GE's latest earnings are a last-chance showing for its CEO

22 July, 2017, 00:43 | Author: Celia Hoffman
  • Is Wall Street Enjoying Oil’s Gains

In the second quarter, Earnings per Share came in at 28 cents, as opposed to expectations of 25 cents.

Stock: Shares dipped 0.1% before the opening bell on the stock market today, after rebounding 2.4% last week from a 21-month intraday low on July 10. The company backed its full-year target of $12 billion to $14 billion, and Mr. Immelt said the company expects cash flow to continue to improve throughout the year. This was on revenues of $29.6 billion.

Veteran chief executive Jeff Immelt, who is soon to step down after almost two decades at the helm, claimed the behemoth was on course to "meet or exceed" its $1bn cost-cutting target for the year, having already reduced structural costs by $670m year-to-date. The industrial conglomerate has been providing shareholders with a number of bottom-line figures lately, in an effort to give Wall Street a clearer picture of year-over-year performance. In the same period a year ago, GE reported EPS of $0.51 on revenues of $33.49 billion.

Net profit slumped 58 percent to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier. That business and GE's power division showed an "unusual degree of margin weakness", Morgan Stanley analyst Nigel Coe said in a note to clients. Industrial cash flow was $1.5 billion, much better than in the prior quarter.

China and US Fail to Come to Agreement on Trade
He added that the U.S. and China have no choice but to cooperate economically even if they wanted to buy and hire locally. We need to work together to maximize the benefits for both sides.


Beyoncé and Jay-Z's twins are too cool for middle names
Beyonce and JAY-Z's newborn twins were delivered by the same doctor Kim Kardashian and her family have called on for years. The Irish mum delivered her twins- a boy Senan and a girl Zoe back in February and was actually inspired by the pop singer.


DHS allows 15000 more seasonal foreign workers this year
The Department of Homeland Security announced Monday that it will be increasing the number of H-2B visas by 15,000. Under the H-2 visa program, employers must also attest that they have made every effort to hire domestically.


Guidance for 2018 will be provided at a later date by incoming CEO John Flannery, who will step into the role in August and the role of chairman in January.

"The global scale of the company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets", added Immelt. Six-month revenue of $4.5 billion from renewable energy was up 20 percent from past year.

Estimates: Honeywell is expected to post a 7% gain in EPS to $1.78 as sales dip 1.6% to $9.84 billion. On Thursday, it closed just below buy range and near the session low after setting a record high of 136.41.

Recommended:

  • Jaguar E-Pace - prices, specs and CO2

    Jaguar E-Pace - prices, specs and CO2

    E-PACE is the newest member to join Jaguar's SUV line-up that include all-electric I-PACE Concept and the Jaguar F-PACE. Interestingly, the E-Pace doesn't get the rising rotary gear selector that is found on the various other Jaguar models.
    The internet rallies around the fight for net neutrality

    The internet rallies around the fight for net neutrality

    Currently, there is no indication that any will, but the net neutrality rules do not preventing these companies from doing so. This has prompted a 90-day period in which members of the public can comment on the proposed rules up until July 17.

    Future of British Grand Prix in doubt after Silverstone activates break clause

    Silverstone Circuit became the full-time home of the British Grand Prix in 1987, but may not be for much longer. However, Silverstone is now the only track in Great Britain that meets F1's Grade 1 standards.
  • Justice Dept. announces takedown of dark web drug market

    Europol executive director Rob Wainwright said: "This is an outstanding success by authorities in Europe and the US". The suspected administrators of the Hansa marketplace were arrested in Germany and are now in custody.
    Gujarat HC dismisses Essar Steel's plea against RBI

    Gujarat HC dismisses Essar Steel's plea against RBI

    Gujarat's Advocate General Kamal Trivedi appeared for Standard Chartered Bank; He was briefed by Singhi & Co. The Judge also said he has asked RBI to be more careful without giving out any details.
    Consumer Inflation, Retail Sales Soft In June, Industry Solid

    Consumer Inflation, Retail Sales Soft In June, Industry Solid

    The drop came after the USA data raised doubts about U.S. economic growth and whether the Fed will hike rates again this year. The most-active USA gold futures for August delivery futures settled up $10.20, or 0.84 percent, at $1,227.50 per ounce.
  • Turkey, Germany and the West

