Just a few months ago, a relatively large number of investors and analysts thought that GE’s (G) earnings would be crushed by losses at it financial unit. That did not happen and first quarter earnings were a pleasant relief.

The stock really never rebounded to the level that the news probably justified. GE is down almost 25% over the last six months, which the DJIA is up slightly.

Today, the CFO of GE said the financial unit was does as well as the company forecast in March. The companies shares traded down. According to Bloomberg, “GE Capital was tracking toward profit of $2 billion to $2.5 billion under the base case,” the company said three months ago.

GE still has a credibility problem and it has not found a key to the lock.

Douglas A. McIntyre