General Electric Co. (GE) reported a smaller-than-expected first-quarter profit on Friday and lowered its outlook for fiscal 2008. GE cited a slowing economy for hurting results at its' financial division. Earnings from continuing operations totaled $4.4 billion, or 44 cents per share, down 8 percent year-over-year. Revenue climbed 8 percent to $42.24 billion from $39.20 billion, with global revenue up 22 percent. Analysts surveyed by Thomson Financial expected profit from continuing operations would be 51 cents per share on revenue of $43.68 billion. The company had forecast profit of 50 to 53 cents per share.
"Demand for our global infrastructure business remained strong, but our financial services businesses were challenged by a slowing U.S. economy and difficult capital markets," GE Chairman and CEO Jeff Immelt said in a statement.
Recently GE scored a short term FusionIQ timing BUY and went up approximately 6 % in the ensuing days that followed the signal, however its' more important metric its FusionIQ overall master score, which rates its technical and fundamental characteristics is only a 54 (out of a possible 100). That said look for continued weakness in GE shares going forward.
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