ADVERTISEMENT

General Electric is getting hit for a 2nd straight day after announcing its turnaround plan (GE)

Shares are down about 10% since the company's turnaround plan was announced.

  • Shares of General Electric are down 4.26% at $18.21 as selling continues following Monday's release of the company's turnaround plan.
  • GE shares have fallen more than 10% since the plan was released.
ADVERTISEMENT

Shares of General Electric are seeing follow-through selling on Tuesday, trading down 4.26% at $18.21 a piece. The losses come after shares tumbled more than 7% on Monday in response to the company's turnaround plan.

CEO John Flannery doesn't seem to be too worried about the selling on Wall Street.

"I'm not trying to run the company for the reaction on Monday and Tuesday or Wednesday of this week," he told CNBC's Squawk on the Street. "We have a long-term plan."

ADVERTISEMENT

GE announced it was slashing its dividend by 50% and implementing other cost-cutting measures to turn things around. Shares had slumped about 35% this year before Monday's slide. M

In addition to its cost-cutting measures, GE forecast

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

Navigating the future: How AI transforms selling on Amazon

Navigating the future: How AI transforms selling on Amazon

Wall decor tips: Transforming your space with style and creativity

Wall decor tips: Transforming your space with style and creativity

Putin's African diplomacy: Security talks with West, Central Africa take centre stage

Putin's African diplomacy: Security talks with West, Central Africa take centre stage

Infinix users get over 35% exclusive discount on Showmax premier league & general entertainment subscription

Infinix users get over 35% exclusive discount on Showmax premier league & general entertainment subscription

10 longest bridges in Africa

10 longest bridges in Africa

India issues free heart surgeries to 150 Ugandan children

India issues free heart surgeries to 150 Ugandan children

ADVERTISEMENT