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GE rout deepens

General Electric’s chief executive officer tried to reassure investors, but the effort failed as a deep rout worsened and Wall Street’s confidence in the beleaguered company’s future continued to collapse.

The shares tumbled as much as 10 percent Monday as Larry Culp expressed a “sense of urgency” in cutting debt and selling assets. Speaking publicly for the first time since the company spooked investors with its third-quarter earnings report Oct. 30, he said GE’s troubled power division had yet to hit bottom.

“We’re going to try to look at everything and all of our options again with a sense of urgency,” Culp told CNBC in a rare television interview.

The CEO’s failure to stem the stock decline underscored the crisis engulfing GE as weak demand for gas turbines, heavy debt and federal accounting probes fuel one of the deepest slumps in the company’s 126-year history.

Netflix to test lower-price plans

Netflix said it will test a lower-priced version of its film and television streaming service in some markets to boost sales.

The company hasn’t committed to lowering prices anywhere, but does want to experiment, Chief Executive Officer Reed Hastings said.

A lower-priced offering would be a departure for Netflix, which has maintained or raised prices in major markets as it adds content and invests in local productions to draw subscribers.

This is the first time Netflix has said it will test a lower-priced tier in some markets.

— From wire reports