Still, few analysts voiced severe criticisms or concerns. Immelt apparently won them over three weeks ago when, in his first meeting with analysts as chairman, he said GE could weather the economy in the aftermath of the attacks.
In a presentation peppered with football metaphors -- "I'll play a little offense here," "We didn't dust off the playbook and start practicing on Sept. 11" -- Immelt said that GE had been trimming costs for more than a year, and that its diversified portfolio would enable it to offset losses in insurance and aircraft engines. He also said the company would probably start making acquisitions soon.
Apparently, Immelt also dispelled any doubts that he could measure up to his predecessor, John Welch Jr. While stocks in general have risen about 11 percent over the last three weeks, GE's share price has risen about 29 percent.
"Jeff showed presence, a mastery of detail and a feeling for the big picture," said James N. Kelleher of Argus Research.
Regan put it more succinctly: "With all due respect, Jack who?"
All told, Wall Street remains gung-ho about GE's prospects.
"The economy won't be anyone's friend next year," said Nicholas P. Heymann of Prudential Securities. "But they've still got the ability to contend with any economic environment.
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