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☆ Check out the giant ship critical to building the world's biggest offshore wind farm
▼ + stars: | 2023-10-16 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

As wind turbines get bigger, the vessels that install them are having to change, too. VCG | Visual China Group | Getty ImagesA project to build a facility described as "the world's largest offshore wind farm" took a big step forward this month by producing its first power. The sea in the Dogger Bank Offshore Development Zone is up to 63 meters deep, meaning the Voltaire's ability to work in deeper waters is crucial. "Off the Scottish coast, for example, expensive floating windfarms are often the only way to tap into offshore wind," he said. Søren Lassen is head of offshore wind research at Wood Mackenzie, a research and consultancy group.

Persons: De Nul Group's, GE Vernova's, Voltaire —, De, —, Jan De Nul Group's Voltaire, Voltaire, Jan De Nul, Jan De Nul's Rutger Standaert, Standaert, Søren Lassen, Wood Mackenzie, Lassen, David L, Ryan, Wood Mackenzie's Lassen Organizations: Visual China, Getty, Dogger Bank Wind, GE, Dogger Bank, Dogger Bank Offshore Development, COSCO Shipping Shipyard, CNBC, Boston Globe, GE Offshore, Blades, U.S Locations: China, North, Golden, Dogger, U.S

☆ The 'world's largest offshore wind farm' produces its first power
▼ + stars: | 2023-10-09 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

A project described as the "world's largest offshore wind farm" took a major step forward over the weekend after producing its first power. Located off the coast of northeast England in the North Sea, the Dogger Bank Wind Farm is being developed in three phases — A, B and C — and will have a total capacity of 3.6 gigawatts once fully up and running. "The project's first turbine at Dogger Bank A started turning and producing electricity at 8.37pm BST on Saturday 7 October," the Dogger Bank Wind Farm Project said in an announcement Monday. "Power from the first offshore wind turbine is now being transmitted to the UK's national grid via Dogger Bank's high-voltage direct current ... transmission system, marking the first-time use of HVDC technology on a UK wind farm," it added. Dogger Bank is using GE Vernova's huge Haliade-X turbines, which boast blades measuring 107 meters, or about 351 feet.

Persons: Alistair Phillips, Davies Organizations: Dogger Bank, Dogger Bank D, Farm, Dogger Bank's, GE, SSE Renewables Locations: England, North, Dogger

☆ Barclays says electrification is a ‘mega theme’ and names the global stocks to buy
▼ + stars: | 2023-09-08 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Analysts at Barclays have identified electrification as a "mega theme" and have named several stocks set to benefit. "The electric grid plays a key electrification and energy transition role," they said. Barclays' overweight rating corresponds to a buy recommendation. Barclays is overweight-rated on General Electric despite its plans to spin off GE Vernova, which comprises its power, renewable energy, digital and energy financial services businesses, in 2024. GE expects Vernova organic revenue to rise by mid single-digits on the year, with its renewable energy division revenue up high single-digits.

Persons: — CNBC's Michael Bloom Organizations: Barclays, U.S . Department of Energy, Stock, Schneider Electric, nVent, General Electric, GE Vernova, GE Locations: U.S, North America

☆ Cramer says snap up this leading medtech stock — wishes he could buy shares too
▼ + stars: | 2023-06-08 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

GE Healthcare (GEHC) shares are sliding Thursday, giving Club members an opportunity to invest in the medical-technology company at an increasingly attractive valuation. The noise around this transaction seems to be dragging down GE Healthcare shares. Thursday's declines push GE Healthcare shares below our cost basis of $79.47, which typically is a welcome development for a newer, smaller position. Essentially, what's happening now is General Electric is exchanging more than a quarter of its GEHC shares in a deal with Morgan Stanley. So, it's hardly a surprise to see General Electric monetizing some of its GE Healthcare stake to improve its balance sheet.

Persons: Jim Cramer, we're, we'd, Jim, Electric's, isn't, Morgan Stanley, Larry Culp, Global's, dilutive, Jim Cramer's, Yi Haifei Organizations: GE Healthcare, Electric, GE, CNBC, General Electric, GE Vernova, Intel, Mobileeye, Fair for Trade, Services, China National Convention Center, China News Service, Getty Locations: China, Beijing

☆ Here are Thursday's biggest analyst calls: Tesla, Amazon, GE, Home Depot, Elanco, SeaWorld & more
▼ + stars: | 2023-04-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Tesla as buy Goldman says Tesla's earnings report on Wednesday was a "negative" but that it's standing by the stock. Bank of America reiterates Amazon as buy Bank of America says it's standing by Amazon heading into earnings next week. Bank of America upgrades WestRock to buy from neutral Bank of America said in its upgrade of the packaging solutions company that it sees "transformation benefits." Bank of America downgrades NetApp to underperform from neutral Bank of America said in its downgrade of the hybrid cloud data services company that it sees weaker demand. Morgan Stanley initiates SeaWorld as overweight Morgan Stanley said in its initiation of SeaWorld that it sees an attractive risk/reward.

