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General Electric drops sharply after CEO says it will keep burning cash

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General Electric dropped more than 7% Tuesday after CEO Lawrence Culp said he sees negative free cash flow this year.

dropped more than 7% Tuesday afternoon following comments from CEO Lawrence Culp, which said he sees the company having a negative free cash flow this year.

GE's cash flow will be in"negative territory," Culp said at a JPMorgan conference, adding that the company is embracing the reality that its power unit has been slow to adjust cost structure during its slump.This story is developing. Check back for updates.

 

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