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- Shares of General Electric are down 6.91% to $21.96 after the company reported disappointing earnings and slashed forecasts.
- GE reported an adjusted profit of $0.29 per share, much lower than the $0.49 per share expected by Wall Street.
- The company also cut its profit forecasts for the year to $1.05-$1.10 from $1.60-$1.70, a 34% drop.
- GE said a lot of its costs are coming from new CEO John Flannery's restructuring plan.
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SEE ALSO: General Electric misses big on earnings, slashes its forecast