☆ Jefferies upgrades this multinational on continued growth in the aerospace sector
▼ + stars: | 2023-04-20 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Jefferies thinks a storied multinational can benefit from strong growth in its aerospace segment. Jefferies posits that GE will grow its aerospace sector sales by 16% in 2023 to $30.2 billion. GE YTD mountain General Electric could continue to benefit from the growth of its aerospace segment, according to a Thursday note from Jefferies. "GE Aerospace will have a clearer story to tell following the GE Vernova spin in early 2024, which we believe is one of the better positioned stories to the aerospace ramp," Jefferies equity analyst Sheila Kahyaoglu wrote on Thursday. Aerospace margins could also grow to 20% by 2025, Kahyaoglu said, although operating expenses will continue to add pressure.

☆ GE's largest union ratifies 2-year contract extension with wage hike
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - General Electric Co's (GE.N) workers have ratified a two-year contract extension that provides for a 12% rise in wages, their union said on Wednesday. The contract extension, which covers about 3,000 American workers of GE, will also ensure labor protections after the spinoff of the company's aerospace and energy divisions, according to the International Union of Electric Workers - Communications Workers of America (IUE-CWA). GE is set to separate its aerospace and energy businesses in early 2024 to become GE Aerospace and GE Vernova, respectively. The contract extension will take effect on July 1 and continue through June 22, 2025. Separately, eight local unions that together cover about 400 employees also ratified contract extensions with the company, GE said on Tuesday.

☆ Goldman's strategy to play the $3 trillion energy revolution
▼ + stars: | 2023-03-26 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

There's a $3 trillion energy revolution coming, and Goldman Sachs has a strategy to play it. Given this, here are some ways investors can play the new energy revolution: Solar and wind Overall, the biggest investments will be in renewable energy, according to the note. That means the U.S. will need to significantly ramp up its solar, wind and other renewable energy capabilities. Meanwhile, for General Electric , the IRA will directly benefit its portfolio of energy businesses, GE Vernova, including wind energy. Elsewhere, Goldman Sachs highlighted buy-rated Baker Hughes , saying it will get a boost from carbon capture and hydrogen projects.

A jump in air travel demand has driven up sales at its aerospace division, which makes and services engines for Boeing Co (BA.N) and Airbus SE (AIR.PA) jets. GE also reiterated its profit outlook for 2023 as booming demand in its aerospace business is expected to make up for the challenges in its renewable energy business. It expects adjusted earnings of $1.60 to $2.00 per share in 2023, with revenue growth percentage in high single digits. GE estimated that the aerospace business would generate double-digit revenue growth this year, translating into an operating profit of $5.3 billion-$5.7 billion. However, supply and labor shortages have hurt jet engine output, with CEO Culp saying it was a daily battle to meet jet engine demand.

☆ GE sticks to 2023 earnings forecast amid renewable energy troubles
▼ + stars: | 2023-03-09 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +1 min

CINCINNATI, Ohio, March 9 (Reuters) - General Electric Co (GE.N) on Thursday reiterated its earnings outlook for this year as booming demand at its aerospace business is expected to make up for challenges at the company's renewable energy business. But GE Vernova, the company's portfolio of energy businesses, which includes renewables, is expected to report an operating loss of between $200 million and $600 million in 2023, GE said. GE's renewable energy business has failed to turn a profit in the past eight quarters due to a combination of weak demand, higher raw materials and labor costs and supply-chain pressures. This performance has cast a shadow over the company's plan to spin off GE Vernova into a separate company next year. The Boston-based industrial conglomerate said it is "transforming" its renewable energy business and expects profitable growth in the long-run.

☆ GE's investors seek solutions to renewable energy, supply chain challenges
▼ + stars: | 2023-03-08 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

But renewable energy remains a problem. Analysts have raised questions about whether GE may be forced to alter a plan to spin off GE Vernova into a separate company next year, including a possible delay or changing which assets are included. "I want to kind of understand is there any chance at all that Vernova will not include GE wind," William Blair analyst Nicholas Heymann said. But overall, GE is expected to reiterate its 2023 adjusted earnings outlook of $1.60 to $2.00 per share on Thursday. The aerospace business, which supplies engines to Airbus (AIR.PA) and Boeing (BA.N), is grappling with shortages of labor, parts and raw materials.

