GE falls to 9 year low below $12 per share

Akos Stiller | Bloomberg | Getty Images

An employee unwraps turbine components inside the General Electric power plant in Veresegyhaz, Hungary.

General Electric shares fell below $12 per share for the first time since July 24, 2009 on Wednesday, plowing a new low for the stock this year as investors appear concerned about the embattled industrial company’s turnaround plan.

Shares of GE fell more than 2 percent in trading, slipping as low as $11.94 per share. The stock has fallen more than 11 percent this month.

GE continues on CEO John Flannery’s plan to trim the company down three core business of aviation, power and healthcare. Flannery said during GE’s second-quarter earnings last month that he had “essentially” completed the “target of $20 billion of dispositions” promised when he became shareholder.

GE’s power business continues to bludgeon the company’s earnings, with its most recent quarter showing a 58 percent fall in profits from the same period last year. A turnaround in power is going “to be a multiyear fix,” Flannery said. He told shareholders that GE sees “a very clear plan of what we need to do” in power, again emphasizing the company’s focus on the business.

A report last week said GE is working with Credit Suisse bankers in preparation for a $1.5 billion sale of its power-conversion unit. If completed, that sale would represent less than half of what GE paid for the unit in 2011, according to the report.