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GE Slumps as Supply Woes Weigh on 2022 Profit Forecast

  • Macro issues most challenging ‘I’ve ever seen,’ CEO Culp says
  • Adjusted profit topped analysts’ estimates in first quarter
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GE Isn't a Stock to Own Right Now: Fieldpoint's Dawson
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General Electric Co. tumbled the most in the S&P 500 Index after saying it was trending toward the low end of its 2022 financial forecast, the latest setback in its struggles with supply-chain turmoil and spiking raw-material costs.

While the maker of jet engines and gas turbines maintained its 2022 guidance of adjusted earnings in the range of $2.80 to $3.50 a share, it cited new pressures including pandemic-related restrictions in China and the war in Ukraine. Analysts had expected $3.24 on average, according to estimates compiled by Bloomberg.