Posted on 01/24/2010 6:35:35 AM PST by Libloather
GE profit falls; CEO strikes optimistic tone
Weak jet engine sales, trouble in real estate lending dogged conglomerate
updated 8:50 a.m. ET, Fri., Jan. 22, 2010
General Electric Co.'s fourth-quarter net income fell 19 percent, hurt by lower profits on products like jet engines and continuing troubles in commercial real estate lending.
Still, GE showed some signs of stability in the final months of the year. The drop in profit was smaller than previous quarters because of gains in areas like power plant turbines and oil field equipment. And results surpassed Wall Street forecasts for the conglomerate, which is coming off one of its worst years in its 117-year history.
(Msnbc.com is a joint venture between Microsoft and NBC Universal, which is owned by GE.)
**SNIP**
But GE Capital will remain a sore point for GE in 2010. The company expects that losses from soured loans won't peak until this year. And the unit remains broadly exposed to commercial real estate, a market that is still in decline.
That unit posted a $593 million quarterly loss and lost a whopping $1.5 billion on the year.
GE expects to amass $26 billion in cash by the end of this year, much of it from its deal to sell its majority stake in NBC Universal to cable operator Comcast. GE has said little about how it plans to use that money.
(Excerpt) Read more at msnbc.msn.com ...
What is this phony optimism nonsense that I've been seeing so much of lately? It's tantamount to slashing your wrists, waiting until you're bled nearly blue and then rationalizing that things must be getting better because the rate of blood flow is less than it was at the outset.
I love analogy and that is a good one.
That’s an interesting question and one we’ve all been asking. You can’t help but wonder if Comcast is interested in making a profit or if it wants to push an agenda. Guess we’ll find out.
Either way it will be their lipstick on their pig once the deal is done. No matter, can’t get bacon from pigs lips.
I would love to see GE’s commercial real estate portfolio....LMAO!
I want 4 people removed from television for good...Olbermann, Maddow, Matthews, and Donny Deutsch. If Comcast fires them I will begin watching MSNBC again just on principle.
But the CEO of Comcast apparently donated to Obama so I am not expecting this to happen.
I can’t believe you forgot Ed “Voter Fraud” Schultz!
Ed is a total loon...he is the left’s Beck. The other 4 are more connected and tied in with big money and the power groups. They are absolutely the worst people on television. Nobody watches Schultz so I left him out on purpose. Seriously...have you seen his ratings? If not...have a look:
uesday, April 7, the day after Ed Schultz’ premiere show, MSNBC officials tried to put a happy face on the sad results by saying that they were “pleased” with the initial ratings and that they expected the show to grow over time.
After sixteen weeks on the air, MSNBC’s EdShow is on life support. Instead of growing, its ratings have gone down. In fact, they’re lower than those of David Schuster, who was booted from the time slot to make room for Schultz.
Program Date 25-54 Demo Total Audience
Schultz’ most recent Mon, July 27 121,000 501,000
Schultz’ premiere Mon, Apr 6 247,000 725,000
Schuster’s final Fri, Apr 4 153,000 579,000
GE = Enron
We can only hope..Shultz, Matthews, Olbermann, Sicksow..They’re all porcine degenerate genetic waste products.
“GE Horizontal’s” CEO has been aquiring whole slew of different and divergent companies including the company which I’m insured by (Union Fidelity) chiefly because of its cash flow.(Which failing project are those incomes going into_) ?
Now their chickens are comming home to roost. They married into the Global Warming thinge because their CEO (a semi-socialist pig) wanted their place at the OTM (our tax money)trillion dollar greenie trough. Which was promoted through their media outlet they now dumped. What’s next ?
For a scientific discussion on the causes of global warming check out
http://www.theusmat.com/
How can a company that develops leadership like Jack Welch saddle itself with a Jeff Immelt?
I hardly watch NBC with exception of Law and Order SVU episode lately they even jump the shark
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