while lowering cost and generating cash. We see
great opportunity in a global economy that favors clean energy, affordable healthcare and
services that drive customer productivity. GE is positioning itself to lead in this reset
economy.”
GE will discuss preliminary first-quarter results on a conference call and Webcast at 8:30 a.m.
ET today. Call information is available at www.ge.com/investor, and related charts will be
posted there prior to the call.
 
Immelt Says GE Is Braced for a Storm
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By PAUL GLADER
ORLANDO, Fla. -- General Electric Co. Chief Executive Jeffrey Immelt said the company is preparing for a once-in-a-generation "reset" as it tries to weather what he called the worst recession in 80 years.

Speaking at GE's annual meeting Wednesday, Mr. Immelt outlined planned changes at the conglomerate, and tried to appease investors disheartened by the company's recent performance

More
Deal Journal: Time for Break-Up Talk at GE's Annual Meeting
The meeting came after a rough year for GE, largely because of growing losses inside its finance unit, which had been providing roughly half of the Fairfield, Conn., firm's profits. GE shares are down 63% in the past year, though they gained 0.9% to close at $11.80 in 4 p.m. trading Wednesday.

Many of the roughly 600 attending shareholders were upset about GE's plan to cut its dividend by 68% for the second half of the year, to 10 cents per quarter. The dividend cut, announced earlier this year, is the company's first since the Great Depression.

Chief Financial Officer Keith Sherin said the dividend cut "was the toughest decision we have ever wrestled with. We had lots of debates with the board. In the end, the decision to protect the franchise was the right decision."

That didn't appease Guy Labalme, a retired attorney in Tampa, Fla., who owns 56,000 GE shares and said the dividend cut would reduce his retirement income by 60%. "To me, GE, which I always admired, now means 'Go Elsewhere.'"

After the meeting, Mr. Immelt said he understands shareholders' frustrations. "My job is to listen," he said.

Other shareholders questioned executive compensation, bonuses and management decisions. Such concerns appeared to boost support for a shareholder proposal asking GE to give investors an annual advisory vote on executive compensation. The measure got support from 43.1% of shares voted, up from 38% for a similar proposal last year.

Mr. Immelt said the finance arm, GE Capital, will shrink to concentrate on more profitable sectors that are better connected to other GE businesses. He said the financial services industry would be changed dramatically by the crisis, emerging with fewer competitors and more regulation.

Mr. Immelt said GE's $120 billion order backlog and large service businesses would help the company get through the recession. But he said GE would also invest in businesses and products to help drive future growth, such as renewable energy and improving health care. "It's the way to grow in a slow growth world," he said.

In an interview, John Krenicki, GE's top energy executive, touted two such innovations: solar energy and technology for "smart grids" that make electricity networks more efficient. He predicted that GE would generate $4 billion per year annually from smart grids in about four years, and about $1 billion annually from its solar unit.

Write to Paul Glader at paul.glader@wsj.com
 
Sembra che il titolo da 2-3 giorni abbia ripreso a salire ... :cool:
 
ritorniamo a parlare di Ge....
Will GE Bring Good Things to Life in 2010?

NEW YORK (TheStreet) -- Speaking at an annual investor meeting on Tuesday, General Electric (GE Quote)CEO Jeffrey Immelt told investors that the worst is over for its financing arm.
Throughout 2009, GE Capital has been losing profits, but Immelt says the company has been shrinking the financing arms balance sheet and reducing the highly leveraged parts of its portfolio. The result he says is a smaller, but still meaningful GE Capital. Entering the NBCU joint venture deal with Comcast(CMCSA Quote) was also part of GE's plan to take a much more focused approach towards its industrial portfolio, Immelt said. The laser-sharp focus Immelt wants for GE's core sweet spots in 2010 include high-tech infrastructure and financial services in the emerging markets. He also believes that GE, in particular, is well-positioned to pursue healthcare and IT opportunities in the emerging markets because of its international experience, and that it is currently well-capitalized to pursue those opportunities.
Indeed, GE has been garnering favorable views from credit analysts since it entered its NBCU joint venture agreement with Comcast and began showing progress on improving GE Capital's capital position. Ditto from the equity analysts.
On Thursday, Barclay Capital analysts raised GE's price target to $22 from $20 because of a better 2011 earnings outlook. Barclays also raised its 2009 and 2010 earnings estimates to $1.03 and $0.97, respectively, with
 
GE sale a 16,42 ...il 22 gennaio il quarto trimestre....

