U.S. stocks close lower as General Electric drags Dow

General Electric Turbine Rotor
Intraday Movers: General Electric Company (NYSE:GE), CSX Corporation (NASDAQ:CSX)
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22 July, 2017

Shares of GE were up more than 1 percent in premarket immediately after the announcement, then fell slightly to trade little changed. Mr. Flannery reiterated that the framework for 2017 is set and he is "not anxious that we're going to be, you know, dead in the water in the meantime".

Winners and Losers: Shares of General Electric sunk almost 3 percent after posting a decline in second-quarter profit.

Mr. Bornstein defended the timeline, saying it is a "big, big body of work", and that Mr. Flannery is "getting deep on developing his own views about what we're going to invest against, what we're not going to invest against".

Outlook: Honeywell raised its full-year revenue target to $39.3 billion to $40 billion.

For the company as a whole, industrial operating cash flow rose to $1.5 billion, a sharp turnaround from the previous quarter. The healthcare segment saw revenues rise 4% to $4.7 billion and transportation segment revenues fell 14% to $1.07 billion. Oil and gas revenue fell 3% to $3.11 billion but was above the FactSet consensus of $2.93 billion and power revenue increased 5% to $6.97 billion to beat expectations of $6.64 billion, but flat aviation revenue of $6.53 billion missed expectations of $6.70 billion.

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"We've reduced our Industrial structural costs year to date by $670 million and we are on track to meet or exceed our $1 billion cost reduction target for the year", Chairman and CEO Jeff Immelt said in an earnings release. Much of the drop came from a year-ago boost from the sale of its home appliances business.

Net profit sagged 58% to $1.34 billion, or 15 cents per share, from $3.30 billion, or 36 cents per share, in the comparable quarter of 2016. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 28 cents per share.

Results: EPS rose to $1.80 as revenue unexpectedly climbed 1% to $10.09 billion. Sales dropped 12 percent to $29.6 billion, compared with $29.2 billion expected by analysts.

Imani Moise contributed to this article.


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