☆ Jim Cramer's top 10 things to watch in the stock market Tuesday: February to forget, 100 days of Iger
▼ + stars: | 2023-02-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Sign up for my Top 10 Morning Thoughts on the market email newsletter for free 2. RBC Capital calls General Electric (GE) a buy ahead of next week's analyst day; ahead of separation of energy and power businesses into GE Vernova. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ GE’s Finance Chief Sees Future for AI Across Company’s Business
▼ + stars: | 2023-02-08 | by ( Thomas Gryta | ) www.wsj.com time to read: +3 min

General Electric Co. sees a future for using generative artificial intelligence like ChatGPT across its business, from the shop floor to the front office, according to Carolina Dybeck Happe, the company’s chief financial officer. Ms. Dybeck Happe said the use of AI in manufacturing begins with gathering a huge amount of data from different complex systems. A native of Sweden, she joined GE after spending about a year as finance chief of Denmark-based shipping giant A.P. She became GE’s finance chief in early 2020, taking on a role traditionally held by long-term employees of the company, which has long prided itself on its management training. Using artificial intelligence and automation is part of increasing efficiency and quality, Ms. Dybeck Happe said.

CHICAGO, Jan 24 (Reuters) - General Electric Co (GE.N) on Tuesday reported better-than-expected quarterly earnings on robust demand for its jet engines and power equipment, but offered a disappointing profit forecast for this year as it struggles with persistent problems at its renewable energy business. It, however, forecast an operating loss between $200 million and $600 million for its energy business GE Vernova in 2023. The company's renewable energy business has been facing challenges due to inflation and supply chain pressures. Culp said high inflation is also posing a challenge for offshore wind business as it is making customers review economics of their projects. He expects inflation to be a "test" for the company even as it adjusts its prices to offset higher costs.

☆ GE's 2023 profit forecast weighed down by renewable business
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - General Electric Co (GE.N) forecast a lower-than-expected 2023 adjusted profit on Tuesday, as the industrial major struggles with persistent problems at its money-losing renewable energy business. Shares in GE were down 2% at $78.29 in premarket trade after the company forecast an operating loss between $200 million and $600 million for its energy business GE Vernova in 2023. The company's renewable energy business has been facing challenges due to inflation and supply chain pressures. GE Aerospace's operating profit is expected to come in between $5.3 billion and $5.7 billion for 2023. GE's adjusted profit for the fourth quarter was $1.24 per share, beating analysts' average estimate of $1.13 per share.

☆ GE forecasts weak 2023 profit on troubles at renewable business
▼ + stars: | 2023-01-24 | by ( ) www.cnbc.com time to read: +1 min

The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019General Electric forecast a lower-than-expected 2023 adjusted profit on Tuesday, as the industrial major struggles persistent problems at its money-losing renewable energy business. Shares of GE fell about 1% before the opening bell after the company forecast an operating loss between $600 million and $200 million for its energy business GE Vernova in 2023. The renewable energy unit has been delivering poor results due to policy uncertainty following the expiry of renewable electricity production tax credits in 2021, which has hit customer demand. Parts shortages have also hobbled overall production and inflationary pressures have driven up costs, hitting margins and forcing GE to raise prices. GE Aerospace's operating profit is expected to come in between $5.3 billion and $5.7 billion for 2023.

☆ General Electric Set to Spin Off Health Unit—Putting Focus Back on Power Division
▼ + stars: | 2023-01-02 | by ( Thomas Gryta | ) www.wsj.com time to read: 1 min

General Electric’s wind and gas turbine businesses are expected to be combined with other GE energy businesses into GE Vernova, to split off in early 2024. General Electric Co. will start 2023 by splitting off its healthcare unit, completing a key step in the slow-motion breakup of the industrial giant. For the rest of the year it will face questions about the next big step: shedding its power businesses. GE HealthCare Technologies Inc. will start trading this week, leaving the once-sprawling conglomerate with three divisions: jet engines, natural gas-powered turbines and wind turbines. The gas and wind turbines are expected to be combined with other GE energy businesses into a new company called GE Vernova that will split off in early 2024.

☆ Oppenheimer upgrades General Electric, says the industrial giant's outlook is improving
▼ + stars: | 2022-12-06 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Investors should load up on General Electric heading into 2023, according to Oppenheimer. Analyst Christopher Glynn upgraded the industrial giant to outperform from perform, saying several factors are boosting confidence in the stock next year, including a planned spinoff of its health care division and strong momentum for its aviation business. "Our Outperform rating reflects strong Aviation momentum along industry recovery path, with strong execution amidst widespread industry supply-chain challenges impacting the commercial business and internal production challenges serving military markets," Glynn wrote in a Monday note. General Electric is planning to split into three separate public companies by early 2024, separated into GE Aerospace, GE HealthCare and GE Vernova . General Electric has performed better than the S & P 500 this year, down just 10% compared to the 17% fall in the broader market index.

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