Shares of General Electric (GE) are trading higher Thursday, climbing a little more than 1% ahead of its Friday morning earnings release. With shares down 4% in 2017, investors are hoping the results can reverse the stock's trend so far for this year.

GE is also a holding in the Action Alerts PLUS portfolio, which Jim Cramer manages. Cramer said he's waiting for a "turn" in GE and for management to begin a restructuring process that will dramatically reduce its costs.

So far though, management hasn't been very reliable when it comes to execution. Thankfully, activist investor Trian Partners is invested in the stock and pushing for change as well.

If management failed to execute in the latest quarter, it could push the stock down to $29, Cramer said. He hasn't been backing the stock too much lately, as he continues to wait for the company to embrace change.

Analysts expect GE to earn 17 cents per share on $26.41 billion in revenue for the most recent quarter.

At the time of publication, Cramer's Action Alerts PLUS had a position in GE. 

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