Replies to post #10379 on The Rising Influence of Rising Affluence

[DewDiligence]

GE’s 3Q15 results pounded by oil & gas business:

http://www.wsj.com/articles/ge-profit-tops-expectations-1444992512

…GE’s orders slid 26%, as oil-and-gas orders plunged 38% [YoY].

GE has urged investors not to fret about the long depressed price of crude oil and its effects on the unit, which makes equipment for drilling, exploration and production. But the long slump has required serious belt-tightening at GE, and in August the company closed a foundry and cut some jobs.

Profit in the oil-and-gas segment fell 12% to $584 million.

Things could’ve been worse. The stock is +2% today.