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Friday, March 08, 2019 6:28:14 PM
Is history repeating itself with GE?
A year ago - GE says shock multibillion-dollar insurance charge is ‘a special case’ - Published: Feb 10, 2018
"General Electric made what seemed like a smart move last month, giving investors several days to digest some bad news ahead of announcing its fourth-quarter results.
GE still had to talk about the after-tax charge of $6.2 billion and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary on its earnings call, but the surprise charge and reported loss was mitigated by talk of a better future. GE shares GE, -0.21% rallied after the company reported its results.
But there was more bad news to come, when GE was forced to acknowledge a Securities and Exchange Commission investigation into the process leading to the sudden multibillion-dollar charge, and an additional review of revenue recognition and controls over its long-term contracts.
The market immediately reversed the gains.
When GE first announced the charge on Jan. 16, which related to the remnants of its long-term-care reinsurance portfolio, CEO John Flannery told analysts he had “underappreciated the risk in this book.”
Jim Cramer on GE's CEO cash-flow news: 'You dropped a bomb on my head'
Published on Mar 6, 2019
JP Morgan analyst explains his $6 target for General Electric
Published on Feb 27, 2019
https://www.ge.com/investor-relations/events-reports
A year ago - GE says shock multibillion-dollar insurance charge is ‘a special case’ - Published: Feb 10, 2018
"General Electric made what seemed like a smart move last month, giving investors several days to digest some bad news ahead of announcing its fourth-quarter results.
GE still had to talk about the after-tax charge of $6.2 billion and additional cash funding of $15 billion in statutory capital contributions to its insurance subsidiary on its earnings call, but the surprise charge and reported loss was mitigated by talk of a better future. GE shares GE, -0.21% rallied after the company reported its results.
But there was more bad news to come, when GE was forced to acknowledge a Securities and Exchange Commission investigation into the process leading to the sudden multibillion-dollar charge, and an additional review of revenue recognition and controls over its long-term contracts.
The market immediately reversed the gains.
When GE first announced the charge on Jan. 16, which related to the remnants of its long-term-care reinsurance portfolio, CEO John Flannery told analysts he had “underappreciated the risk in this book.”
Jim Cramer on GE's CEO cash-flow news: 'You dropped a bomb on my head'
Published on Mar 6, 2019
JP Morgan analyst explains his $6 target for General Electric
Published on Feb 27, 2019
https://www.ge.com/investor-relations/events-reports
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