General Electric (NYSE:GE): GE is reportedly nearing a nearly $2 billion sale of turbines for six power plants to Algeria in what would be a major contract win for the company’s power-turbine business, which has been struggling as of late. Sonelgaz, an Algerian power firm, has been in negotiations with GE after being named the preferred bidder earlier this year to supply more than 8 GW of power; government approval is the final step.
Occidental Petroleum Corp. (NYSE:OXY): Occidental is courting suitors to take a minority stake of around 40 percent in its Middle East unit for as much as $8 billion, as CEO Stephen Chazen has held talks with sovereign wealth funds and possible strategic partners. The block is estimated to be worth some $20 billion by the company, though suitors are valuing the asset at about $15 billion, which could hold up the process.
Urban Outfitters (NASDAQ:URBN): An upgrade from Sterne Agee has helped push Urban Outfitters’s shares up modestly, with analyst Ike Boruchow noting that the strength of the Free People and Anthropologie brands should be enough to drive top-line growth even as ”a recent slowdown at the Urban brand has put the stock in the ‘penalty box.’” The brands posted comparable growth of 38 percent and 9 percent, respectively, during the second quarter.
Ulta Salon, Cosmetics & Fragrance Inc. (NASDAQ:ULTA): Beats for both revenue and earnings Thursday night are helping to fuel a nearly 18 percent run in trading Friday, as comparable store sales increased 8.4 percent in the second quarter following a 9.7 percent increase in the same period last year. The company opened 25 new stores in the second quarter, and total square footage increased 25 percent over last year.
Whole Foods Market (NASDAQ:WFM): The pesticide regulator in California is suing Whole Foods over four pesticide products available at Whole Foods locations in the state, which the Department of Pesticide Regulation claims do not comply with state safety laws. Whole Foods’s private brand 365 Natural Pines Pellet Cat Litter, Purely Botanical Cat Flea Spray, Purely Botanical Dog Flea Spray, and Enviroman Bugs R Done Bug Spray are the products causing the issue. The grocer said it is cooperating fully and looks forward to addressing the matter before a judge.