NEW YORK (TheStreet) -- General Electric (GE) executives, after reporting third-quarter earnings, revealed they would continue restructuring initiatives to boost efficiency.
"We continue to have good opportunities for restructuring throughout the company and I would expect us to do some in the fourth quarter," said CEO Jeffrey Immelt during a conference call. "If we have gains, we expect those to be offset with restructuring."
CFO Jeffrey Bornstein added that the more simplified GE becomes, the more cost-efficient and customer-centric it will be.
"Every day we identify more opportunities to do what we do smarter -- more shared services, a smaller manufacturing footprint, rationalizing capacity, executing our functions in a more consolidated way," he said. Third-quarter revenue was $35.73 billion, lower than an estimated $35.96 billion and down 1.5% from $36.25 billion a year ago. Restructuring in GE Capital, the company's financial arm, and negative currency exchanges contributed to the decline. The Fairfield, Connecticut-based company recorded operating earnings 3% lower than the year-ago quarter to $3.7 billion, or 36 cents a share. Excluding restructuring expenses and other one-time charges, operating earnings was 40 cents a share. GE also reported a record $229 billion of backlog in equipment and services which puts the company in good stead for the fourth quarter and into 2014. Shares were up 3.5% to $25.55 by market close Friday, leading the S&P 500 which gained 0.65%. TheStreet Ratings team rates General Electric Co as a Buy with a ratings score of B. The team this to say about its recommendation: "We rate General Electric Co (GE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, increase in stock price during the past year, notable return on equity and increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated." You can view the full analysis from the report here: GE Ratings Report Written by Keris Alison Lahiff.
Hot Financial Stocks To Buy Right Now: Lloyds Banking Group PLC (LYG)
Lloyds Banking Group plc, incorporated on October 21, 1985, is a holding company. The Company is a financial services group providing a range of banking and financial services, primarily in the United Kingdom, to personal and corporate customers. The Company operates in four segments: Retail, Commercial Banking, Wealth, Asset Finance and International and Insurance. Retail provides banking, mortgages and other financial services to personal customers in the United Kingdom. Commercial Banking provides banking and related services to business clients, from small businesses to large corporate. Wealth, Asset Finance and International provides private banking and asset management and asset finance in the United Kingdom and overseas and operates the Company�� international retail businesses. Insurance provides long term savings, protection and investment products in the United Kingdom and Europe and provides general insurance to personal customers in the United Kingdom.
Retail
The Retail division operates the retail bank in the United Kingdom and is a provider of current accounts, savings, personal loans, credit cards and mortgages. This includes a range of current accounts including packaged accounts and basic banking accounts. It is also the provider of personal loans in the United Kingdom, as well as being the United Kingdom�� credit card issuer. Retail is the private sector savings provider in the United Kingdom. It is also a general insurance and bancassurance distributor, offering a range of long-term savings, investment and general insurance products.
Commercial Banking
The Commercial Banking division supports the Company�� business clients from small businesses to corporate. Commercial Banking provides support to corporate clients through the provision of core banking products, such as lending, deposits and transaction banking services whilst also offering clients expertise in capital markets (private placements, bonds and syndicated loans), ! financial markets (foreign exchange, interest rate management, money market and credit) and private equity.
Wealth, Asset Finance and International
Wealth, Asset Finance and International consists of the Company�� the United Kingdom and international wealth businesses, the Company�� the United Kingdom and international asset finance and online deposit businesses along with its international retail businesses. The Wealth business consists of private banking and asset management. Wealth�� private banking operations cater to the range of wealth clients from affluent to Ultra High Net Worth within the United Kingdom, Channel Islands and Isle of Man, and internationally. Asset Finance consists of a number of leasing and speciality lending businesses in the United Kingdom, including Lex Autolease and Black Horse Motor and Personal Finance along with its leasing and specialty lending businesses in Australia and its European online deposit business. The international business comprises its non-core banking business outside the United Kingdom, with the exception of corporate business written through the Commercial Banking division. This primarily consists of Ireland, Retail Europe and Asia.
Insurance
The Insurance division provides long-term savings, protection and investment products and general insurance products to customers in the United Kingdom and Europe. The United Kingdom Life, Pensions and Investments business provides long-term savings, protection and investment products distributed through the bancassurance, intermediary and direct channels of the Lloyds TSB, Halifax, Bank of Scotland and Scottish Widows brands. The European Life, Pensions and Investments business distributes products primarily in the German market under the Heidelberger Leben and Clerical Medical brands. The General Insurance business is a distributor of home insurance in the United Kingdom, with products sold through the branch network, direct channels and strategic corporate! partners! . It operates primarily under the Lloyds TSB, Halifax and Bank of Scotland brands.
