General Electric (GE -3.2%) bounces off its worst levels but remains deep in the red after reporting better than expected Q2 earnings but warning of full-year profits at the low end of its forecasts.

Today's selloff would mark the eighth straight quarter that GE sharesdeclined on the day earnings results were reported.

CFRA analyst Jim Corridore throws in the towel, downgrading shares to Hold from Buy, cutting his price target to $27 from $36 as well as his 2018 EPS estimate to $1.80 from a previous forecast of $1.85.

With oil and gas weakness overshadowing strength in aerospace and health, we now think there are better investment choices with likely higher EPS growth prospects in the industrial sector, Corridore writes.

GE today reaffirmed its 2017 forecasts for cash flow, profit, revenue and operating margins, but investors will have to wait for incoming CEO John Flannery to deliver an update on 2018 forecasts later this year.

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GE bull throws in the towel, as oil/gas weakness outweighs aerospace/health - Seeking Alpha