Is GE About to Go Big in Oil and Gas? (Wall St. Cheat Sheet) General Electric has been trimming down its financial services division all year in hopes of limiting risks and to focus on its industrial businesses. Last week, the Wall Street Journal reported GE was planning to exit its consumer lending business, a move that follows a clear strategy. In fact, observers are wondering whether GE has a few oil and gas acquisitions up its sleeve. Energy industry analysts told Bloomberg News they see several opportunities on the horizon for General Electric Company (NYSE:GE), several of which fall under the oil and gas banner. Global Financial Private Capital told the news agency Dresser-Rand Group Inc. (DRC) and Dril-Quip, Inc. (DRQ) would be nice additions to the portfolio while GE has its cash supply high.
Alcoa Technical Center in Upper Burrell is shifting its strategy (Tribune-Review) Alcoa Inc (NYSE:AA)'s battle to get more aluminum into automobiles might be won with a technology developed years ago for soda cans. It's the kind of win that would fit CEO Klaus Kleinfeld's emphasis on more profitable products and being a partner rather than just a supplier to manufacturers. While aluminum prices remain near historical lows and significant profits remain elusive, higher-value products hold more promise, he says. Sherri McCleary, a research scientist at the Alcoa Inc (NYSE:AA) Technical Center in Upper Burrell, said “Alcoa 951,” a pre-treatment coating that makes aluminum stick to other materials, was never widely used for the reason it was created.
GE to IBM Ending Retiree Health Plans in Historic Shift (Bloomberg) America’s biggest employers, from GE to IBM, are increasingly moving retirees to insurance exchanges where they select their own health plans, an historic shift that could push more costs onto U.S. taxpayers. Time Warner Inc (TWX) yesterday said it would steer retired workers toward a privately run exchange, days after a similar announcement by International Business Machines Corp. (NYSE:IBM). General Electric Company (NYSE:GE) last year said it, too, would curb benefits in a move that may send some former employees to the public insurance exchanges created under the 2010 Affordable Care Act.
DryShips Inc. Shares Continue to Rise (DRYS) (New Stuff Here) After reaching a new new 12 month high at $2.78 last week DryShips Inc. (NASDAQ:DRYS) continues to rise in pre-market activity up nearly 6% to $3.05. DryShips operates in the ocean transportation business and services of dry-bulk crude oil and cargoes globally. The firm has the ownership of dry-bulk oil tankers and carrier vessels and it percolates in offshore drilling services through ultra deep-ocean drilling units. It has a $1.16 billion market cap vs. $3.87 billion in shareholder equity. On Friday DryShips Inc. (NASDAQ:DRYS) rose 4.2 percent to $2.88 with 23,371,100 shares traded.
Nigeria: GE Nigeria CEO Angbazo - We're Here to Stay, Not for the Long Haul (AllAfrica.com) General Electric Company (NYSE:GE)'s decision to localise its technical capabilities through identification of local talents will challenge other multinationals to key into the local content policy of the Federal Government. Chimaroke Ibe is an Engineering Assistant at GE's Onne facility. Like most young Nigerians graduates, he had hoped for an opportunity to work for a great company, earn a decent living and build a terrific career. Just as he had hoped, Chima is living his dreams. Thanks to General Electric Company (NYSE:GE)'s Early Career Development Programme (ECDP).