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Financial Services Hammer GE Earnings

Stock quotes in this article: GE , ^GSPC , ^DJIA , ^IXIC , HON , TYC , DHR  

Updated from 10:09 a.m. EDT

General Electric(GE Quote) shareholders got a nasty shock after the firm reported disappointing first-quarter earnings Friday.

Efforts by management to pin the blame for the shortfall on credit market snafus in late March went largely ignored. Steamed-up investors and traders quickly sold off shares of the multinational conglomerate. The stock closed down $4.75, or 12.9% to $32.

The firm said earnings from continuing operations were $4.4 billion, 44 cents per share, an 8% drop from first quarter 2007. ...

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