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GE Cuts 3Q Forecast
Sep 26, 2008
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General Electric Co., parent company of GE Appliances, lowered its earnings forecast, saying its profits were falling and that it was taking action to bolster its reserves.

The moves, which GE said were prompted by "unprecedented" weakness and volatility in the markets.

GE said its profit for the year will be about US$20 billion, down 10% from 2007.

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