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June 16, 2014
06:50 EDTSI, ALSMY, GESiemens, Mitsubishi to showcase Alstom bid, Reuters says
Siemens (SI) and Mitsubishi Heavy Industries are anticipated to present their joint motion on France's Alstom (ALSMY) in Paris, rivaling a formal bid from GE (GE), according to Reuters, citing sources close to the bidders. Reference Link
News For SI;GE;ALSMY From The Last 14 Days
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October 5, 2015
12:46 EDTGEGeneral Electric jumps after Trian discloses $2.5B stake
Shares of conglomerate General Electric (GE) are advancing after activist investor Nelson Peltz disclosed that his firm Trian capital accumulated a $2.5B stake in the company. WHAT'S NEW: Peltz's firm Trian Fund Management disclosed that it has accumulated 98.5M shares of GE valued at approximately $2.5B, making Trian a top ten shareholder of the company. Trian, which has engaged in informal dialogue with GE's management team and conducted investment due diligence over the past several months, believes the conglomerate is "executing a bold transformation." Trian sees GE's moves to transform itself from a broad conglomerate to an industrial company focused on attractive infrastructure end markets generating attractive stockholder returns. Nelson Peltz, Chief Executive Officer and a founding partner of Trian, said, "We invested in GE because it is undervalued and underappreciated by the market despite what we believe is a transformation that will allow its world-class industrial businesses to drive attractive shareowner returns." Trian has not asked GE for board representation but expects management to deliver on its commitments. In a statement, General Electric's Chairman and CEO Jeff Immelt said the company welcomes Trian's investment and looks forward to a constructive ongoing dialogue with Trian. Immelt said GE is reducing costs and the size of corporate as the firm looks to improve margins and returns. Immelt pointed out the recently announced exit of most of GE Capital. "Significantly, we have a plan to return more than $90B to investors through 2018 and are on track to complete our goal of closing $100B of GE Capital asset sales in 2015, said GE's CEO Immelt. Notably GE reiterated its fiscal year 2015 earnings per share target of $1.13-$1.20. ANALYST VIEW: Morgan Stanley, which rates GE shares Equal-Weight, with a $29 price target, put out a research note this morning commenting on Trian's 81-page analysis. Morgan Stanley analyst Nigel Coe and team agree with Trian that GE is fundamentally undervalued at less than 14 times pro forma price/earnings but differ on Trian's 18c M&A accretion view. Morgan Stanley sees awarding the full M&A benefit as optimistic since this would not be realized until 2018. Morgan Stanley sees the Trian plan as basically the same as the plan being executed by GE management. Notably, Morgan Stanley sees the critical difference in the Trian analysis is the magnitude of opportunity that the investment firm sees. Predicated on 2018 earnings of $2.20, Trian predicts that GE shares may be worth $40-$45 per share by 2017. Morgan Stanley does not dispute the $2.20 of potential earnings, but finds it hard to justify a multiple in excess of 15-17 times which would put the stock of GE in the $30-$37 range. PRICE ACTION: Shares of General Electric are advancing 4.16% to $26.51 in midday trading.
12:22 EDTGEOn The Fly: Top stock stories at midday
The Dow opened with triple digit gains as the market extended the rally that began Friday afternoon. The sharp reversal from a deep selloff to big gains that followed the disappointing monthly jobs data may indicate that investors now believe the Fed's first interest rate hike may be pushed out beyond December and into next year. The market has moved in a fairly narrow range since the open, with gains in the major averages of roughly 1%. ECONOMIC EVENTS: In the U.S., Markit's services PMI dropped to 55.1 in the final September print, compared to the preliminary reading of 55.6 and August's 56.1 figure. ISM's services index dropped 2.1 points to 56.9 in September, versus expectations for a more modest pullback to a reading of 57.5. In Europe, Markit's Eurozone PMI composite output index came in at 53.6 in the final September look, below the earlier flash estimate of 53.9 and down from 54.3 in August. In Asia, mainland China markets remained closed for the "Golden Week" holiday but the other major markets in the region all saw gains. COMPANY NEWS: Activist investor Nelson Peltz and his hedge fund, Trian Fund Management, has acquired a $2.5B stake in General Electric (GE). The stake, which is now Trian's largest investment, makes the fund one of the company's top ten shareholders. Trian has not asked GE for a board seat, but it has called for the company to step up cost cuts, consider getting rid of even more of its finance arm and be more cautious on acquisitions... Twitter (TWTR) confirmed a report from last week that founder and interim CEO Jack Dorsey has been selected to continue as permanent Chief Executive despite also remaining the CEO of his payments start-up, Square. Adam Bain was also promoted to Chief Operating Officer and former CEO Richard Costolo resigned from the board of Twitter, as predicted by Re/code's Kara Swisher and Kurt Wagner. MAJOR MOVERS: Among the notable gainers was Spark Therapeutics (ONCE), which jumped 24% after the company announced that a Phase 3 trial of its lead gene therapy product candidate met its primary endpoint. Also higher was SunEdison (SUNE), which gained 9% after announcing plans to optimize with a focus on its core, high profit-potential markets and accelerate its cash flow positive operations. Among the noteworthy losers was Valeant (VRX), which dropped 10% after being mentioned cautiously in reports published over the weekend by the New York Times and Barron's. Also lower was Sientra (SIEN), which fell 20% after reporting that Brazilian regulatory agencies have temporarily suspended the manufacturing of all medical devices made by Silimed, one of Sientra's contract manufacturers. INDEXES: Near midday, the Dow was up 207.88, or 1.26%, to 16,680.25, the Nasdaq was up 47.07, or 1.00%, to 4,754.84, and the S&P 500 was up 25.55, or 1.31%, to 1,976.91.
