Industrials Down After GE Reports Loss -- Industrials Roundup

FeaturesDow Jones Newswires

Shares of manufacturing and transportation companies ticked down after another weak showing from General Electric. Shares of GE fell sharply after the conglomerate posted a quarterly loss, weighed down by continued weakness in its power unit and a charge in its insurance unit, and warned that the Securities and Exchange Commission had opened an investigation into the charge and other accounting issues. GE has conceded that it misjudged a shift in the utility industry away from coal and gas-fired plants, just as it made a major acquisition that geared its power business toward those styles of plants. United Technologies said it would use tax overhauls to repatriate at least $3 billion this year in cash parked overseas to help reduce debt from its planned purchase of aerospace rival Rockwell Collins.

-Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

January 24, 2018 16:33 ET (21:33 GMT)

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