Finance: GE is getting smoked after missing big on earnings (GE)

General Electric's share price is plummetting as the company absorbs the costs of restructuring under its new CEO.

• Shares of General Electric are down 6.91% to $21.96 after the company reported disappointing earnings and slashed forecasts.
• GE reported an adjusted profit of $0.29 per share, much lower than the $0.49 per share expected by Wall Street.
• The company also cut its profit forecasts for the year to $1.05-$1.10 from $1.60-$1.70, a 34% drop.
• GE said a lot of its costs are coming from new CEO John Flannery's restructuring plan.

Read more about GE's earnings results here.

General Electric's share price is plummetting as the company absorbs the costs of restructuring under its new CEO. Read Full Story