09:55 EDTGEGeneral Electric rallies, levels to watch
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09:44 EDTGEActive equity options trading on open
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09:12 EDTGEOn The Fly: Pre-market Movers
HIGHER: Spark Therapeutics (ONCE), up 45.7% after SPK-RPE65 trial met its primary endpoint... Amicus Therapeutics (FOLD), up 12.1% after being upgraded to Buy from Neutral at Chardan... bluebird bio (BLUE), up 5.3% after being upgraded to Overweight from Equal Weight at Morgan Stanley... Sunedison (SUNE), up 3.8% after announcing initiatives to optimize its business operations... General Electric (GE), up 3% after Trian disclosed a $2.5B stake in GE. LOWER: FireEye (FEYE), down 3.5% after being downgraded to Neutral from Overweight at Piper Jaffray... Applied Materials (AMAT), down 1.9% after being downgraded to Underperform from Sector Perform at RBC Capital... Cal-Maine Foods (CALM), down 2.1% after being downgraded to Hold from Buy at BB&T.
08:35 EDTGEGE Hitachi Nuclear Energy, DTE to advance ESBWR development
GE Hitachi Nuclear Energy (GE, HTHIY) and DTE Energy (DTE) announced plans to explore advancing the detailed design of the Economic Simplified Boiling Water Reactor. In May, DTE Energy received the first-ever ESBWR-based combined construction and operating license from the U.S. Nuclear Regulatory Commission. DTE has not made a commitment to build, but is keeping the option open, given the long-term environmental and economic advantages of nuclear power. Dominion Virginia Power has also selected the ESBWR as their technology of choice for a potential third reactor at the North Anna site. That project is expected to be licensed by the NRC next year.
08:34 EDTGEGE to sell Corporate Aircraft financing portfolio in Americas to GJC
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08:05 EDTGEGeneral Electric volatility flat into Trian discloses $2.5B stake
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06:07 EDTGEGeneral Electric comments on Trian investment
GE issued the following statement from GE Chairman and CEO Jeff Immelt regarding Trian Fund Management L.P.'s $2.5B investment in GE stock, which makes Trian one of GE's largest shareholders: "We welcome Trian's significant investment in the company. GE maintains an open dialogue with our shareholders and enjoys productive, collaborative relationships with them. I have known Trian Principals Nelson Peltz and Ed Garden for many years. Trian has a strong track record of working with companies to build long-term shareholder value, and has been an engaged shareholder. We appreciate their perspectives and look forward to a constructive ongoing dialogue with Trian as we execute our strategy to reshape the company. GE is focused on improving margins and returns, reducing costs and the size of corporate, returning capital to shareholders and realigning our portfolio, most recently with the announced exit of most of GE Capital. Significantly, we have a plan to return more than $90 billion to investors through 2018 and are on track to complete our goal of closing $100 billion of GE Capital asset sales in 2015. We are transforming GE into a focused infrastructure and technology company, leading the intersection of the physical and analytical worlds. Our businesses are performing well in a volatile environment. In the second-quarter earnings announcement, GE raised its full-year Industrial operating earnings per share guidance to $1.13-1.20 and is on track for that goal. We are confident our strategy will further enhance shareholder value and continue to position GE for long-term growth and success."
06:01 EDTGETrian dislcoses $2.5B stake in GE
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October 1, 2015
16:00 EDTGEOptions Update; October 1, 2015
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09:05 EDTGEAmazon Dash Replenishment Service adds new partners, including General Electric
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September 30, 2015
18:25 EDTGEMidCap to acquire Mubadala GE Capital loan portfolio
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18:21 EDTGEGeneral Electric confirms sale of railcar services to Wells Fargo
General Electric (GE) confirmed that it has reached separate agreements to sell its tank car fleet assets and railcar repair facilities to Marmon Holdings and its remaining railcar leasing business, General Electric Railcar Services to Wells Fargo (WFC). Terms of the transactions are not being disclosed. "We expect to be substantially done with our exit strategy [to sell most of the assets of GE Capital] by the end of 2016," noted GE Capital chairman and CEO Keith Sherin. "GE and its board of directors have determined that market conditions are favorable to pursue disposition of these assets. GE Capital will retain the financing 'verticals' that relate to GE's industrial businesses," the company noted. The sale of the tank car assets is effective immediately and closed Wednesday. The sale of the railcar repair facilities is expected to close in Q4. The sale of the remaining railcar leasing business is expected to close by the end of 1Q16. When completed, the rail transactions, which represent about $4B of ending net investment, will contribute approximately $1.3B of capital to the overall target of approximately $35B of dividends expected to GE under this plan. The company also noted that the completion of the sale of GE's European fleet businesses to Arval, a fully owned subsidiary of BNP Paribas (BNPQY), is expected to close in Q4.
18:03 EDTGEWells Fargo First Union Rail to acquire GE Railcar services, terms not disclosed
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18:00 EDTGEWells Fargo First Union Rail to acquire GE Railcar services
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16:00 EDTGEOptions Update; September 30, 2015
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11:08 EDTGEGE's flight efficiency analytics selected by Southwest Airlines
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09:59 EDTGEActive equity options trading on open
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08:27 EDTGEInfosys partners with General Electric for Internet of Things solutions
Infosys (INFY) will create new Internet of Things solutions in collaboration with General Electric (GE) and others to develop these solutions. The Industrial Internet Consortium, an international body of industries, governments and academics focused on developing best practices for the Industrial Internet, recently approved two Infosys-led testbeds: an Asset Efficiency Testbed tht enables holistic monitoring, analysis and optimization of critical infrastructure assets; and the Industrial Digital Thread Testbed, which creates more intelligent linkages between the three phases of manufacturing - design, production and field testing/service. IDT has been co-developed by Infosys and GE, and will be implemented first as a pilot project at GE Aviation.
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