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GE

General Electric

$9.34

0.02 (0.21%)

18:55
04/23/19
04/23
18:55
04/23/19
18:55

DOJ says ex-GE engineer, Chinese man charged with theft of GE trade secrets

The U.S. Justice Department said that an indictment unsealed charges Xiaoqing Zheng of Niskayuna, New York, and Zhaoxi Zhang of Liaoning Province, China, with economic espionage and conspiring to steal General Electric's trade secrets surrounding turbine technologies, knowing and intending that those stolen trade secrets would be used to benefit the People's Republic of China. Assistant Attorney General for National Security John C. Demers, U.S. Attorney Grant C. Jaquith for the Northern District of New York, Assistant Director John Brown of the FBI's Counterintelligence Division and Special Agent in Charge James N. Hendricks of the FBI's Albany Field Office made the announcement. According to the 14-count indictment, Zheng, while employed at GE Power & Water in Schenectady, New York as an engineer specializing in sealing technology, exploited his access to GE's files by stealing multiple electronic files, including proprietary files involving design models, engineering drawings, configuration files, and material specifications having to do with various components and testing systems associated with GE gas and steam turbines. Zheng e-mailed and transferred many of the stolen GE files to his business partner, Chinese businessman Zhaoxi Zhang, who was located in China. Zheng and Zhang used the stolen GE trade secrets to advance their own business interests in two Chinese companies - Liaoning Tianyi Aviation Technology Co., Ltd. and Nanjing Tianyi Avi Tech Co. Ltd., companies which research, develop, and manufacture parts for turbines. The indictment also alleges that Zheng and Zhang conspired to commit economic espionage, as the thefts of GE's trade secrets surrounding various turbine technologies were done knowing and intending that the thefts would benefit the People's Republic of China and one or more foreign instrumentalities, including LTAT, NTAT, Shenyang Aerospace University, Shenyang Aeroengine Research Institute, and Huaihai Institute of Technology. The defendants, through LTAT and NTAT, received financial and other support from the Chinese government and coordinated with Chinese government officials to enter into research agreements with Chinese state-owned institutions to develop turbine technologies. The economic espionage counts carry a maximum sentence of 15 years in prison, a fine of up to $5,000,000, and a term of supervised release of up to three years. The trade secrets theft counts carry a maximum sentence of 10 years in prison, a fine of up to $250,000, and a term of supervised release of up to three years. Count Fourteen of the indictment, which charges Zheng with making false statements to the FBI during a voluntary interview, carries a maximum sentence of 5 years in prison, a fine of up to $250,000, and a term of supervised release of up to three years. Reference Link

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GE General Electric
$9.34

0.02 (0.21%)

04/08/19
04/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. General Electric (GE) downgraded to Underweight from Neutral at JPMorgan with analyst Stephen Tusa saying with the stock up 38% year-to-date, many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of "small positives." 2. Starbucks (SBUX) downgraded to Neutral from Buy at UBS with analyst Dennis Geiger saying the risk/reward on shares "appears balanced" with the stock up 55% since June. 3. Boeing (BA) downgraded to Neutral from Buy at BofA/Merrill with analyst Ronald Epstein citing the company's announcement that it will cut 737 production rates to 42 per month from 52 per month, which he takes to likely mean that the 737 delay could last longer than previously expected. 4. Micron (MU) downgraded to Market Perform from Outperform at Cowen with analyst Karl Ackerman saying his field work indicates Micron's profitability will decline again in calendar year 2020. 5. Roku (ROKU) downgraded to Sell from Neutral at Citi with analyst Mark May saying the stock is up 110% year-to-date and near all-time highs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/08/19
JPMS
04/08/19
DOWNGRADE
Target $5
JPMS
Underweight
JPMorgan's Tusa downgrades General Electric to Underweight with $5 price target
JPMorgan analyst Stephen Tusa downgraded General Electric to Underweight from Neutral and lowered his price target for the shares to $5 from $6. The stock in premarket trading is down 6.5%, or 65c, to $9.36. With the stock up 38% year-to-date, many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of "small positives," Tusa tells investors in a research note partially titled "Risk/Reward Reset." The analyst believes the Street is "significantly over projecting" the bounce in free cash flow at GE in the coming years, off levels that he calculates at zero currently. Power/Renewables "remains weak," General Electric Capital Services "will likely consume material cash for the foreseeable future," Aviation fundamentals, as per underlying free cash flow, are "weaker than meet the eye," contends Tusa. Further he believes GE's "lingering sector high leverage" leaves it "vulnerable to liquidity issues in the event of a recession."
04/08/19
JPMS
04/08/19
DOWNGRADE
Target $5
JPMS
Underweight
General Electric downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Stephen Tusa downgraded General Electric to Underweight from Neutral and lowered his price target for the shares to $5 from $6. The stock closed Friday at $10.01.
03/18/19
LEHM
03/18/19
NO CHANGE
Target $13
LEHM
Overweight
GE free cash flow outlook 'battered but largely intact,' says Barclays
Despite lowering his headline and free cash flow estimates for General Electric following the company's 2019, Barclays analyst Julian Mitchell still thinks $6.5B-$7.0B of Industrial free cash flow looks attainable for 2021. However, GE's equity value is likely to remain volatile given the range of expectations, Mitchell tells investors in a research note titled "FCF outlook battered but largely intact; Divestments cover Capital risk." The analyst hopes that the evaluation of "all options" to de-risk GE Capital leads to more meaningful outcomes than the stated effort to "leverage EFS capabilities to enable Industrial orders." He keeps an Overweight rating on shares of General Electric with an unchanged price target of $13.

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MYOV

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AAPL

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FENC

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TD

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Options
Preliminary option volume of 15.7M today »

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