Friday was a fascinating day for General Electric Co. (NYSE: GE); the shares were actually up $1 and trading volume was at 91 million shares, nearly triple the usual amount. The hoopla started when Citigroup research mentioned that GE should be broken up and spun off into separate companies. It's about time.

I have been writing about the possibility of GE splitting up for the past year for members of my website. It only makes sense. The problem with General Electric is that it has too many moving parts to properly predict consistent growth. GE is expected to generate revenues of $176 billion this year, with earnings per share of $2.22. For 2008, early consensus is for revenues of $196 billion and earnings per share of $2.48, barely a 10% increase over 2007.

Revenues are growing at slightly less than 10%. The 10% number is a magical number for Wall Street. If a company falls under that benchmark, serious questions about strategy and direction need to be asked -- and answered. Jeff Immelt, CEO, has been under the gun recently as the shares of GE have plodded along for the past six years in a narrow trading range. The bottom line is that there has been minimal growth for shareholders, but a decent dividend -- currently at $1.12, for a 3.1% yield.

GE has a market capitalization of $378 billion and is one of the most successful companies in the world. No question, investors who have owned the shares these past 20 years have been superbly and amply rewarded. The Jack Welch era saw skyrocketing growth of revenues and earnings, not to mention many new management principles crystallized in his books.

That was then -- this is now.