GE Shares Fall Most in Seven Weeks as Profit, Sales Decline

General Electric Co. declined the most in seven weeks in New York trading after second-quarter sales dropped more than analysts estimated in a global recession.

Revenue fell 17 percent to $39.1 billion, the Fairfield, Connecticut-based company said in a statement today, trailing the average estimate of $41.9 billion in a Bloomberg survey. Profit from continuing operations declined 47 percent. Equipment orders in the GE units that make jet engines, medical imaging machines and locomotives dropped more than 40 percent.

“People were really looking for the equipment orders to be stronger,” said Mark Demos, who helps manage $21 billion in assets at Fifth Third Asset Management from Minneapolis.

Read Full Article from Bloomberg

- Posted: 2009-07-17 09:58:30

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