The company has been falling on hard times but recently they are in full blown crisis mode. They are trying to sell off iconic departments of their company like avianonics.
The company got cut from the blue chip index, and dramatically slashed their dividend as they are over 114 billion in debt.
I pulled this from Forbes.
“Let’s say you were a machinist who retired in 2000 with 5,000 GE shares worth $250,000. If you didn’t sell them, those shares are worth $30,000 today. And instead of paying you $4,800 a year in dividends (24 cents a share per quarter), you’re going to get a mere $200 a year (4 cents a share per year) unless GE cuts it even more.”
I saw what was coming to sears and possibly JcPennys, I never thought I would see this happen to GE. The stock is now trading at 15% the lowest point of the Great Recession.