Updated from 12:22 p.m. ESTGeneral Electric ( GE) reported Friday that its fourth-quarter earnings more than doubled, and the industrial products and media conglomerate projected more strength ahead in 2007. But shares of the corporate bellwether declined as investors eyed continued weakness in the company's plastics business, another pricey acquisition announcement and a financial restatement with some uneasiness. GE's stock was recently down 77 cents, or 2%, to $37.23. The quarterly earnings report caps off GE's 2006 as the company is transforming its portfolio to redeploy capital away from sluggish businesses toward areas that offer higher returns over the long term. GE said Friday it will seek to sell its plastics business, just one day after announcing it will buy Abbott Laboratories' ( ABT) diagnostics business for $8.13 billion. Morningstar analyst Peter Smith said in a research note after the release that GE's results were "impressive" but in line with his expectations. He said the earnings restatement is "not terribly burdensome." Elsewhere, Credit Suisse First Boston analyst Nicole Parent said in a note that the restatement would normally be viewed as a "non-event," but said she sees the weakness in some of GE's manufacturing businesses and the announcement of an "expensive" acquisition deal as weighing on its shares. During a conference call with investors, GE CEO Jeffrey Immelt expressed optimism about the economy for 2007, but he also pointed to some areas of weakness that have weighed on the company's performance.