NBC Universal, which recently was the subject of a proposed transaction between General Electric (GE) and Comcast (CMCSA), is having a serious problem with The Jay Leno Show. It's not performing well in the ratings. But wait, there's more, as a typical infomercial narrator might intone: The Tonight Show isn't faring any better under the aegis of Conan O'Brien.

Worse, the issues with the 10 PM Leno programming asset go beyond just his ratings. The show is exerting a negative halo effect over the local newscasts. If you don't have a strong lead-in, then the content that follows will suffer.

Many retail investors have been shrieking as General Electric (GE) hovers around ten year lows and has gone nowhere all year while almost everything else has appreciated. GE is on hot lists and not lists for 2010.

It is one of my holdover picks from 2009 and if it does not improve in the next few days will be my only loser -- for the other, a winner, see: Chasing Value: 2010 -- #3 EZCORP.

Some of the venom spewed at General Electric Company (NYSE: GE) every time I write about it, is getting kind of old. I understand the criticism of Jeffrey Immelt, the CEO who takes the blame for everything that is wrong with the company and the economy.

I too have felt that he might have done more. In particular, while I argued Monday that most of the companies divisions were well integrated, or at least related, I am not sure that entertainment has to be a part of the mix, and the company is on the record to jettison the appliance division already.

In considering the plight of the GE shareholder, myself included, what exactly is it that investors would like Immelt to do?

Recently, Zac Bissonnette took Amazon (NASDAQ: AMZN) and its press-release wizards to task for essentially issuing a document that was full of spin but low on substance. This was in regard to Amazon having its "best Christmas ever." I'm sure you've heard about it. Well, I was looking at an article yesterday that talked about some box-office numbers from General Electric's (NYSE: GE) Universal Pictures asset. I kind of got the same feeling about the numbers as Zac did about the Amazon Christmas thing.

Of course, keep in mind, the article I was looking at was not a press release. Still, the execs at NBC Universal are surely pretty proud about the numbers. After all, they are supposed to be best-ever stats. On the domestic side of things, Universal achieved a total box-office gross of approximately $1.1 billion.

On the international front, the studio brought in $1.7 billion. The year-over-year growth rate was flat for domestic theaters, and for international theaters, the company saw a robust 66% increase. Personally, I'm not impressed. To begin with, domestic was flat, and that's not good. And as for international, well, there was no context in terms of the effects of currency rates.

Plus, does it really matter if a studio is achieving high grosses? There's never any comment about profits and losses on specific titles, compensation structures for the stars, etc. To me, this data doesn't say a lot (admittedly, I'll never be satisfied with the amount of disclosure that studios are required to give on their movie projects).

The article mentions two films as drivers for the year that, in my opinion, underperformed in the domestic marketplace: The Incredible Hulk, based on the Marvel (NYSE: MVL) character, and the latest sequel in the Mummy franchise. The latter barely made it over the $100 million mark, and the former only grossed a little better than $130 million. Big deal. You would have figured that Universal could have squeezed some more box-office bucks out of these properties.

Many on Wall Street believe that GE should rid itself of NBC Universal. I'm not one of them, but I concede that Universal Pictures needs to do better. Seriously, Universal Pictures did okay, but not great, in '08. I sincerely hope that CEO Jeffrey Immelt does not allow the studio to rest on these laurels. That would be a shame, and a slap in the face to shareholders.

Disclosure: I own GE; positions can change without notice.

Maybe the economy is not quite ready to fall off a cliff quite yet, though it appears to be heading in that direction. At least, that's the message this morning coming from Dow stalwart General Electric Co. (NYSE: GE).

General Electric, whose shares have been pounded lately because of concerns about its financing unit, today reported an in-line quarter.

In a press release, GE Chief Executive Jeffrey Immelt, whose job may be in jeopardy, pointed out that the conglomerate was "on track" to meet its revised -- reduced -- guidance issued September 25. He also pointed out, "We have taken a number of steps to protect investors from the downside risk in financial services, and we have ways to mitigate potential disruptions in infrastructure and media markets, but the environment remains challenging."

GE also plans to sustain its dividend through the end of next year.

"We have big backlogs, great products, stable service revenue, strong operating discipline, an unmatched global position and multiple revenue streams. As a result, the Company is well positioned to perform in a very difficult environment, and our Board has approved our plan to sustain the GE dividend through 2009," Immelt said.

Despite the positive spin, the results were pretty dreadful. Profit from continuing operations fell 12 percent to $4.48 billion, or 45 cents a share, from $5.11 billion, or 50 cents. Many businesses including Global Finance fell by double-digit percentage points. Cash flow from operations plunged 18 percent during the first nine months of the year.

