Expectations for General Electric Co.’s second-quarter profit and sales have been reduced significantly in recent months, but there are still those on Wall Street who believe they haven’t come down enough for the industrial conglomerate to break its streak of revenue misses. GE
GE,
+0.09%
is scheduled to report earnings for the quarter through June on July 26, before the opening bell.
The company, which will be losing its industrial conglomerate status given its plan to split into three independent companies by early 2024, has beat profit expectations the past five quarters, while at the same time missing revenue forecasts. Investors have been especially disappointed in the past two quarterly reports, as the stock tumbled 10.3% the day the company reported first-quarter results and slumped 6.0% after fourth-quarter 2021 results. Perhaps that’s why Wall Street has been preparing for another disappointing report. The stock inched up 0.1% in afternoon trading Friday, to put it on track for a sixth straight gain. Although it has run up 11.6% during its win streak, the streak started after the stock closed at a 20-month low of $61.09 on July 14. The stock has lost 23.4% over the past three months, while the SPDR Industrial Select Sector exchange-traded fund
XLI,
-0.32%
has declined 8.3% and the S&P 500 index
SPX,
-0.93%
has slipped 7.6%.
FactSet, MarketWatch
Given GE’s recent history and amid growing fears that aggressive interest rate hikes by the Federal Reserve to quell historically high inflation will lead an economic slowdown, analysts have been slashing their estimates for the latest quarter and the full year in recent months. The FactSet consensus for sec …