Friday's Winners & Losers: GE
General Electric (GE) announced a surprise earnings miss fueled by its finance unit.
Results in the conglomorate's GE Money business, which focuses on consumers and small businesses, experienced a profit decline of 19%. Even more disappointing was the commercial finance business, where profits dropped 20%. GE had made attempts to lessen its risk by selling some assets, but was unable to close the deals due to the inability of buyers to get credit. The stock fell 12.8% on heavy volume with shares trading at $32.05.
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