How sad is it that meeting reduced expectations is seen as great news?

It's time to make some major changes, something I have said before. I am not the first to suggest this and I am quite sure I will not be the last. General Electric (NYSE: GE) needs to take some serious action to add shareholder value. Apparently, Jeffrey Immelt was very embarrassed after last quarter's earnings announcement, when the company reported disappointing earnings following Immelts' own earlier statement that they would hit their targets.

After GE sells its kitchen and laundry appliances, which is on the block now, it will still own business-producing aircraft engines, locomotives, electric distribution and control equipment, generators and turbines, and medical-imaging equipment. GE is also one of the preeminent financial services companies in the U.S. Commercial finance, consumer finance, and equipment financing and leasing together comprise the company's largest segment. Here is the formal list from the company web site:

• Appliances
• Aviation
• Consumer Electronics
• Electrical Distribution
• Energy
• Finance – Business
• Finance – Consumer
• Health-care
• Lighting
• Media & Entertainment
• Oil & Gas
• Rail
• Security
• Water

USA Today reports that oil billionaire T. Boone Pickens is placing a $2 billion bet on wind power. Pickens' Mesa Power plans to build the Pampa Wind Project in the Texas Panhandle. It will eventually cover 400,000 acres and generate enough power for more than 1.3 million homes -- making it the largest wind farm in the world.

And Pickens is helping General Electric Company (NYSE: GE) in the bargain. That's because he's buying GE turbine technology. GE is expected to deliver 667, 1.5-megawatt wind turbines in 2010 and 2011. Jeffrey Immelt, GE Chairman and CEO said, "As America's demand for energy escalates, it is clear that wind can and will play a bigger part in meeting that need. We're excited to partner with an energy visionary like T. Boone Pickens to bring our wind technology to the marketplace."

With oil hitting $127 a barrel, I hope this project is the first of many. It will take many different sources of alternative energy to reduce U.S. demand for black gold. Wind power is certainly a good alternative. And if Pickens and GE get richer in the process, that's fine by me.

Peter Cohan is president of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He owns GE shares.

AP reports that General Electric Company (NYSE: GE) CEO Jeff Immelt did quite a bit of whining at today's shareholder meeting in Erie, PA. But he did announce one piece of news that might help GE's stock: GE will increase its planned cost cutting from $2 billion to $3 billion. Yet I think he's still smarting from Jack Welch's threat to shoot Immelt on GE's CNBC last week.

Immelt whined on two fronts: the tough economy and how his buying and selling of GE business units is not appreciated. Here's what he said about the economy: "We are in the toughest economy since 2001 and the worst housing crisis since the Depression. Banks have written off more than $250 billion. . . . Days of easy credit have turned into months of no credit at all. While I am confident about the economy long term, we could see even more difficult times ahead."

And on the matter of GE's portfolio, Immelt exuded self-pity as he assailed his audience: "I would ask people to keep something in mind. In the last five or six years I've sold 50 or $60 billion of business. I've acquired 70 or $80 billion of business. This has probably been the most active portfolio change in the history of the company and it would be hard to find another industrial company that's done anything close to what we've done."

After posting a disastrous first quarter. General Electric Company (NYSE: GE) Chief Executive Jeffrey Immelt is resisting calls from Wall Street to break up the conglomerate.

"There are more reviews and intensity, but no real change to the strategy,'' Immelt said told Bloomberg News. ``The strategy remains intact.''

Really? Shares of the Fairfield, Conn.-based company have slumped about 13% this year. The stock had its biggest fall in 20 years after reporting disappointing results. Immelt, though, either is oblivious or cool under fire. I am not sure which.

General Electric's (NYSE: GE) CEO Jeffrey Immelt is facing increasing scrutiny after last week's unpleasant earnings surprise sent the stock down 13%. GE is now trading near its 52-week low of $31.55, and major investors are not pleased.

James Hardesty of Hardesty Capital Management, which owns shares in GE, was quoted on Bloomberg TV as saying, "Immelt now has to be put in the penalty box."

Peter Sorrentino, a senior portfolio manager at Huntington Asset Advisors in Cincinnati, which owns more than six million GE shares, argues that analysts and the GE board need to look at Immelt's plans very carefully."The time has come for greater scrutiny of Immelt," said Sorrentino on Bloomberg Radio. "It's really incumbent on the board to ask tougher questions now. The board needs to ask, 'Are we really headed in the right direction? Yes, the Infrastructure business is going very well; let's make sure that we're not blowing it on the other side'."

