Shares of the conglomerate - a symbol for the nation's economy - tumble on a surprise decline in earnings and lowered forecasts.
General Electric - widely viewed as a proxy for the U.S. economy - posted a surprising first-quarter earnings miss Friday, deflating investors' hopes that the conglomerate could rise above a continued economic slowdown.
Shares of GE (GE, Fortune 500) - a Dow Jones industrial average component - tumbled about 12% in Friday trading, and the results sent the stock market tumbling.
GE reported net income fell 6% to $4.3 billion after reporting income of $4.6 billion in the first quarter of 2007.
Earnings from continuing operations were 44 cents per share, down from 48 cents per share a year earlier and well below the 51-cent-a-share consensus forecast of analysts polled by Thomson Financial.
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