NEW YORK (TheStreet) -- Shares of General Electric Co. (GE) are slightly lower at $24.45 on heavy trading volume today after the company said that profit could be hurt next year by the decline in oil prices, the Wall Street Journal reports.
About 55.43 million shares changed hands by 3:13 p.m., compared to the average of 32.05 million shares.
At an Investor Meeting yesterday, the company said it expects industrial per share earnings next year of between $1.10 and $1.20, while earnings from its GE Capital finance unit will be about 60 cents a share, for a total of between $1.70 a share and $1.80 a share. Analysts forecast 2015 GE earnings up 7% to $1.79 a share, the Journal said.
To adjust to the changing landscape in the energy industry, the company said it is cutting costs at its oil and gas unit and expects flat to negative operating earnings from the business next year, the Journal added.
Revenue from its drilling and surface division is forecast to fall 10% in 2015.
Separately, Credit Suisse reduced its EPS estimates for GE slightly, while maintaining its "outperform" rating and price target of $30 following the meeting.
U.S. crude-oil futures, which have lost about 50% since June, ticked up today near $63 a barrel as U.S. data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production, CNBC said.