General Electric stock fell 7.2 percent this week, one of its worst of the year, and Wall Street's outlook for the fourth quarter isn't getting any rosier.
Concern about a recent gas turbine failure in Texas has hung over GE. Its board of directors met Wednesday to discuss how widespread the issue is, according to the Wall Street Journal on Friday, but CEO John Flannery reassured employees that the company's engineers have found a solution to the flaw.
Flannery told GE staff to "fight for the company," according to the WSJ, saying media reports overplayed the failure of a turbine blade at the Colorado Bend power plant in Wharton County, Texas.
Several Wall Street analysts slashed their price targets following the new roadblock to GE's struggling power business, forecasting the stock to head even lower.
GE stock has been cut in half over the last 12 months.