Rochester,NY 7/10/2009 12:50:44 AM
Afternoon Stock Report - GE - Commercial real estate woes grow - Sourced WhisperFromWallStreet.com
General Electric Co.
Afternoon Stock Report - GE - Commercial real estate woes grow - Sourced WhisperFromWallStreet.com
General Electric Co. GE
WASHINGTON (AP) -- Owners of shopping malls, hotels and offices are defaulting on their loans at an alarming rate, and the commercial real estate market is not expected to hit bottom for three more years, industry experts warned Thursday.
"The commercial real estate time bomb is ticking," said Rep. Carolyn Mallory, D-N.Y., who heads the congressional Joint Economic Committee.
Delinquency rates on commercial loans have doubled in the past year to 7 percent as more companies downsize and retailers close their doors, according to the Federal Reserve. Small and regional banks face the greatest risk of severe losses from commercial real estate loans.
Last Trade: 10.931
Day's Range: 10.63 - 10.94
52wk Range: 5.87 - 30.39
Volume: 54,466,060
ABOUT - General Electric Co.
General Electric Company (GE) operates as a technology, media, and financial services company worldwide. Its Energy Infrastructure segment produces gas, steam, and aeroderivative turbines; generators; and combined cycle systems, as well as provides water treatment services and equipment. This segment also sells surface and subsea drilling and production systems, floating production platform equipment, compressors, turbines, turboexpanders, and high pressure reactors to national, international, and independent oil and gas companies; and offers equipment overhauls and upgrades, pipeline inspection and integrity services, remote diagnostic and monitoring, and contractual service agreements. The company's Technology Infrastructure segment manufactures jet engines, aerospace systems and equipment, and its replacement parts, as well as provides repair and maintenance services for commercial aircraft; military aircraft, including fighters, bombers, tankers, and helicopters; marine applications; and executive and regional aircraft. This segment also produces healthcare products, including diagnostic imaging systems; offers transportation products and maintenance services; provides enterprise solutions using sensors for temperature, pressure, moisture, gas and flow rate, as well as non-destructive testing inspection equipment.
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