(GE poll results article updated to reflect changes in GE share price and poll results.)
NEW YORK (
) -- In a poll last week, we asked readers of
bring good things to life in 2010?"
Our timing was impeccable. Since General Electric's Dec. 15 investor meeting, at which CEO Jeff Immelt conveyed that 2010 will be a year of focus for refining GE's portfolio of assets, a number of developments in line with his goals have materialized.
On the Dec. 21, GE announced that aircraft engine supplier CFM International, in which GE is a partner with high-tech aerospace, defense and security group Safran, would be the sole Western supplier of jet engines for China's newest commercial aircraft in development. The C919 aircraft is being manufactured by Commercial Aircraft Corp. of China, which projects a potential market of more than 2,000 aircraft over 20 years.
Safran has made a significant contribution to the engines, landing systems, wiring and electronics of the
Immelt said that he expects China to become the largest commercial aviation market in the world over the next 20 years and sees growth opportunities for GE in the area of high-tech infrastructure, financial services and health care in the emerging markets.
On the same day, GE announced that GE Capital, Corporate Retail Finance served as the only lender for a $35 million asset-based credit facility to off-price specialty retailer Loehmann's for its working-capital needs. It also said that day that it would improve payment terms for doctors and hospitals to purchase its health care information technology systems.
After a tense year of trying to fix its money-letting financing arm, GE Capital, and sell its way out of its NBC Universal media division -- an awkward fit with GE's industrial portfolio -- Immelt expressed determination to sharpen the company's focus on the high-tech infrastructure, financial service and health care businesses. After his meeting with investors, GE announced new deals and projects in each of these areas, with a handful of highlights occurring on Dec. 21.
GE's 2009 EPS estimate by Barclays on Thursday was cut to $1.00 from $1.03, although Barclay's still maintains its overweight rating and $22 price target.
An overwhelming majority of
readers, 85.9%, are also bullish on the stock. A mere 14.1% are skeptical of the rosy picture Immelt presented for 2010.
In Tuesday trading, shares in GE are essentially flat, up 2 cents to $15.36 on the day.
-- Reported by Andrea Tse in New York
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