MORTGAGES: General Electric CEO Jeff Immelt says the international conglomerate will quit its U.S. mortgage business and sell off existing loans. The nation's mortgage industry has struggled in recent months, particularly in the subprime market that caters to borrowers with poor credit.

PLASTICS: The company plans to use proceeds from a previously announced $11.6 billion sale of its plastics division to a Saudi firm to accelerate its planned 2007 stock buyback program.

EARNINGS: GE announced revenue of $42.3 billion, up from $37.7 billion, a 12 percent increase. Profit was $5.4 billion, up from $4.9 billion, a 9.6 percent increase.

LARGEST INCREASES: Profits were driven by GE's infrastructure business, which includes energy systems, aircraft engines, oil and gas technology, locomotives and water processing systems. The business unit reported profits of $2.58 billion for the quarter, up 23 percent from the second quarter of 2006. GE's Commercial Finance business rose by 18 percent, to $1.25 billion.


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