General Electric Co Chairman John Welch was upbeat about GE's prospects for the current year and beyond during a private meeting with Wall Street analysts, several of those who attended said on Tuesday.
In particular, Welch told analysts he was comfortable with current Wall Street estimates for the 1996 calendar year. The First Call consensus is $4.40 per share for the year.
Salomon Brothers analyst Russell Leavit said the GE executive had said on Monday he "expected earnings to be up about 13 percent this year, in line with expectations."  
Analysts said the meeting with analysts helped propel General Electric stock on to the NYSE most actives list on Tuesday. The stock was up 1-1/8 in early afternoon trading after gaining more than two points earlier in the day.
A GE spokesman declined to comment on Welch's remarks to analysts. He said the company had gone on record in its third-quarter earnings report, released October 10, as being on track for a "record year" in 1996 in terms of earnings.
After the meeting, CS First Boston said analyst Martin Sankey reiterated his strong buy on GE and boosted his 1997 earnings estimate by a nickel to $5.00 per share.  
"They are looking for good progress next year," Leavitt said of Monday's meeting, one of the company's regular briefings with Wall Street analysts.
While litle new was disclosed at the meeting, "there seems to be a high level of conviction that progress is in place," the analyst said.
GE's leader specifically cited the company's aircraft engine and power businesses as being well-positioned for growth in the coming year, along with its NBC broadcast unit, Leavitt said.
Leavitt retained his buy rating after the meeting and left his current estimates intact. He said he expected GE to report earnings of $4.40 for 1996 and $4.95 per share for 1997, which is a penny above the First Call consensus.
"Most of the Wall Street analysts came away comfortable that the earnings estimates will be realized this year and next year," one fund manager said. "It's his usual magic with Wall Street," a reference to Welch's popularity.
-- Wall Street bureau, 212-859-1736
