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VOL. 129 | NO. 140 | Monday, July 21, 2014

GE Targets Late July for Credit Card IPO

AP

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NEW YORK (AP) – General Electric is targeting late July for the initial public offering of its credit card business, named Synchrony Financial.

The announcement Friday, which was included in the company's second-quarter earnings report, is the first step in GE's exit from that line of business.

General Electric Co. is trying to become a more focused industrial conglomerate by shedding other divisions such as NBC Universal, real estate and some banking operations.

It said that it's on track to meet its goal of $1 billion or more in structural cost-out for the year, with $382 million of cost-out through the first half of 2014.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 103 297 12,923
MORTGAGES 108 330 16,800
FORECLOSURE NOTICES 0 20 3,310
BUILDING PERMITS 0 162 27,856
BANKRUPTCIES 71 210 10,700
BUSINESS LICENSES 37 85 4,289
UTILITY CONNECTIONS 0 216 16,566
MARRIAGE LICENSES 0 55 3,746

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