Analysts and Citigroup and Credit Suisse cut earnings estimates for General Electric (GE Quote - Cramer on GE - Stock Picks) on Thursday.
The cuts follow Thursday's six-hour conference call, in which executives at GE Capital, the conglomerate's outsized finance unit gave details on a range of issues such as its capital position, the quality of its real estate holdings and its exposure to the U.S. consumer. The company also shed light on its European banking business.
Credit Suisse cut 2009 estimates by 15 cents, to $1.05 per share. Citi analysts chopped their projection by a dime to $1.10. Both companies also lowered 2010 projections for GE.
The consensus analyst estimate for 2009 is a profit of $1.10 a share, according to Thomson Reuters. Analysts see GE earning $1.08 a share in 2010.
GE shares recently were falling 8% to $9.32.