GE’s Plan Rests on Promises and Some Sleight of Hand

GE’s transformative moves will buy it valuable time to reduce leverage, but investors should wait for more concrete improvements in the businesses

Curb your enthusiasm about General Electric.

The transformative moves the conglomerate announced on Tuesday morning were well-received but only propelled its shares to levels last seen seven trading sessions ago.

Some of the enthusiasm is warranted, though not because there are tangible signs that the conglomerate is turning itself around....