GE reported fourth-quarter adjusted profit of 27 cents a share, 2 cents below analysts' forecasts. Revenue of $31.402 billion came in sharply below estimates.
However, GE said it expects 2018 adjusted earnings of $1 to $1.07 a share vs. estimates of $1.
The stock turned lower after rising earlier Wednesday. It came off its highs after GE said the Securities and Exchange Commission was investigating the company's $6.2 billion insurance charge announced last week. GE said it was "cooperating fully" with the SEC investigation.
- SEC Probe a 'Headline Risk' for General Electric
- GE Stock Erases Gains After Weak Earnings, SEC Probe
United Technologies Corp. (UTX) earned $1.60 a share in the fourth quarter, beating estimates of $1.56. Revenue of $15.7 billion came in higher than forecasts of $15.36 billion. The stock fell 0.29%.
Comcast Corp. (CMCSA) posted modestly stronger-than-expected fourth-quarter earnings and boosted its dividend and share buyback plans after booking a one-time $12.7 billion gain from the recent overhaul of the U.S. tax code. The stock fell 0.3%.
Apple shares declined on Wednesday after an analyst at JPMorgan Chase & Co. saying that iPhone X demand was weakening.
Analyst Narci Chang slashed iPhone X sales estimates by 33%, and forecast iPhone X production will be down 50% sequentially this quarter. In a research note, Chang said that "high-end smartphones are clearly hitting a plateau this year."
Texas Instruments Inc. (TXN) tumbled 8.5% after the chipmaker failed to top Wall Street's bottom-line expectations for the first time in at least two years, and said it expects first-quarter earnings of between $1.01 and $1.17 a share on revenue between $3.49 billion and $3.79 billion. Wall Street predicts first-quarter earnings of $1.06 a share on revenue of $3.63 billion.
- Texas Instruments Is Presenting Investors With a Great Buying Opportunity
- Texas Instruments Short-Circuits on Tepid Top-Line Guidance
United Continental Holdings Inc. (UAL) fell 11% Wednesday after the parent of United Airlines said it would have to increase capacity in the near term as it battles low-cost carriers and higher oil prices in what looks increasingly like a price war for the domestic airline sector.
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West Texas Intermediate crude oil, the U.S. benchmark, rose 0.76% to $64.96 a barrel. The U.S. Energy Information Administration reported that domestic crude supplies fell 1.1 million barrels for the week ended Jan. 19, narrower than a decline of 1.6 million barrels expected by analysts at S&P Global Platts.
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