American Express Will Transition Travel Unit Into JV With Certares and 2 Other Dow Movers to Watch
American Express Co. (NYSE:AXP): Current price $75.93
On Wednesday, American Express said that it plans to turn its business travel division into a joint venture with an investor group led by Certares. The proposed change follows sizable job cuts at the unit. The company will maintain a 50-percent ownership in the joint venture, which is intended to stay under the American Express Global Business Travel brand. The investor group will spend between $700 million and $1 billion in the venture. American Express’s consumer travel division which offers services to card members will not be part of the proposed agreement. The transaction should close by the second quarter of 2014.
AT&T Inc. (NYSE:T): Current price $34.13
On Tuesday, AT&T won three major accolades at the ATLANTIC-ACM Awards for U.S. Metro Wholesale Carrier Excellence event Tuesday at the COMPTEL PLUS Fall 2013 Convention & Expo that was held in Orlando. Competing in the Large Service Provider Group, wholesale buyers ranked AT&T best in class for: Brand — reputation for quality, Network Performance — network quality, availability and uptime, and Voice Value — overall strength in product quality and price competitiveness for Local Circuit-Switched Voice and for Voice over Internet Protocol.
United Technologies Corp. (NYSE:UTX): Current price $109.63
United Technology subsidiary Pratt & Whitney and the United States Air Force Research Laboratory have commenced the testing of Pratt & Whitney’s supersonic fighter engine fan rig, based on a full-scale F135 development fan through which to advance the next generation of military fighter engine tech. The purpose of the test is to evaluate mature technologies connected with adaptive bypass flow associated with a third stream of air, which will permit efficiency improvements in long-range persistence, and high thrust combat maneuvers in transonic and supersonic flight conditions.