GE’s stock price, already down 35 per cent this year and the worst performer in the Dow industrials, tumbled on Monday by the most in two years. It began around 6:30 a.m., with news that GE, once one of the most celebrated U.S. companies, was cutting its quarterly stock dividend for only the second time since the Great Depression. “The GE of the future is going to be a more focused industrial company,” Flannery, who took over in August from Jeffrey Immelt. GE last reduced the dividend in 2009 as it struggled with fallout from the financial crisis. Immelt has called slashing the dividend “the worst day of my tenure as CEO.”

Source: thestar November 13, 2017 19:41 UTC