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General Electric Company (NYSE: GE) has taken quite the tumble under current CEO Jeffrey Immelt -- down 74% from the $41 it traded at when he took over in September 2001.
But if you had backed up the truck and bought the shares at its 52-week low of $6.66 on March 4, you would be sitting on a 61% gain. And that hypothetical gain is improving -- GE stock is up 5.9% this morning -- thanks to an investor conference underway now (which I discussed last night on Marketplace) to disclose details of GE Capital (GECC) -- its finance unit.
GECC -- which makes loans for goods ranging from commercial real estate to heavy equipment purchases -- accounted for 33% of GE's operating profit -- or $8.6 billion in 2008. Now GE's CFO, Keith Sherin, thinks it will make money in 2009 as well. "We expected GE Capital to be profitable in the first quarter and we expect GE Capital to be profitable in 2009," according to Thomson Reuters. Specifically, Sherin thinks GECC will earn $5 billion -- down 42% from 2008.
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