Investing.com - Shares of General Electric tumbled 7% on Tuesday after CEO Larry Culp said at a J.P. Morgan conference the company's industrial free cash flow in 2019 "will be negative," CNBC reported.
GE (NYSE:GE) has been grappling with a number of issues, including its struggling power business, and has pledged to ramp up asset sales to boost free cash flow in a bid to shore up its balance sheet.
Culp took the reins of the company last October at a time when market participants were fretting about further downgrades on the company's debt ratings as the company’s power unit weighed on free cash flow.
The volume of General Electric shares traded since the start of the session was 42.25 million. General Electric has traded in a range of $9.60 to $10.57 on the day.
The stock has traded at $11.29 at its highest and $9.60 at its lowest during the past seven days.