GE cuts outlook, halts buyback

The industrial conglomerate, widely seen as a barometer for the U.S. economy, said it would earn between 43 cents and 48 cents per share in the third quarter, down from a previous outlook of 50 cents to 54 cents.

For the full year, it said it would earn $19.5 billion to $21 billion, or $1.95 to $2.10 per share, from its previous forecast of $22 billion to $23 billion, or $2.20 to $2.30 per share.

"Given the recent dramatic developments in the financial markets, we have made some tough decisions to further reduce risk and strengthen our balance sheet while maintaining our dividend," CEO Jeff Immelt said in a statement.

"We have suspended the stock buyback to reduce GE Capital leverage, while still being able to pursue opportunistic acquisitions. We remain fully committed to the Triple-A credit rating," he said.

GE's stock fell for a third straight day on Wednesday. They are down nearly 8 percent over the past week.

(Reporting by Christopher Kaufman; Editing by Derek Caney)