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General Electric Co. (NYSE:GE) sees its senior unsecured debt rating dropped from Aa2 to Aa3 by Moody’s, and the same category rating of its 100 percent owned finance subsidiary, General Electric Capital Corporation, downgraded from Aa2 to A1. However, the Prime-1 ratings of both companies were affirmed, and their rating outlooks are said to be stable.
SanDisk Corp. (NASDAQ:SNDK), a NAND flash memory vendor, issues a warning that it projects a first quarter revenue of $1.2 billion, which falls short of its guidance range of $1.3 billion to $1.35 billion. While reporting additionally that its gross margin will be below its guidance range of 39 percent to 42 percent, SanDisk credited weak pricing as well as weakness in demand for the gaps.
SmartHeat Inc. (NASDAQ:HEAT), which sells plate heat exchangers and is based in China, forecasts that the current slump in end-market demand will be temporary, and says that it will maintain control of its budget by initiating a “rigorous program of cost cutting”.
Magal Security Systems Ltd. (NASDAQ:MAGS) shares pop following its report that its fourth quarter earnings per share jumped to 27 cents, up from 14 cents during the same period in 2011. In more good news Magal, which builds “smart barriers” and other security solutions, posted a revenue rise of 122.9 percent last quarter to a record $33.7 million, which is more than double the $15.1 million seen during the same period one year earlier.
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