oh, the times, they are a-changin'
Posted on 06/19/2018 3:50:31 PM PDT by Magnatron
For the first time in 110 years, General Electric will not be a member of the elite Dow Jones Industrial Average.
S&P Dow Jones Indices announced on Tuesday that the iconic maker of light bulbs and jet engines will be replaced in the 30-stock index by Walgreens Boots Alliance.
GE (GE) was an original member of the Dow in 1896 and has been in it continuously since November 7, 1907.
Being ousted from the Dow is the latest indignity for GE, which is dealing with a serious cash crisis caused by years of bad deals. GE has replaced its CEO, slashed thousands of jobs and cut its coveted stock dividend in half.
Last year, GE was the worst-performing stock in the Dow, losing almost half of its value. GE is down by another 25% this year.
"We are focused on executing against the plan we've laid out to improve GE's performance," a GE spokeswoman said in a statement. "Today's announcement does nothing to change those commitments or our focus in creating in a stronger, simpler GE."
To pay down a mountain of debt, GE is selling off long-held businesses. Last month, GE agreed to sell its century-old railroad division. GE is also searching for a buyer for its struggling light bulb division.
GE's stock plunge helped lead to its exit from the Dow. That's because the Dow is price-weighted, meaning that GE's $13 price tag had little impact on the index. S&P noted that GE had a weight of less than half a percentage point.
(Excerpt) Read more at money.cnn.com ...
oh, the times, they are a-changin'
Great job, Immeldt. Thomas Edison’s company is replaced by a drugstore.
If they can keep their wind turbine business going and get their share of the offshore wind projects coming to the USA, they will be ok.
Might be time to buy. Wish I had bought a bunch of Alcoa when they got bumped.
Wow!
Obama’s buds.
Wind turbine is the future of GE?! Oh Gee, I don’t think it is time to buy in. I have heard good things about Eastern Airlines though. I just can not seem to find their ticker symbol.
It will be interesting once more pipeline capacity comes on stream. Natural gas prices should drop when the already drilled Marcellus wells are put into production.
It will be interesting once more pipeline capacity comes on stream. Natural gas prices should drop when the already drilled Marcellus wells are put into production.
GE built the 4 turbines for the Block Island wind farm in the US at their plant in France and shipped them in.
Owned GE shares my parents gave me in 1961 at age 2. 10 shares grew to 2400 shares over the years due to splits and dividend reinvestment . Dead money after peak in 2001 at about $67.00 per share. Sold in December at $18.00 per share. GE is a case of very bad management by Immelt and the board.
Is it time to buy some walgreens shares? They have been down from their 12 month high of about $83.89. I have owned them for about 7 years
All because he couldn’t pick up that hammer.
I hate to tell you this but what is happening to coal today will be happening the nat gas in 2025.
This is a gift to investors:
If they’re just going to eliminate bad performers from the DJI...
Just buy a Dow etf.
Can’t lose.
First thing they should do is fire 10% of the workers....
(GE is known for that stupid thing)
Next increase the ceo pay and increase his golden parachute.
Immeldt’s tenure was an unmitigated disaster. Among other horrible strategies, he tried to get GE even more on the government teat for faddish Green Energy and other Obama pet projects. Its sad given where GE was when Welch left.
Goldman Sachs need to be:
1. Kept from government influence (which is off the charts).
2. Kept from government largess (which is IS impossible).
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