Current Events > GE: We lied about our profits in 2016 and 2017

(+) Yeah! (+)

https://www.usnews.com/news/business/articles/2018-02-26/ge-reshapes-board-after-retroactively-cutting-profits

GE said Friday that it must cut its 2016 per-share earnings by 13 cents, and by 16 cents for 2017. It's adopting new accounting standards for 2018.

The Securities and Exchange Commission investigating the Boston company over long-term service contracts and federal regulators are reviewing a $15 billion miscalculation that GE made within an insurance unit. GE disclosed last month that it would take a $6.2 billion charge in its fourth quarter after a subsidiary, North American Life & Health, underestimated how much it would cost to pay for the care of people who lived longer than projected.

High probability there will be a lawsuit by GE shareholders at this point, because had they been honest about their losses at the time, the present price-action would already have happened.

I still believe the stock will turn around, but to those that warned me against it, know that I consider you to have been correct.

The amount of bearishness on the stock, IMO, is no longer reflective of expectations on upcoming earnings, but expectations that Immelt hid more shit under the rug.

I do still think once we see that there's no more bullshit to reveal, the stock will recover. If I had waited until this month to invest I would be much better off.
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yikes

I was considering buying in, but ethically unsound behavior is unacceptable.
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understand all this ethically unsound behavior was from the previous board, and flannery is tearing it apart and starting over

the common chorus is "too much damage has been done"

it might be right. i am prepared for my $36,000 investment to drop to zero.

i'm not willing to pull out now, though.
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All GE needs to do to turn this mess around is announce that they're possibly making their own cryptocurrency.
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DifferentialEquation posted...

All GE needs to do to turn this mess around is announce that they're possibly making their own cryptocurrency.

Or throw "Blockchain" somewhere in their name.
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ultimately i think what is happening here is a massive vote of no confidence from retail investors

once the board demonstrates their guidance isn't bullshit i feel confident the stock can recover
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Well good thing I only have a few shares to where Im not impacted hardly at all. May buy more when they bottom out, but it may be hard for them to recover after this.

Its probably a wrap for them though tbh.
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Slaya4 posted...

Its probably a wrap for them though tbh.

they're expecting positive net earnings in 2018 while simultaneously servicing their debt

i don't really see how they would go bankrupt
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Oh boy

Flannery really has his work cut out for him with this one

I'm still hopeful though
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Hammer.

@Krojen
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no wonder peeeps were high on GE

glad i didnt
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if it ends in the green today, the uptrend from feb 8 will not have been violated, choppy though it may be.
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@Squall28

hammertime
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you kids better be ignoring me because youre busy buying shares
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I wish I had the money to invest right now
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Yeah I'm pretty surprised it's up today. I don't see anything but bad news right now. It's probably a bunch of people who sees a bargain and it's part in indexes so it'd get bought with the rally today.

I'm sure they'll go back up, but I don't trust them right now so it's a no buy.
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it was running against the index rally all morning and then rallied 4%

it's a technical signal that sentiment bottomed out
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Busy day at the lab. So now we know more about the cooked books. That was some bounce off of flirting with 13. It was me.

Nah I still think it's worth waiting for the more reliable change in stability. There's so many better things to park money in the meantime than worrying about the next piece of bad news in this mess and the turnaround. I'm concerned if this level doesn't hold, anything else could send it to a single digit. You know they're going to turn it around eventually, though.

With this leadership change, expansion into markets, and their aviation business (as a man of Boeing, I've kept tabs on their orders) I'd probably have already started a small fun position otherwise. As of now, I've only helped out by buying some GE bulbs yesterday.
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if you look at the technicals, it's finally demonstrating daily support. has not closed below 14.44, the low of the correction.
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Hm. I guess my dad's stock earnings took a hit.
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So sell or hold?
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Definitely not sell, not right now.
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u guiz come on

waves bull flag
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Small fine, executives still get all bonuses.

Corporations have more power than god.
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I dont have much to buy, but Im going to get ~60 shares when I get home.

At the very least thatll give me, in my eyes, a nice dividend check.
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yep, it just keeps making lower daily lows.

i do believe the bottom is near, but it clearly is not in.
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