General Electric, widely seen as a U.S. economic bellwether, cut its annual earnings forecast, citing “unprecedented weakness and volatility” in the financial services market. (Bloomberg) GE also halted a stock buyback. With the U.S. economy slowing, it’s normal for a broad conglomerate like GE to warn, said Philippe Gijselst at Fortis Bank in Brussels. “I fear that there will be more of the same in the industrial sector in a not-too-distant future.” (Reuters)
The bottom line
September 25, 2008
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