Results weighed down by charges related to plans to sell bulk of banking business
For the first quarter, industrial revenue edged down 1% to $24.36 billion, as growth in its power and water and transportation divisions was offset by declines in its oil and gas and health care divisions.The segment also took a $950 million hit from foreign exchange.
http://www.wsj.com/articles/general-electric-revenue-profit-fall-in-first-quarter-1429267663
Having watched so many of our once seemingly invulnerable corporations fade or die, I have to wonder if GE can reinvent itself?
It is great loss, I can't expect. But we also want to see the positive side from these guys as GE is the major player since 1930 and rip-off billions in profits for more than 75 years, rather than just sharing the failure stories. :P
Cat is the other big one struggling. They are talking about laying off 15000 worldwide. I know maybe a year ago they issued a letter to all their suppliers asking for a 10% cut in pricing. They've never don't that ever.
The world is headed towards deflation and CAT and other big boys will be hurt.
Assuming capitalist principles prevail into 2017, they will recover in time. IMFO