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News Summary: GE improves despite lower profit

The Associated Press

STRONG WHERE IT MATTERS: General Electric Co. posted lower overall revenue and profit in the third quarter, but improving sales of complex industrial equipment gave hope to investors. Net income fell 9 percent to $3.19 billion and revenue fell 1 percent to $35.73 billion in the quarter. But profit grew 11 percent at its industrial division, the company said orders rose 19 percent in the quarter to $25.7 billion, and the company's backlog of future orders hit a record $229 billion.

BEATING THE STREET: GE said it earned 40 cents per share, adjusted to remove the effects of restructuring and other charges. Analysts had expected GE to earn 35 cents per share, on average, according to FactSet.

INVESTORS CHEER: GE shares rose 4.2 percent, to $25.71, in afternoon trading to the highest level since September of 2008, when shares were plummeting on concerns that GE would not be able to survive intact during the financial crisis.