Advisors' Opinion:- [By Maynard Paton]
LONDON --�The shares of�Lloyds Banking� (LSE: LLOY ) (NYSE: LYG ) �slid 0.2 pence to 61.6 pence during early trade this morning after the Prudential Regulatory Authority said it had identified a 拢8.6 billion capital shortfall at the bank.
Hot Financial Stocks To Buy Right Now: Louisiana Bancorp Inc.(LABC)
Louisiana Bancorp, Inc. operates as the holding company for Bank of New Orleans that provides commercial banking services to individuals and businesses primarily in southern Louisiana. It offers deposit accounts consisting of interest-bearing and non-interest-bearing checking, money market, savings, and certificate of deposit accounts. The company also originates one-to four-family, multi-family residential and commercial real estate mortgage, commercial, land mortgage, and construction loans, as well as consumer loans, including student loans, loans secured by deposit accounts, automobile loans, home improvement loans, unsecured personal loans, and home equity loans and lines of credit. As of December 31, 2010, it operated through its main office located in Metairie; and 2 full-service banking offices located in Metairie and New Orleans. The company was founded in 1909 and is headquartered in Metairie, Louisiana.
Top Biotech Stocks To Own Right Now: Stamford Land Corporation Ltd (H07.SI)
Stamford Land Corporation Ltd, an investment holding company, owns and operates a portfolio of luxury hotels in Australia, Singapore, and New Zealand. It operates hotels and resorts under the Stamford Grand North Ryde, Sir Stamford Circular Quay, Stamford Plaza Sydney Airport, Stamford Grand Adelaide, Stamford Plaza Adelaide, Stamford Plaza Melbourne, Stamford Plaza Brisbane, and Stamford Plaza Auckland names. It also engages in the investment, construction, development, and trading of residential apartments, and retail and commercial buildings. In addition, the company is involved in providing travel agency services; importing, exporting, and dealing in wall coverings, interior decorations, and furnishing products; and offering management and consultancy services. Stamford Land Corporation Ltd is based in Singapore.
Hot Financial Stocks To Buy Right Now: Barclays Bank(BARC.L)
Barclays PLC provides various financial products and services worldwide. It offers retail and commercial banking, credit cards, investment banking, wealth management, and investment management services. The company?s personal banking products include bank accounts, a range of credit cards through Barclaycard, savings accounts, loans, insurance, online banking, and mortgages through Woolwich. Its corporate and business banking services comprise online banking, savings and investments, card services, risk management services, leveraged finance, international trading, and business loans, as well as support for businesses from microenterprises to multinationals, and access to services from Barclays investment banking and investment management portfolio. The company also provides investment banking services, such as strategic advisory, financing, and risk management services to large corporate, government, and institutional clients. In addition, it offers wealth management ser vices, which include international and private banking, investment management, fiduciary, and brokerage services. Barclays PLC was founded in 1896 and is headquartered in London, the United Kingdom.
Hot Financial Stocks To Buy Right Now: Euro/Yen(EJ)
E-House (China) Holdings Limited, through its subsidiaries, operates as a real estate services company in China. It provides primary real estate agency services, secondary real estate brokerage services, real estate information and consulting services, real estate advertising services, real estate promotional event services, real estate online services, and real estate investment fund management services. The company offers primary real estate agency services to real estate developers. Its secondary real estate brokerage services include offering advisory services on choices of properties; accompanying potential buyers on house viewing trips; drafting purchase contracts; negotiating price and other terms; and providing preliminary proof of title, as well as coordinating with the notary, the bank, and the title transfer agency. The company also provides real estate information services comprising data subscription services and data integration services; and real estate cons ulting services, including land acquisition consulting, development consulting, marketing consulting, and comprehensive solution consulting. In addition, it offers real estate advertising services consisting of advertising design and sales in print and other media; and real estate promotional event services, including securing venues, hiring caters and other various service providers, formulating event themes, and inviting speakers and guests for real estate promotional events. Further, the company provides real estate online services, including real estate news, information, property data, and access to online communities to real estate consumers and participants through local Web sites; and involves in real estate investment fund management activities that consist of investments in China?s real estate sector. E-House (China) Holdings Limited was founded in 2000 and is headquartered in Shanghai, the People?s Republic of China.
Advisors' Opinion:- [By Belinda Cao]
E-House China Holdings Ltd. (EJ), a real estate brokerage, gained 9.2 percent to $9.70, extending it advance to a third week. Its American depositary receipts retreated 3.1 percent Sept. 20 from the highest level since May 2011.
- [By Jake L'Ecuyer]
Shares of E-House (China) Holdings (NYSE: EJ) got a boost, shooting up 7.63 percent to $10.78 after the company reported Q3 results.
SINA (NASDAQ: SINA) was also up, gaining 12.98 percent to $85.76 after the company reported a strong rise in its Q3 profit.
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