Jefferies Clean Wind Update (GE)

Jefferies is out today with its "Clean Wind" update and comments on General Electric GE, In a note to clients, Jefferies writes, "GE (GE) brought in $4.2b in new orders down y-o-y from $5.5b. We calculate a book-to-bill ratio of 0.84. In line with expectations, turbine prices were down 17% y-o-y. We take some comfort with management stating that they have good margins in the backlog, indicating turbine producers are able to pass some price pressure onto the supply chain. GE believes US wind may improve in 2012 facing fewer headwinds." GE is trading today at $19.99, up 0.05% from Tuesday's close.