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The General Electric logo. Photo: Smith Collection/Gado via Getty Images

Shares at General Electric dropped 4% on Friday after the company's GE Power division saw its value drop by 58% in the second quarter of the year, reports CNN.

The big picture: The trade ware with China and the rise of renewable energy in the U.S. are contributing to GE's struggles. Earnings dropped 30% in the first quarter and the company is expecting its free cash flow in 2018 to be low in its forecast.

By the numbers: $7 billion of GE's annual revenue comes from China, and imports nearly $2.9 billion in parts from the country including MRI machines, jet engines and wind turbines.

Yes, but: There may be an upside for the company as it was expected to be in worse shape than projected, but overall revenue grew by three percent. The company also made progress in slashing costs with $1.1 billion of industrial costs already cut. They are on track to exceed their goal of $2 billion in cuts.

Go deeper

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.