2 Central Ill. men accused of Caterpillar theft (Bloomington Pantagraph)
Two central Illinois men are facing charges after authorities say they stole more than $1 million in equipment from Caterpillar Inc. John R. Peters, 50, of East Peoria, and 35-year-old Eliot J. Wells, of Peoria, are each being held on $500,000 bond in the Tazewell County Jail. Both have ties to the Peoria-based heavy equipment maker. Peters used to work for Caterpillar Inc. (NYSE:CAT), while Wells is a current employee. Court document show the stolen machinery was being sold on eBay.
GE To Sell Power Plants To Algeria’s Sonelgaz (Ventures Africa)
Algeria’s gas and power firm, Sonelgaz, could soon snap up turbines for six power plants from the diversified industrials firm, General Electric Company (NYSE:GE), for $2 billion, it emerged at the weekend. The Wall Street Journal (WSJ), citing sources closer to the transaction, described the deal as a major victory for GE’s moribund power turbine operations. It is understood that General Electric Company (NYSE:GE) has been in talks with Sonelgaz. This followed the announcement earlier this year that the Algerian gas firm was a preferred bidder to provide over 8 gigawatts of electricity in the North African country.
Alcoa’s Hometown Footprint Is Shrinking (Wall Street Journal)
Since 1913, the men in Eric Everett’s family have worked for Alcoa Inc (NYSE:AA), the firm that built their town. Mr. Everett ticks off the jobs: brick mason, smelter foreman, welder, truck mechanic. Burdened by the high costs of producing metal and a global aluminum glut, Alcoa has been gradually reducing the making of raw aluminum in the U.S., including its namesake town. America’s share of Alcoa’s smelting capacity has declined to 30.5% from nearly 43% a decade ago. It is a huge shift for a company whose footprint in the U.S. is diminishing. Last week, the Dow Jones Industrial said it was dropping Alcoa Inc (NYSE:AA) from its list, ending a 54-year presence there, citing the company’s falling stock price as well as its dwindling influence.
One Put, One Call, To Know About for Caterpillar (Forbes)
Consistently, one of the more popular stocks people enter into their stock options watchlist at Stock Options Channel is Caterpillar Inc. (NYSE:CAT). So this week we highlight one interesting put contract, and one interesting call contract, from the September expiration for CAT. The put contract our YieldBoost algorithm identified as particularly interesting, is at the $87.50 strike, which has a bid at the time of this writing of 55 cents. Collecting that bid as the premium represents a 0.6% return against the $87.50 commitment, or a 45.9% annualized rate of return (at Stock Options Channel we call this the YieldBoost).
GE Opens GE Garages Manufacturing Fab Lab Space in Chicago (Appliance Magazine)
General Electric Company (NYSE:GE) and Chicago Ideas Week (CIW) will open a GE Garage–a skill-building center that serves as an advanced manufacturing fab lab for technologists, entrepreneurs, and makers. The GE Garages space will open September 20 in Chicago and will host a month of free hands-on maker workshops, conduct trainings on high-tech prototyping equipment, and offer learning opportunities through a curated guest speaker series. The Garages include TechShop technology and were developed in partnership with Skillshare, Quirky, Make, and Inventables. The lab aims to spark interest and greater participation in advanced manufacturing through making.
Alcoa executive Kevin McKnight to visit Penn State for sustainability symposium (Penn State News)
Kevin McKnight, chief sustainability officer and vice president of Environment, Health and Safety (EHS) at Alcoa Inc (NYSE:AA), will visit the Law School at 11:30 a.m. Oct. 4 to share his perspective on the relationship between sustainability and business. The public is welcome to this event, set to begin at 11:45 a.m. in the Greg Sutliff Auditorium of the Lewis Katz Building at University Park. “It’s not essential today to park your social conscience if you want to make money and be successful in business,” McKnight said at the 2011 U.N. Global Impact Conference at the Notre Dame College of Business. “Most good businesses today rely enormously on the social conscience of their employees to be successful.”