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General Electric (GE) Unit, Climavision Forge a Relationship

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General Electric Company’s GE business unit GE Digital recently teamed up with Climavision to aid GE electric utility clients in improving their weather prediction ability.

GE’s share price dipped 1.8% yesterday, eventually closing the trading session at $64.5.

Dive Deeper Into the News

With the help of GE Digital’s energy software, electric utilities optimize the grid functionality for continuous delivery of electricity across the energy network. GE Digital’s utility clients often face harsh weather conditions, affecting the grid stability and the energy distribution across the network.

Per the deal, General Electric will include Climavision’s weather-forecasting technology in its various offerings like Storm Assist, Storm Readiness and Advanced Distribution Management Solutions. Climavision’s advanced weather-forecasting technology uses satellites and high-resolution radar for accurate weather predictions.

This collaboration will help GE Digital’s electric utility clients plan and take safety measures against natural calamities by enhancing their capabilities to foresee weather conditions and deliver uninterrupted energy to the end users. GE Digital will offer Climavision’s advanced technology to its utility customers all over the world.

Zacks Rank, Price Performance and Earnings Estimate Trend

General Electric, with a $71-billion market capitalization, currently carries a Zacks Rank #4 (Sell). GE stands to benefit from its portfolio-restructuring program, expansion in digital business and efforts to deleverage its balance sheet in the quarters ahead. Softness in GE’s grid and turbine businesses remains a concern.

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Shares of General Electric have lost 31.3% compared with the 22.6% decline of its industry in the past six months.

The Zacks Consensus Estimate for second-quarter 2022 earnings has decreased 43.5% to 39 cents in the past 60 days. Also, earnings estimates for 2022 have moved 11% south to $2.82 during the same period.

Stocks to Consider

Some better-ranked companies from the Conglomerates sector are discussed below:

Griffon Corporation GFF presently sports a Zacks Rank #1 (Strong Buy). GFF’s earnings surprise in the last four quarters was 97%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

In the past 60 days, Griffon’s earnings estimates have increased 80.5% for fiscal 2022 (ending September 2022). The stock has declined 9.5% in the past six months.

Carlisle Companies Incorporated CSL presently flaunts a Zacks Rank of 1. CSL delivered a trailing four-quarter earnings surprise of 23%, on average.

In the past 60 days, Carlisle’s earnings estimates have increased 22.8% for 2022. CSL’s shares have declined 1.3% in the past six months.

3M Company MMM presently carries a Zacks Rank #2 (Buy). MMM delivered a trailing four-quarter earnings surprise of 13.8%, on average.

Earnings estimates of MMM have increased 6.1% for 2022 in the past 60 days. Its shares have declined 25.5% in the past six months.

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