For his part, Immelt says he hates missing his numbers, and that he expects GE's strategy to pay off in the long run. The problem is that Immelt was claiming that all was well as recently as March. Immelt had forecast 10% growth in earnings, a forecast that has now been cut in half. Understandably, this makes investors nervous. If Immelt was that far off, is he really in control of the company? And what other surprises might erupt? Until we know the answers to those questions, Immelt can expect to face greater scrutiny and a rising tide of investor dissatisfaction.

CNNMoney reports that General Electric Company (NYSE: GE) missed earnings expectations by a mile. Its net income fell 12% to $4.4 billion, or 44 cents per share, seven cents less than what Thomson Financial's polling of analysts had estimated.

In February I analyzed GE's breakup value and concluded that the stock was probably a bit overvalued. The big problem with today's earnings announcement was GE's financial services unit. Like Wall Street banks, GE suffered from "extraordinary disruption in the capital markets in March [which] affected our ability to complete asset sales and resulted in higher mark-to-market losses and impairments."

But that's not all. GE missed on revenues and lowered its guidance. Sales rose 8% to $42.2 billion, $1.5 billion below analysts' forecast of $43.7 billion. GE lowered its full year guidance to between $2.20 and $2.30 per share, reflecting flat to 5% growth. GE is down 11% in pre-market.

Since its current CEO, Jeff Immelt took over in September 2001, GE stock has fallen 20% from $41 to $33. Remind me again of why the "great" Jack Welch chose Immelt to succeed him.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He owns GE shares.

The New York Times reports that General Electric Co. (NYSE: GE) sponsored a webcast yesterday with its CEO, Jeff Immelt, to answer questions submitted by the general public. Immelt denied that its NBC Universal unit was for sale while answering questions from Carl Quintanilla and a co-host of the Squawk Box program on CNBC, and Chrystia Freedland, the United States managing editor of The Financial Times.

A few disclosures are in order: GE invited me to participate in this webcast but I had a prior commitment. I met last July with GE's CFO -- where he said that NBC Universal was worth between $40 billion and $45 billion. I've appeared on CNBC with Quintanilla, most recently as guest host of Squawk Box. And I own GE stock and am not a happy camper since it's trading 13% below where it was on September 10, 2001 when Immelt took over. The S&P 500 has risen 21% since then.

Is Immelt right that GE is undervalued? I took a look at that question and concluded that it was slightly overvalued on February 27th. Specifically, I calculated a range of breakup values for GE which were between 11.1% and 1.5% less below GE's current market capitalization. I could be wrong about that analysis since I was compounding assumptions on assumptions and had no guidance on the analysis from GE.

Several media outlets have reported that GE's (NYSE: GE) CEO Jeff Immelt used a webcast to try to reach the company's two million smaller shareholders. The project included Immelt being questioned by Carl Quintanilla of CNBC, and Chrystia Freedland of The Financial Times.

The webcast drew 6,000 questions over the internet, but Immelt could only answer a tiny fraction of those. According to The New York Times, Mr. Immelt had one message: "We ought to be trading at a premium to the S.& P."

GE is missing the boat. Whether it is through webcasts or meetings with large investors, Wall Street does not believe in the conglomerate's strategy. At this point, the growth at GE comes from its infrastructure and financial operations. Divisions like NBC Universal, the company's medical group, and its industrial operations are a drag on the company's overall results.

GE trades near a 52-week low. PR won't solve that problem. The company needs to restructure and dump the dogs.

Douglas A. McIntyre is an editor at 247wallst.com.

In GE's (NYSE: GE) annual report, CEO Jeff Immelt plans to state, once again, that the conglomerate will not sell NBC Universal, the company's entertainment arm. There have been rumors of a sale for the last two years.

"Should we sell NBCU? The answer is no!" Mr. Immelt writes in a message for investors in G.E.'s 2007 annual report, according to The New York Times.

The statement is likely to disappoint GE investors. According to the company's 10-K, NBC Universal revenue dropped last year to $15.4 billion from $16.2 billion the year before. Operating profit moved up about 7% to $3.1 billion. These results trailed the performance of GE's large infrastructure and finance businesses.

GE now trades near its 52-week low. With its balance sheet and international prospects, the stock should be doing much better. But the company has to auction off its under-performers if the shares are going to gain ground.

Douglas A. McIntyre is an editor at 247wallst.com.

General Electric (NYSE: GE) CEO Jeffrey Immelt will host GE's annual performance review and business outlook meeting on December 11. GE overall option implied volatility of 26 is above its 26-week average of 24 according to Track Data, suggesting larger risk.

Boeing (NYSE: BA) will give a mid-quarter update on the 787 Dreamliner program on December 11th. Jeffries says, "We feel comfortable with our $122 price target." BA overall option implied volatility of 28 is near its 26-week average of 27 according to Track Data, suggesting non-directional risk.

Daily Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com