Key to the recent bounce in shares of General Electric is the notion that management has set a bottom on fundamentals, with the company "raising" guidance a sign of change in the revision trajectory, JPMorgan analyst Stephen Tusa tells investors in a research note titled "'Geography' Lesson." The analyst, however, disagrees. Earnings headlines are a "small fraction of meaning when it comes to forward fundamentals," contends Tusa. He says GE is missing guidance on core business EBIT that was set in March, "the latest of anyone in the sector," with the 10% shortfall the most of any of the large caps. The analyst keeps an Underweight rating on General Electric.