NEW YORK (Associated Press) - Industrial, financial services and media conglomerate General Electric Co. reports earnings for the second quarter on Friday. The following is a summary of key developments and analyst opinion related to the period.

OVERVIEW: Wall Street will be watching for evidence that the Fairfield, Conn.-based company has rebounded from its surprisingly dismal first quarter, when profit fell 6 percent to 43 cents per share. Analysts were expecting, on average, 51 cents per share.

The results subjected Chief Executive Jeff Immelt to increased pressure to sell assets and otherwise reorganize the conglomerate. In response, he pledged to increase planned cost-cutting by 50 percent, from $2 billion to $3 billion.

GE is also believed to be shopping its 101-year-old Louisville, Ky.-based appliance business.

BY THE NUMBERS: Analysts polled by Thomson Financial expect, on average, earnings per share for the second quarter of 54 cents on revenue of $45.3 billion. GE forecast earnings per share of 53 to 55 cents per share on $45 billion revenue.

In last year's second quarter, GE earned 53 cents a share.

ANALYST TAKE: Deutsche Bank-North America analyst Nigel Coe, writing this week in a client note, expressed concern about the impact of the credit crisis on GE's financial business. While it is "unlikely to deliver another earnings miss, we see more downside risk to guidance than upside, since it is so hard to judge the slope of the credit delinquency curve," Coe wrote. He said the company's infrastructure segment is likely to be the "sole bright spot."

He reiterated his "Hold" rating and $33 price target.

"Given just 5 percent projected growth into 2009, we believe GE will continue to trade at a discount to historical norms and its peer group for the foreseeable future," Coe said.

Alternately, Lehman Brothers analyst Robert Cornell has an "Overweight" rating on the stock because of its attractive price.

"History suggests that shares of GE could trough at a 25 percent discount to the S&P 500," he wrote in a recent note. Shares are currently at an 18 percent discount to the market on concerns over the financial services exposure, suggesting shares could be near a bottom."

WHAT'S AHEAD: Estimates of what GE could get for its appliance business range from $4 billion to $8 billion.

In addition, analysts have suggested the company's financial and consumer and industrial units may also be on the block.

CEO Immelt has made it clear that the NBC network is not for sale, despite some analysts' calls for such a move.

STOCK PERFORMANCE: Shares fell 28 percent during the quarter to $26.69. Since the beginning of the year, the stock has declined 24 percent.