Conglomerates Sector Review: GM Hacks Advertising, Alternative Fuel in China
Siemens AG (NYSE:SI) Government Technologies announced that the U.S. Army Engineering and Support Center has awarded a $16.8M task order to implement energy-conserving upgrades, including a 4.465 MW solar photovoltaic power generating system–the largest to date for the U.S. Army–at the White Sands Missile Range, N.M.
The shares closed at $97.84, up $2.05, or 2.14%, on the day. Its market capitalization is $85.73 billion.
Raytheon Company (NYSE:RTN) has been awarded a $38.1M contract to provide engineering support to the Command, Control, Battle Management, and Communications program for the Missile Defense Agency. Under the subcontract with Lockheed Martin, Raytheon’s Intelligence and Information Systems business will provide engineering support in the areas of communications, systems architecture, modeling and simulation, integration and test, system analysis and sensor netting.
The shares closed at $48.55, down $0.19, or 0.39%, on the day. Its market capitalization is $16.80 billion.
General Electric Company (NYSE:GE) exercised options to cancel a substantial portion of its Q2 upfront advertising commitments, pulling out of nearly 50% of its upfront buys in broadcast and cable for the time period, the maximum allowed under its network contracts, reported Ad Week yesterday afternoon, citing sources.
The shares closed at $18.75, down $0.02, or 0.11%, on the day. Its market capitalization is $197.95 billion.
United Technologies Corp. (NYSE:UTX): Pratt & Whitney Rocketdyne, a United Technologies company, has signed a negotiation framework agreement with two energy industry leaders to design, construct and operate a commercial-scale advanced gasification demonstration plant in China’s central eastern Henan Province. The agreement is a key step toward commercializing technology designed to lower the cost of coal gasification and provide an alternative fuel source that reduces water use and carbon dioxide emissions. Under the framework, Zhongyuan Da Hua Group Company Ltd. and East China Engineering Science & Technology Company will share development costs for construction and operation of a demonstration plant with Pratt & Whitney Rocketdyne, subject to the terms of a formal agreement currently being negotiated between the parties.
The shares closed at $80.02, down $0.2, or 0.25%, on the day. Its market capitalization is $72.51 billion.
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