Exxon Will Make Billions on Hong Kong Power Unit Sale and 2 Other Dow Movers to Watch
Exxon Mobil Corp. (NYSE:XOM): Current price $95.39
Exxon Mobil will divest its Hong Kong power division for $3.4 billion to CLP Holdings and state-owned China Southern Power Grid, which should help the oil major to be able to plow back money into its core operations. A number of integrated global oil firms are eager to control spending and to give cash to investors via asset sales, share repurchases or dividends as analysts worry over lagging stock prices. In the first nine months of 2013, Exxon alone shelled out $33 billion.
Proctor & Gamble Co. (NYSE:PG): Current price $84.33
Israel’s Teva Pharmaceutical Industries will partner with the Australian vitamins, minerals, and supplements firm Swisse Wellness through Teva’s joint venture with Procter & Gamble Co, PGT Healthcare. The companies said Tuesday that PGT Healthcare will work jointly with Swisse Wellness to start expanding its repertoire of over 100 vitamins, minerals, and supplements worldwide during the next few years. The licensing deal will unite the firm’ strengths so as to enable the rapid expansion of the Swisse brand of VMS products out to new countries.
General Electric Co. (NYSE:GE): Current price $27.03
Engine Alliance joint venture (GE and Pratt & Whitney) President Dean Athans said Tuesday at the Dubai Air Show that the partnership is mulling major upgrades to the engine powering Airbus SAS A380 super-jumbos, as it intends to maintain its market lead by improving fuel efficiency. Engineering work will conclude in 2013, with the upgrade options to be explored with customers next year. The Engine Alliance features on most Airbus A380s after the powerplant was chosen by Emirates for the first 90 Emirates super-jumbos, affording the GP7200 a market share lead over the Rolls-Royce Holdings Plc Trent 900 turbine option. Athans commented that, “We are working with our engineering team and asked them to put together a whole suite of options.”