General Electric Jumps on Heavy Volume
Michael Baron


NEW YORK (TheStreet) -- Shares of General Electric(GE Quote) rose sharply on Thursday on much heavier than normal volume.

The stock was tacking on 5.5% in recent trades to $16.30. About 166 million shares have changed hands, more than double the issue's average trailing three-month volume of 76 million, and good for third most-active issue on the New York Stock Exchange, behind Citigroup(C Quote), which has been tear of late, and Bank of America, which was the recipient of an upgrade from Credit Suisse before the opening bell.

The rise made GE the top percentage gainer in the Dow Jones Industrial Average, which was slightly higher in late afternoon action ahead of Friday's eagerly anticipated nonfarm payrolls report.

It wasn't completely clear what was driving the buying interest as the stock didn't take off until around midday. JPMorgan raised its price target on the stock before the open to $22 from $20 as part of a wider call on a number of industrial companies, including a downgrade of fellow Dow component 3M(MMM Quote). The firm already had an overweight rating on the shares, but did say its top picks for 2010 were General Electric, Rockwell Automation(ROK Quote), and Watsco Inc.(WSO Quote).

JPMorgan also singled out General Electric for praise, though, saying the stock was its favorite of those three, and that the stock "does not reflect the earnings leverage at GE Capital."

On the corporate news front, there was an announcement by the company's GE Transportation unit of an order for 50 locomotives from Cosan for deployment in Brazil. A Dow Jones report put the value of the order at $130 million. Dow Jones also cited a report from Morgan Stanley about the state of the commercial real estate market as a contributing factor for the rise in the stock, but the note doesn't specifically pertain to General Electric.

In the note, Morgan Stanley posits that "property values have bottomed, but the recovery will be multi-staged and gradual," and lists Bank of America, Huntington Bancshares(HBAN Quote), East West Bancorp(EWBC Quote), Fifth Third Bancorp(FITB Quote), KeyCorp(KEY Quote), Regions Financial(RF Quote), and Zions Bancorp(ZION Quote) as its stocks that will benefit most if its bull case comes to pass and commercial real estate valuations rise faster than currently anticipated.

General Electric does, of course, have significant commercial real estate exposure, so the scenario would be a huge positive for it, as well as the rest of the financials. In a presentation accompanying its third-quarter results, GE estimated its exposure to commercial real estate financing receivables at $45.5 billion as of Sept. 30, with $27.5 billion of that figure related to the United States. A number of the stocks mentioned by Morgan Stanley were rallying, such as Huntington, up more than 11%; and Zions Bancorp, gaining more than 12%.

The surge follows a rather desultory period for GE shares as the conglomerate underperformed indexes tracking both the financial and industrial sectors in the last three months of 2009.

GE is expected to report its fourth-quarter results on Jan. 22. The current consensus estimate of analysts polled by Thomson Reuters is for a profit of 26 cents a share in the December period on revenue of $39.94 billion.

Written by Michael Baron in New York.
 
GE Rises on Bullish JP Morgan RemarksBy Tiernan Ray
In a big note — I’m talking 108 pages! — on the electrical equipment group today, JP Morgan-Chase analyst Stephen Tusa raised price targets on a slew of stocks, including up’ing his price on General Electric (GE) from $20 to $22, which he rates “Overweight.”

GE shares today closed up 5%, or 80 cents, or $16.25.

He also raised his targets on Ingersoll Rand (IR), Lennox International (LII), Rockwell Automation (ROK), infrastructure manufacturer SPX (SPW), Textron (TXT), Watsco (WSO), and Wesco (WCC), all of which he rates “Overweight” as well.

