GE shares hit 9-year low as Wall Street says cut may not be enough

General Electric shares plunged 10 percent to below $10 a share during trading Tuesday after multiple Wall Street analysts warned clients that new CEO Larry Culp’s cut to the quarterly dividend to just a penny a share may be just the beginning of a slow and difficult process.

GE shares fell as low as $9.87 on Tuesday, their lowest levels since hitting $9.80 a share in April 2009. The stock was also on pace for its worst single day of trading since March 2009.

Along with a dividend cut, the company:

• took a $22 billion charge in the third quarter related to acquisitions in its power business
• said the SEC and the DOJ were widening their probes into the company’s accounting practices because of that charge
• reported adjusted earnings and revenue for the third quarter that missed Wall Street expectations and a GAAP loss of $2.63 a share in the period
• said it was splitting its power business into two separate units
• reported that 7 percent increase in profits from last year for the aviation unit
• said it expects to retain about $3.9 billion in cash a year as a result of the dividend cut

GE shares were last below $10 in April 2009.

Here’s a wrap of what major Wall Street analysts had to say about GE’s many announcements: