NEW YORK (TheStreet) -- General Electric (GE) dipped Thursday after The Wall Street Journal reported the company is once again trying to sell its appliance business and sever its last tie to American consumers.
GE executives are increasing efforts to sell the unit that makes refrigerators, air conditioners and washing machines. The company tried to do this in 2008 but eventually abandoned the attempt.
GE CEO Jeff Immelt has pledged to increase the company's industrial businesses and move away from non-core ones. He set a target of $4 billion in the sales of such businesses in 2014. The appliance and lighting unit earned $381 million last year for slightly more than 2% of GE's total operating profit. The unit also generated $8.3 billion of revenue, less than 6% of the company's total.
The stock was down 0.68% to $26.83 at 11:10 a.m.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."