Shares of General Electric Co. (GE) fell 1.4% in morning trading Tuesday, to put them on track to stretch its post-earnings-report losing streak to five sessions. The industrial conglomerate's stock has now shed 9.5% since GE reported second-quarter results. The company had reported before last Wednesday's open ( ) an adjusted profit and revenue that beat expectations, and raised its full-year cash flow guidance, but said showed that its power business continued to struggle, said the negative impact of the grounding of Boeing Co.'s (BA) 737 Max planes would ramp up in the second half of the year and that CFO Jamie Miller was leaving after less than two years in the role. The stock has initially rallied as much as 2.6% on Wednesday after the results, but reversed course to close down 0.7% that day. The stock has now shed 8.7% over the past three months, while the SPDR Industrial Select Sector ETF (XLI) has slipped 4.4% and the Dow Jones Industrial Average has eased 2.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 06, 2019 10:37 ET (14:37 GMT)
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