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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

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro.

4 hours ago - Health

5 times as many police officers have died from COVID as from guns since pandemic began

Photo: Genaro Molina / Los Angeles Times via Getty Images

COVID-19 is the leading cause of death for police officers even though members of law enforcement were among the first to be eligible to receive the vaccine, CNN reports, citing data from the Officer Down Memorial Page.

Why it matters: Nearly 476 police officers have died of COVID-19 since the pandemic started, compared to the 93 deaths as a result of gunfire in the same time period, according to ODMP and CNN.

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.