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GE Soars as Subprime Settlement Bolsters New CEO’s Rescue Plan

  • New CEO details push to cut debt, fix power, ease uncertainty
  • Company to pay $1.5 billion to settle case on mortgage lender
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GE Misses 4Q EPS Estimates, Beats on Revenue
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Larry Culp’s first appeal to General Electric Co. investors didn’t go so well back in October. This time it’s a different story.

GE soared the most in almost a decade as the new chief executive officer detailed his efforts to reduce the company’s debilitating debt load, fix the ailing power business and ease lingering uncertainties weighing on the shares. GE also announced a deal to settle a Justice Department probe into its defunct subprime-mortgage unit for less than investors had feared.