The pre-market buyers of last resort, hoping that GE just kitchen-sinked by slashing its dividend by 50%... are in trouble.
Everything was fine until CEO Flannery started speaking...
- *GE TO BORROW $6 BILLION FOR PENSION CONTRIBUTION, CEO SAYS
- *GE CEO: ALSTOM ACQUISITION PERFORMING BELOW EXPECTATIONS
- *GE CEO: GE POWER EXACERBATED ITS PROBLEMS W/POOR EXECUTION
- *GE CEO SEES `LIMITED' M&A IN THE NEAR TERM
- *GE CEO: NEW, SIMPLER EARNINGS METRICS TO FOCUS ON CASH
The company also announced that it expects adjusted earnings of $1. 00 to $1.11 per share for 2018, which was lower than Wall Street's expected $1.18.
And shareholders pulled the plug...
Sell the rumor, sell the news?