Despite the uptick in target price, Tusa’s generally reluctant to endorse the group, despite rising enthusiasm for industrials given the uncertain shape of global economic recovery. (See yesterday’s comparatively bullish note by Goldman Sachs.) Sales are set to decline on an “organic” base for the industry by about 2% this year, he writes, while mix and pricing of goods could make things worse. And a “double-dip” recession can’t be ruled out.

Nevertheless, he writes that General Electric is JPM’s top pick, but not for the industrials side, rather for the GE Capital Services business, which may very well have significant earnings leverage. First, the delayed fall-off in “provisioning,” which will abate the first half of this year, will become less of a drag on GE Cap’s earnings. Second, the business will face less competition for leasing and financing this year as competitors such as Textron bow out.

As for GE’s industrial business, well, it’s really mid- to late-cycle of an economic recovery, so it will not fare much better than a 3% decline in revenues this year, writes Tusa.

Morgan Stanley analysts also had bullish things to say about GE, emphasizing that property values have bottomed, which should be a relief for GE Cap’s exposure to commercial real estate.
 
Ge :28 cent nell'ultimo quarto 09....lievemente meglio del previsto....."segni incoraggianti ".....nessun outlook sul 2010 comunque....


GE posts smaller fourth-quarter profit; shares gain
Declines in infrastructure, capital finance filter down to blue chip's bottom line
By Christopher Hinton, MarketWatch
NEW YORK (MarketWatch) -- General Electric Co.'s fourth-quarter net earnings fell 19%, weighed down by declines in its infrastructure and financial-services businesses, the company reported Friday.

The Dow Jones Industrial component and economic benchmark didn't release a 2010 outlook. However, it is seeing "encouraging signs" in its infrastructure business, with orders up about 20% from the prior quarter at $22.1 billion.

"GE's environment has improved and we saw some encouraging signs at year end," said Chairman and Chief Executive Jell Immelt in a statement. "We continue to operate the company with discipline."

GE 16.02, -0.48, -2.91%


2015105FMAMJJASON10For the most recent quarter, the Fairfield, Conn., company (NYSE:GE) said profit fell to $2.94 billion, or 28 cents a share, from $3.65 billion, or 35 cents, earned in the year-earlier period.

Restructuring and other charges of nine cents a share were partly offset by benefits in the quarter, including one cent a share in transaction gains and a five-cent benefit from a lower industrial-tax rate.

Analysts polled by FactSet Research had expected GE to earn 26 cents a share, on average.

Revenue fell 10% to $41.44 billion, ahead of analysts' mean estimate of $39.99 billion.

Conan O'Brien Leaves Tonight ShowNBC signed a 45 million (USD) agreement with Conan O'Brien to end his short-lived tenure as host of the Tonight Show. Courtesy Reuters.
Shares of GE rose nearly 2% ahead of the opening bell to stand lately at $16.30. In the last 12 months, the stock has climbed about 19%.

GE saw revenue declines across its five segments in the December quarter, with technology infrastructure down 10% to $11.3 billion and energy infrastructure off 9% to $10.4 billion.

The backlog of equipment and services orders rose "slightly" from the third quarter to $175 billion, the company said.

In terms of quarterly profit by business segment, technology infrastructure declined 16% to $2.1 billion, but energy infrastructure managed to gain 9% to $2.2 billion.

Capital finance profit plunged 67% to $336 million as revenue declined 15% to $12.5 billion.

At GE Capital, all divisions were profitable except commercial real estate, according to the company. Values in commercial real estate have been falling, and the company expects them to fall an additional 13% over 2010.

