GE’s stock has spiked 67% since its December low
5 years, 10 months ago

GE’s stock has spiked 67% since its December low

CNN  

New York CNN Business — The biggest comeback kid on Wall Street is 126 years old. “We are doing everything in our power to return GE to a position of strength,” Culp wrote in his inaugural annual shareholder letter on Wednesday. No fire sale Wall Street applauded GE’s decision to sell part — but not all — of its healthcare division. GE is still worth less than $100 billion Of course, GE’s recent rebound is little comfort to the company’s long-suffering shareholders. Tusa, who correctly went negative on GE years ago, warned that the company’s power and financial divisions still face serious challenges that will take a long time to fix.

Company Biopharma Billion Last Year Wall Street Ipo Culp  low  price  spiked  company  stock  wrote  ges  business  thats  ge  67  billion  culp  healthcare

History of this topic

GE aviation and energy businesses start trading on NYSE, marking the end of the conglomerate
9 months, 1 week ago

GE aviation and energy businesses start trading on NYSE, marking the end of the conglomerate

Associated Press  

General Electric, long a symbol of American manufacturing and steeped in a rich history, is officially moving on from its existence as a sprawling conglomerate. In its heyday, GE’s stock became one of the most sought after on Wall Street under Jack Welch, one of America’s first CEO “superstars.” Nicknamed “the house that Jack built,” GE routinely outperformed peers and …

How GE, the Quintessential American Conglomerate, Broke Up
9 months, 3 weeks ago

How GE, the Quintessential American Conglomerate, Broke Up

Bloomberg  

Welcome to Bw Daily, the Bloomberg Businessweek newsletter, where we’ll bring you interesting voices, great reporting and the magazine’s usual charm every weekday. If this has been forwarded to you, When Larry Culp became chief executive officer in 2018, GE was far too big and complicated for its own good, and the company’s businesses weren’t bringing in enough money to …

GE to end its run as a conglomerate, split into 3 companies
3 years, 2 months ago

GE to end its run as a conglomerate, split into 3 companies

Associated Press  

General Electric, the storied American manufacturer that struggled under its own weight after growing to become a sprawling conglomerate, will divide itself into three public companies focused on aviation, health care and energy. “The strategic rationale is clear: three well-capitalized, industry leading public companies, each with deeper operational focus and accountability, greater strategic flexibility and tailored capital allocation decisions,” wrote …

Larry Culp already saved GE. He’ll make $230 million if he can revitalize the company
4 years, 4 months ago

Larry Culp already saved GE. He’ll make $230 million if he can revitalize the company

CNN  

New York CNN Business — General Electric is giving Larry Culp more than 200 million reasons to stay and finish the job of turning around the storied conglomerate getting rocked by the pandemic. GE’s board extended Culp’s contract by two years to at least August 2024, giving the CEO more time – and easier targets – to fix the troubled …

GE earnings: Nearly $1 billion was wiped out by coronavirus
4 years, 8 months ago

GE earnings: Nearly $1 billion was wiped out by coronavirus

CNN  

New York CNN Business — General Electric’s turnaround has been disrupted by the coronavirus pandemic. The conglomerate said Wednesday it burned through $2.2 billion of cash during the first quarter as its jet engine business got slammed by a “rapid decline” in global commercial aviation orders in March. Yet GE’s industrial free cash flow burn rate nearly doubled during the …

GE warns of bleak 2019 but promises a brighter future
5 years, 9 months ago

GE warns of bleak 2019 but promises a brighter future

CNN  

New York CNN Business — General Electric warned on Thursday that 2019 will be another brutal year, but CEO Larry Culp vowed to confront the storied conglomerate’s problems “head on.” Dragged down by its beleaguered power division, GE is bracing for up to $2 billion of negative free cash flows from its industrial businesses. GE reiterated in a presentation to …

GE sells BioPharma business to CEO’s former company for $21.4 billion
5 years, 10 months ago

GE sells BioPharma business to CEO’s former company for $21.4 billion

CNN  

New York CNN Business — General Electric CEO Larry Culp is turning to his former company as he continues to dismantle GE. Danaher, the industrial company Culp ran more than a dozen years, agreed on Monday to buy GE’s BioPharma business. “It demonstrates that we are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and …

GE pays $1.5 billion to finally resolve subprime loan allegations
5 years, 11 months ago

GE pays $1.5 billion to finally resolve subprime loan allegations

CNN  

New York CNN Business — Wall Street is betting the worst may finally be over for General Electric. “It’s a start, but we have much more work to do.” Power problems linger GE Power, which makes turbines used in natural gas and coal power plants has been the company’s biggest problem for years. “Fixing power will take time,” Culp said, …

General Electric seeks urgent asset sales as bond fears rise
6 years, 2 months ago

General Electric seeks urgent asset sales as bond fears rise

Live Mint  

New York: General Electric Co will sell assets with “urgency” to reduce its high debt, Chief Executive Officer Larry Culp said on Monday, as GE shares tumbled as much as 10 percent and the cost of insuring its debt hit a six-year high. “We have plenty of opportunity to do that through asset sales.” Culp said GE also was trying …

General Electric reports Q3 loss of $22.8 billion, cuts dividend
6 years, 2 months ago

General Electric reports Q3 loss of $22.8 billion, cuts dividend

Live Mint  

New York: General Electric reported a third-quarter loss of $22.8 billion Tuesday following a large asset write-down and cut most of its dividend as it seeks a turn-around under a new chief executive. The loss compares with profits of $1.3 billion in the year-ago period and is due to a $22 billion write-down announced when GE tapped H. Lawrence Culp …

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