    Turkey, Germany and the West

    German companies have either invested in or own 6,000 firms operating in Turkey , generating approximately 60,000 jobs. Idil Eser, the state director of Amnesty International, and five other human rights campaigners were seized this week.
    Siddaramaiah Stirs Emotive Waters, Moves for Kannada Flag Before Assembly Polls

    Siddaramaiah Stirs Emotive Waters, Moves for Kannada Flag Before Assembly Polls

    The then BJP government in 2012 had opposed the demands of declaring the red-and-yellow flag as official state flag. He dared the BJP leaders to make a public statement that the party is not in favour of a flag for Karnataka.
    Trump says most 'would have taken that meeting'

    Trump says most 'would have taken that meeting'

    Grassley declined to comment on whether he thought there was anything criminal in Trump Jr.'s meeting with Veselnitskaya. That email led to the June 9, 2016 meeting, at which Trump Jr. later said no meaningful information was provided.
  • Imran summons PTI leaders, legal team

    Imran summons PTI leaders, legal team

    The apex court also opened the final part of the 10- Volume report submitted by the Joint Investigation Team it had set up to probe the allegations of money laundering by Sharif.
    The Cavs are in 'serious' talks with Derrick Rose

    The Cavs are in 'serious' talks with Derrick Rose

    Cleveland would give him the best chance to win a title and the Lakers would have the role best fit for the veteran point guard. While with the Knicks last season, Derrick Rose averaged 18 points, 4.4 assists, and 3.8 rebounds in about 32.5 minutes a game.
    IPhone 8's biggest features could be disabled at launch

    IPhone 8's biggest features could be disabled at launch

    The reports have generally pointed to a possible 1-to-2 month lag in the iPhone 8's production ramp relative to the 7S ramp. Instead of the entire phone being delayed, it seems that maybe some features could be disabled at launch .


Popular

Manu Ginobili Likely to Return to Spurs
Ginobili ranks in the top five in Spurs franchise history in games (992), points (13,467), assists (3,838) and steals (1,349). So, to put the icing on the cake, Ginobili confirmed on Twitter that he will return to San Antonio for another season.

$5B in Student Loan Debt Could Be Gone Thanks to Missing Paperwork
Once borrowers are sued, most either choose to settle or ignore the summons, which allows the trusts to obtain a default judgment. But at issue is the group's ability to show paperwork proving that it owns the loans in question.

School District Funding Bill Comparison
Bruce Rauner says he'll issue an amendatory veto of Senate Bill 1 to remove a pension "bailout" for Chicago Public Schools . IL schools rely on local property taxes to cover more than 60 percent of their costs, it said.

Highest voter turnout ever for presidential election
As voting picked up, many MPs were seen queuing up in Parliament House outside the polling booth in Room No. 62 for the voting. The total strength of the electoral college is 10,98,903 votes, with each Parliamentarian carrying a vote value of 708.

Brexit talks begin in earnest with citizens' rights in focus
The EU also accepted that details on the Brexit terms will still be open when trade talks start. The European Council President said it was "below expectations".

Andromeda Releases 10-Hour Trial
About four months ago a Mass Effect: Andromeda 10 hour "Play First" trial first became available for PC gamers, via Origin Access. Furthermore, it benefits from the numerous patches that Bioware has put out, thus allowing for a more polished experience.

Republicans Consider Ban on Gender Transition Surgeries for Troops
In June, Hartzler proposed a different amendment when the armed services committee marked up the defense authorization bill. Hartzler's proposal comes in the middle of renewed debate over transgender people serving in the military.

China's Nobel Laureate dies a prisoner at 61
He was recently moved from jail to a hospital in the city of Shenyang to be treated for late-stage liver cancer. It's a huge shock for me", Liu, who is not related to the laureate, said.

PlayerUnknown's Battlegrounds Getting First-Person Servers
KitGuru Says: A first-person only mode in a battle royale game will prove significantly more hard , acting like a hardcore mode. Because the camera can be rotated in third-person, this allows players to peek around cover without putting themselves at-risk.

Flood, flash-food watches posted for Toledo area
At 10:14 a.m., Weather Service Doppler radar indicated thunderstorms producing heavy rain across the warned areas. Amtrak suspended Hiawatha Service between Chicago and Milwaukee just before 8 a.m. due to flooding.