At NBC Universal, profit fell 30% to $602 million with revenue down 4% to $4.3 billion. GE is in the process of setting up NBC Universal as a joint venture that cable-television giant Comcast Corp. (NASDAQ:CMCS.K) (NASDAQ:CMCS.A) will manage.
 
all'orizzonte buy back e incremento dividendo...?
NEW YORK (MarketWatch) -- General Electric Co. /quotes/comstock/13*!ge/quotes/nls/ge (GE 16.54, +0.52, +3.23%) said Friday it expects flat segment growth in 2010, but also predicts opportunities to grow its dividend and buyback stock. For the new year, the Fairfield, Conn., conglomerate projects flat profit growth for its industrial and capital finance businesses, and potentially negative growth for its media business. Cash flow is likely to grow by $13 billion to $15 billion. Beyond 2010, GE projects earnings-per-share growth for 2011 and 2012.
 
Speriamo che non ci prenda.......sulla parte finanziaria di GE c'e' solo da sperare......non abbiamo elementi per giudicare.....sulla parte industriale ho fiducia, anche se non nel breve.
 
GE Board of Directors Authorizes Regular Quarterly Dividend



FAIRFIELD, Conn., Feb 12, 2010 (BUSINESS WIRE) -- The Board of Directors of General Electric Company today authorized a regular quarterly dividend of $0.10 per outstanding share of the Company's common stock. The dividend is payable April 26, 2010 to shareowners of record at the close of business on March 1, 2010. The ex-dividend date is February 25, 2010.
 
General Electric's Immelt forgoes bonus againExplore related topics
Industrial, Equipment Banks UK General Electric Co Story Quotes Comments Screener (3) Alert Email Print ShareBy Matt Andrejczak, MarketWatch
SAN FRANCISCO (MarketWatch) -- General Electric Co. Chairman Jeff Immelt has opted not to take an annual cash bonus in 2009 for the second straight year as he aimed to steer the industrial conglomerate out of a deep recession.

However, other top executives at GE /quotes/comstock/13*!ge/quotes/nls/ge (GE 16.35, +0.24, +1.49%) took home bonuses totaling more than $10 million.


Reuters

General Electric Chief Executive Officer Jeffrey Immelt.

In 2009, GE's earnings from continuing operations were $11.2 billion, down 38% from in 2008. Revenue dropped 14% to $156.8 billion. GE shares, one of the 30 Dow Jones Industrial Average components, fell 6.6% in 2009, compared to the roughly 19% gain for the Dow.

Total compensation for Immelt in 2009 was $9.885 million, up from $9.28 million in 2008, mostly due to the increase in the value of his pension and deferred compensation, GE explained Friday in its proxy statement.

The 54-year old Immelt earned a salary of $3.3 million and performance stock units valued at $1.79 million. His salary hasn't changed since 2005.

Performance stock units are eligible for sale over time and can be converted in GE shares or cancelled, depending on whether the company's operating targets are met.

Last year Immelt earned 50% of the performance stock units granted to him in September 2005, amounting to 125, 000 shares.

The change in his pension value was $4.39 million. Other compensation, which among other items includes personal aircraft use and car leases, came to $396,155.

/quotes/comstock/13*!ge/quotes/nls/ge
GE 16.35, +0.24, +1.49%

2015105MAMJJASON10FGE said Immelt purchased 50,000 GE shares on the open market last year, increasing his open-market buys to 836,400 shares since becoming CEO in 2001, GE said.

On March 4, the board's compensation committee granted Immelt 2 million stock options, 1 million of which vest in 2013, the rest in 2015.

The grant was made to increase the equity-based portion of his compensation going forward and underscore the committee's "confidence in his leadership."

When it comes to executive compensation, the compensation committee at GE takes a longer-term view and doesn't award its executives for "taking outsized risks that produce short-term gains," according to the proxy.

GE last year worked to improve the health of its GE Capital unit, one of the world's biggest non-bank lenders. The unit cut its exposure to bad loans and cut borrowings.

Among other executives named in the company's proxy, GE did pay bonuses in 2009.

Chief Financial Officer Keith Sherin earned a bonus of $2.67 million; vice chairman John Krenicki, a $2.5 million bonus; vice chairman Michael Neal, a $2.9 million bonus; and vice chairman John Rice, a $2.83 million bonus.
 
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