GE stock turns lower, as earnings beat and raised outlook weren’t good enough

Shares of General Electric Co. turned lower on heavy volume Wednesday, erasing earlier sharp gains, as the industrial conglomerate’s earnings and free cash flow beats, and raised full-year outlook, weren’t quite enough to inspire investors.

The stock’s selloff from earlier highs keeps it hemmed within a six-month long trading range, in which it has seesawed between $9 and just below $10. Read more about stock’s technical outlook. Within GE’s business segments, power revenue dropped 25% to $4.68 billion, well below the FactSet consensus of $5.84 billion, while renewable energy revenue grew 26% to $3.63 billion, or well above expectations of $2.37 billion.

In aviation, CFO Miller said the grounding of Boeing’s BA, -0.19% 737 Max fleet, for which GE makes engines, has negatively impacted cash flow by about $300 million per quarter in the first half of the year. She said the impact will ramp to $400 million for each quarter that the fleet remains grounded.

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