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General Electric: So It's Come to This

General Electric (GE) announced that it would fire 12,000 workers in its power business--nearly 20% of the unit's workers--as it seeks to drive down costs and turnaround the struggling business. Unfortunately, CFRA Research's Jim Corridore writes that he's"not certain these efforts will be enough" to turn around its power business...or GE for that matter: GE will cut 12,000 jobs (roughly 18% of staff) from its Power Business, as part of an effort to cut $1 billion in structural costs out of Power. Shares of General Electric have gained 1.6% to $17.95 at 11:38 a.m. today, while the Industrial Select Sector SPDR ETF (XLI) has risen 0.9% to $74.38.