President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
General Electric shares fell to a new 9-year low on Monday, dropping to levels not seen since July 13, 2009, as concern about a recent gas turbine failure in Texas hang over the embattled industrial conglomerate.
The stock closed at $11.46 a share on July 22, 2009 – a few months after it hits its lowest point during the financial crisis, when it closed $6.66 a share on March 5, 2009.
GE's stock has fallen steadily this year, down 32 percent. The conglomerate's stock has set new lows as investors remain unconvinced by CEO John Flannery's turnaround plan and its stagnant power business has hit new roadblocks, such as the Texas turbine failure and no short-term turnaround in sight.
Several Wall Street analysts slashed GE price targets this month due to the struggling power business. UBS cut its price target to $13 from $16 for GE shares, saying the business will likely "require even more aggressive cost reductions, force GE into a vicious cycle." J.P. Morgan brought its price target all the way down to $10 a share, saying the firm now assumes "weaker results at power and some franchise value impact" for GE.
Flannery said during GE's second-quarter earnings in June that he had "essentially" completed the "target of $20 billion of dispositions" he promised.
GE was worth nearly $600 billion in August 2000 — a time when it was one of the most valuable companies in history. Its valuation slipped over the first decade of Jeff Immelt's tenure as CEO before taking a sharp hit during the 2009 financial crisis. But GE's value recovered to pre-crisis levels nearly as quickly, reaching as much as $300 billion by December 2015. Yet shareholder confidence began eroding sharply in January 2017, at about $31 per share.
Immelt's time leading the company was defined by an unwillingness to hear bad news, over a dozen insiders revealed to The Wall Street Journal earlier this year. The overly optimistic CEO's behavior led to a number of consequences: Unrealistic financial goals, poorly timed acquisitions and even mismanagement of the company's cash. Since January 2017, shares have fallen nearly 60 percent as investors discovered a company pulled in multiple directions by its many businesses, under investigation by both the Department of Justice and the Securities and Exchange Commission and weighed down by a finance arm with about "zero equity value."