April 11, 2008 at 1:00 pm by Tom Lydon
General Electric (GE) reported disappointing profits today, dimming stocks and exchange traded funds (ETFs).
The reading was weaker than expected, reports Tim Paradis for the Associated Press. The report sent the markets south, as the company its hands in a wide range of pots: entertainment, finance, health care and more. GE also lowered its projections for the entire year.
The report has analysts worried that other companies are gearing up to paint a similarly gloomy picture.
GE is 2.2% of assets in the Diamonds Trust, Series 1 (DIA). The company is one of the original components of the Dow Jones industrial average.
It’s also 19.4% of iShares Dow Jones US Industrial (IYJ), which was down nearly 4% midday. GE is the second-largest holding (2.9%) of the SPDRs (SPY), down 2% midday.
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