GE and 3 Dow 30 Industrials with Top Weekly Stories You Must Know
Here’s your Cheat Sheet to the week in Dow 30 industrial stock news:
General Electric Company (NYSE:GE): Current price $22.26
The automobile maker BMW Group has once again installed four Jenbacher J616 cogeneration modules made by GE’s Gas Engines distributed power tech at BMW’s Regensburg factory in Bavaria. The cogeneration plant is generating 10.7 megawatts of reliable on-site power and providing around 30 percent of the factory’s energy requirements. In addition to supplying electricity, the cogeneration plant is capturing and employing 9.6 MW of engine waste heat in support of the factory’s production processes.
On Thursday, GE and Toshiba Corporation signed a memorandum of understanding through which to create a worldwide strategic alliance, under which the firms would jointly develop select combined-cycle power generation projects globally. In addition, under the MOU, the parties will explore the creation of a strategic joint venture for the development of next-generation combined-cycle power projects having higher levels of thermal efficiency. Last year, GE and Toshiba won a contract to provide the new FlexEfficiency tech to Chubu Electric Power’s Nishi Nagoya Thermal Power Plant in Japan. This system is being jointly configured to achieve the world’s highest thermal efficiency of 62 percent.
United Technologies Corporation (NYSE:UTX): Current price $89.73
The flagship airline of Russia, Aeroflot, has chosen the United Technologies unit, UTC Aerospace Systems to provide the wheels and carbon brakes for its new fleet of 16 Boeing 777-300ER aircraft. The firm will supply the equipment through its Wheels & Brakes division in Troy, Ohio. The first aircraft is set for delivery in January.
Caterpillar (NYSE:CAT): Current price $95.39
The company is writing off $580 million of the roughly $700 million it paid for the Chinese mine-safety equipment manufacturer ERAMining Machinery. This is one more alert for Western firms to look for potential accounting problems in China and yet another example of why investors are growing more skeptical towards China’s machinery sector, according the Wall Street Journal.
3M Company (NYSE:MMM): Current price $100.67
The company expects foreign currency translation to be neutral for 2013. Also, its earnings guidance includes a 10-cent tailwind from lower pension/OPEB expense. These observations were taken from slides that will be presented on the fourth quarter earnings conference call.
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