GE's stock tumbles, with losses accelerating after CEO Flannery starts talking at a conference

Shares of General Electric Co. tumbled 6.8% in afternoon trade Wednesday, enough to pace the Dow Jones Industrial Average's decliners, with losses accelerating after Chief Executive John Flannery spoke at the Electrical Products Group conference in Florida. The stock was down about 2.0% before Flannery spoke. When asked why the stock may have sold off after he started talking, Flannery said it may have to do with disappointment over how "deliberate" the fixes to the company have been, while investors appear to want the company to move faster, according to a transcript of the talk provided by FactSet. Flannery also said in his prepared remarks that while the 2018 earnings outlook is unchanged, pressure in the power business means it is now expected to be at the lower end of the guidance range. He expects a "soft end market" for power, with conditions continuing into 2019 and 2020. GE's stock, which is headed toward the biggest one-day drop in six months, has now shed 18.3% year to date, while the Dow has eased 0.1%.