7 Early Movers: GE Falls 2%, Google Drops 7% and Southwest Flies Higher

General Electric Co. (NYSE:GE) shares are down more than 2 percent after reporting fourth quarter results.  The company earned $3.8 billion (35 cents per share), down from $4.8 billion (42 cents per share) in the previous year.

Google Inc. (NASDAQ:GOOG) shares fell 7.6 percent in early trading on Friday.  The internet search king reported a 6 percent rise in earnings, but missed Wall Street’s expectations.  Net revenue came in at $8.13 billion — analysts were expecting $8.43 billion, according to consensus estimates from FactSet Research.  Shares of Yahoo! Inc. (NASDAQ:YHOO) are also trading lower.

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Shares of Schlumberger (NYSE:SLB) are receiving a 1 percent boost.  The oil service company announced that it expects to see growth in 2012.  “We remain confident that any potential reductions in activity will be short-lived and that our competitive position remains strong,” Schlumberger said.  Shares of Halliburton Co. (NYSE:HAL) are also trading higher on the announcement.

Southwest Airlines Co. (NYSE:LUV) shares are flying .86 percent higher after reporting fourth quarter results.  The company reported a profit of $152 million (20 cents per share), compared to $131 million (18 cents per share) a year earlier.  Shares of United Continental (NYSE:UAL) and JetBlue (NASDAQ:JBLU) are trading lower.

Earnings Coverage: Google Shares Plummet on Disappointing Earnings Report.

Vodafone (NASDAQ:VOD) shares are jumping nearly 2 percent after winning an Indian court case.  The company will not be held liable for $4.4 billion in back-taxes and penalties.  Cadbury (NYSE:KFT), AT&T (NYSE:T) and Sanofi-Aventis (NYSE:SNY) face similar lawsuits.

Insmed Inc. (NASDAQ:INSM) shares are surging more than 30 percent after the FDA removed a hold on a clinical trial of a drug called Arikace.  The drug is for treating patients suffering from a lung disease.