This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GE Profit Jumps 16%: Ahead of the Ticker

NEW YORK ( TheStreet) -- General Electric (GE - Get Report) reported a first-quarter profit increase of 16%, coming in line with analysts' expectations.

The company's results were driven by strong sales of oil and gas drilling equipment, as well as the $18.1 billion sale of its stake in NBCUniversal in February. That sale boosted profit by 4 cents a share, according to GE.

Since then, the company has annouced a $3.3 billion acquisition of Lufkin Industries (LUFK) and accelerated share buybacks.

GE reported earnings of $3.53 billion, or 34 cents per share, compared with $3.03 billion, or 29 cents a share, in the same quarter a year ago.

Excluding items, the company said it earned 35 cents per share, meeting estimates.

Revenue beat expectations. The company reported revenue of $35 billion, compared to estimates of $34.51 billion.

The company also reported that its order backlog rose to $216 billion from $210 billion in the prior quarter.

Blackstone Group (BX - Get Report) is pulling out of its pursuit of Dell (DELL).

In a letter to Dell's board, Blackstone attributed its withdrawal to Dell's slumping PC sales. Blackstone noted the 14% drop in PC shipments in the first quarter, its largest drop in the company's history, as well as Dell's weakening finances and the lower operating income forecast Dell has issued since Blackstone made its bid for the company. Dell revised its operating income projections for the current year to $3 billion from $3.7 billion.

The move comes less than a month after Blackstone announced a plan to top a buyout offer from CEO Michael Dell and a group of investors led by Silver Lake Partners for $24.4 billion, or $13.65 a share. Blackstone is pulling out of its plans without formally submitting a superior offer to the bid by Michael Dell and Silver Lake.

GlaxoSmithKline (GSK - Get Report) is being accused of paying off its rivals to delay launches of their versions of Glaxo's antidepressant drug Seroxat.

Britain's Office of Fair Trading alleges that Glaxo infringed upon competition laws through deals with several competitors over a cheaper version of Seroxat. The competition watchdog alleges that Glaxo made agreements with three generic drugmakers, Alpharma, Generics and Norton Healthcare, that paid the companies to delay launching the drug. The OFT says the moves is an abuse of Glaxo's dominant market position.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DELL $0.00 0.00%
GSK $43.14 0.00%
BX $27.04 0.00%
GE $30.63 0.00%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs