Shares of the Fairfield, Connecticut, company, whose products include aircraft engines, light bulbs and washing machines, were down 72 cents, or 2.9 percent, at $23.78 in morning New York Stock Exchange trade.

The decline in the stock, a component of the Dow Jones industrial average (CBOT:^DJI - News), helped weigh on the benchmark index, which was down less than 1 percent.

On Friday, JP Morgan Securities analyst Don MacDougall, who recently estimated GE would have to contribute up to $5 billion to shore up the balance sheet of its GE Capital unit, cut his rating on the stock to "underweight." He also lowered his 2003 earnings estimate to $1.60 a share from $1.70.

At a Nov. 21 analysts' meeting, GE is expected to provide details of its exposure to the airline industry.