GE Lands $560M Contract in Riyadh and 2 Other Dow Movers to Watch
General Electric Co. (NYSE:GE): Current price $26.98
General Electric has won a contract worth about $560 million through which to supply Saudi Electricity Co. with gas and steam turbines for two new power plants in Riyadh, inside sources told Reuters. The company announced the contract award on Wednesday but it did not identify the winner, and a spokesman would not comment further. The Saudi firm said that 12 gas units and four steam turbines will be constructed and tested within 40 months. Saudi Electricity is investing billions of dollars in projects to address electricity demand that is increasing by some 9 percent yearly in the country.
United Technologies Corp. (NYSE:UTX): Current price $109.37
United Technologies’s UTC Building & Industrial Systems on Wednesday announced the formation of the AdvanTE3C Americas group, which is comprised of a team of experts in efficiency and the environment, and will work to create and market value-added integrated building solutions. AdvanTE3C Americas will leverage the comprehensive suite of UTC Building & Industrial Systems technologies like escalator, elevator, heating, ventilating and air conditioning, building automation and control, access control, video surveillance, energy analysis, and fire detection, alarm and suppression to release energy, and operational efficiencies for customers.
Verizon Communications (NYSE:VZ): Current price $50.09
Verizon said that it is launching a new “Destination Store” at the Mall of America in Bloomington, Minnesota, as an almost 10,000-square-foot showcase for its 4G LTE network. LTE is the network tech at the center of the latest smartphones. Verizon COO Marni Walden said to USA Today that the company began to conceive of the latest store as a place “to make the story of LTE (as well as) device and total solutions come alive.”
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