The Rising Influence of Rising Affluence

[DewDiligence]

GE’s 2Q15 oil & gas sector:

http://www.wsj.com/articles/general-electric-results-top-expectations-1437129893

Crude oil’s slump slashed profit at GE’s oil and gas business by 12% to $583 million and its revenue slipped 15%. At GE’s Lufkin subsidiary, which makes oil production equipment, orders fell 40% in the quarter, according to Jeff Bornstein, GE’s chief financial officer. Service revenue slumped in all of its units as oil exploration and production companies have slashed budgets to cope with falling prices

The company has warned investors that its oil and gas sales and earnings could fall as much as 10% this year.