Jul 21, 2018

General Electric continues rough year after shares drop 4%

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

Why the coronavirus pandemic is hitting minorities harder

Illustration: Aïda Amer/Axios. Photo: Mark Makela/Getty Images

The coronavirus’ disproportionate impact on black and Latino communities has become a defining part of the pandemic.

The big picture: That's a result of myriad longstanding inequities within the health care system and the American economy.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 6,804,044 — Total deaths: 362,678 — Total recoveries — 2,788,806Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,909,077 — Total deaths: 109,497 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Some people are drinking and inhaling cleaning products in attempt to fight coronavirus, CDC says Fauci: "Very concerned" about spread of virus amid George Floyd protests — Cities offer free testing for protesters.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model as use of robots accelerates.
  5. Business: Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

In photos: George Floyd's North Carolina memorial service

The remains of George Floyd are brought into Cape Fear Conference B Church. Photo: Ed Clemente/POOL/AFP via Getty Images

Hundreds gathered in Raeford, North Carolina to honor George Floyd, whose death in Minneapolis nearly two weeks ago has sparked nationwide protests against police brutality.

The state of play: This is the second memorial for Floyd. A number of his family members remain in Raeford, including his sister. He was born in Fayetteville, North Carolina, The News and Observer reports.