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GE has said it learned of regulatory scrutiny last November, when the SEC said it was investigating GE’s accounting for long-term service agreements. That inquiry expanded to include a $6.2 billion charge and $15 billion in reserves GE announced in January. On Tuesday, GE said the probe now includes accounting that led to the $22 billion goodwill write-off. The U.S. Justice Department also is investigating GE’s mortgage-backed securities transactions during the housing bubble. This month, a shareholder lawsuit alleged GE hid liabilities from long-term care policies and used fraudulent accounting in its power business to boost results artificially. GE has moved to dismiss the claims.
GE’s per-share loss was $2.63 versus 16 cents profit a year ago, Revenue declined 4 percent to $29.6 billion, Adjusted earnings fell to 14 cents a share from 21 cents a year ago, Analysts had expected 20 cents a share, according to Refinitiv data, Orders at the power division fell 18 percent and revenue fell 14k gold black onyx cufflinks 33 percent in the quarter, “The only way out of this mess is to restructure power,” said Scott Davis, analyst at Melius Research in New York, “It will bottom eventually.”..
GE did not cut its full-year earnings forecast as some had expected, but a spokeswoman said the company would not hit the most recent target of $1.00 to $1.07 per share. Analysts have cut estimates for adjusted earnings to 88 cents a share, on average, according to Refinitiv data. The GE spokeswoman said the company was not yet providing new targets. “I just don’t think Larry has his hands around this fully yet, enough to put his stamp of approval on guidance,” Davis said. Credit agencies have cut GE’s ratings, increasing its debt costs and its financial challenges, which had prompted talk among analysts that it would issue stock to raise capital.
NEW YORK (Reuters) - General Electric Co shareholders were dealt yet another blow on Tuesday, The U.S, industrial conglomerate said it would restructure its power unit, and said it faced a deeper accounting probe as new Chief Executive Larry Culp moved to try to revive the struggling company, GE shares were down 10 percent, dropping below $10 to touch their lowest point since early 2009, Shares of GE, 14k gold black onyx cufflinks which was booted from the blue-chip Dow Jones Industrial Average earlier this year, are now down more than 40 percent this year and have lost two-thirds of their value since the end of 2016..
For longtime shareholders, Tuesday’s third-quarter report delivered another bitter pill. Cash-needy GE all but eliminated its quarterly dividend, slashing it to a penny a share from 12 cents. The dividend cut marks a major shift for GE, whose shares regularly offered a higher dividend yield than the S&P 500 for about the past 15 years. GE’s $4.17 billion dividend cut is the eighth largest in the history of S&P 500 companies, according to Howard Silverblatt, senior index analyst at Standard & Poor’s.
GE also holds title to the largest dividend reduction, according to Silverblatt, for its $8.9 billion cut in February 2009 during the throes of the financial crisis, when Jeff Immelt was CEO, GE also lays claims to the ninth spot for dividend reductions, for the $4.16 billion cut made about a year ago under recently departed CEO John Flannery, That gives GE three spots in the top 10 for Silverblatt’s list of biggest-ever cuts, At its 14k gold black onyx cufflinks peak, GE lavished shareholders with more than $12 billion a year in dividends, Next year it will pay out less than $500 million..
GE’s once-fat payout helped cushion shareholders from the stock’s rocky performance. Over the past decade GE shares have slumped nearly 50 percent, but its total return, including reinvested dividends, was just negative 26 percent. Now shareholders will no longer be able to bank on the safety net of a rich dividend. Once the biggest U.S. company by market value, GE’s market capitalization fell below $90 billion on Tuesday, less than one-sixth of its level in 2000. The declining market cap means the influence of the one-time economic bellwether on the benchmark S&P 500 has also fallen dramatically. Its impact in the S&P 500 now is less than 1/10th that of the influence of Apple, the biggest U.S. company with a market value eclipsing $1 trillion.
NEW YORK/SAN FRANCISCO (Reuters) - Apple Inc (AAPL.O) refreshed some of its lesser-known products at a New York event on Tuesday, adding iPhone features like facial recognition to the iPad Pro and faster processors and better displays to some Mac computers that had gone years 14k gold black onyx cufflinks without a major update, The devices will hit stores on Nov, 7, Counting new iPhones and Apple Watches released last month, Apple will have more than half a dozen new products on shelves for the holiday shopping season, many at higher prices than previous models..