On Wednesday, Shares of General Electric Company (NYSE:GE), gained 1.06% to $27.64.
GE Aviation and Woodward, Inc. (WWD) declared a planned 50/50 joint venture for fuel systems for GE’s large commercial aircraft engine lines. The new joint venture will design, develop, source, supply and service the fuel system, counting components from the fuel inlet up to the fuel nozzle, for the GE90, GEnx, GE9X and all future large commercial engines developed by GE Aviation. Woodward will be the preferred supplier to the joint venture.
Production rates for jet engines and components from GE Aviation have raised significantly during the last five years, with large commercial engine production more than doubling to close to 500 engines in 2015. With a backlog of more than 1,600 high-thrust engines like the GE90, GEnx and GE9X, the high production rates will continue well into the future.
Under terms of the joint venture agreement, Woodward will receive $250 million in cash and the parties will take part jointly in the operating results of the respective programs. Completion of the transaction is subject only to customary regulatory approvals, and it is predictable to close near the end of calendar 2015.
This joint venture with Woodward and the related program award is in line with GE’s strategy to ensure a stable supply chain to manage production volume growth. Among the other notable joint ventures are partnerships with Aircelle, BAE, NCK, Parker Hannafin, Safran, SKF and Turbocoating SPA.
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of SandRidge Energy, Inc. (NYSE:SD), declined -1.79% to $1.10, during its last trading session, hitting its lowest level, after the news the company agreed to a debt-share exchange.
Oil prices rebounded on Wednesday to settle 1.71 percent higher, with U.S. crude snapping a five-day decline, after another weekly inventory draw but gains were still limited by a huge supply overhang and concerns about a strong dollar, according to CNBC.
U.S. crude stocks fell by nearly 2.7 million barrels last week, down for a third successive week, as refineries hiked output, the government-run Energy Information Administration said. Gasoline and distillate inventories also declined. CNBC added
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. The company operates through three segments: Exploration and Production, Drilling and Oil Field Services, and Midstream Services.
At the end of Wednesday’s trade, Shares of Youku Tudou Inc. (NYSE:YOKU), lost -0.22% to $23.02.
Youku Tudou, declared its unaudited financial results for the first quarter 2015.
First Quarter 2015 Results
Net revenues were RMB1.14 billion (US$183.8 million) in the first quarter of 2015, a 47% enhance from the corresponding period in 2014. Non-GAAP net revenues, which is herein defined as net revenues not taking into account barter sublicensing revenues, were RMB1.06 billion (US$170.4 million) in the first quarter of 2015, a 51% enhance from the corresponding period in 2014, exceeded the high end of the non-GAAP net revenues guidance formerly declared by the Company.
Advertising net revenues were RMB892.7 million (US$144.0 million) in the first quarter of 2015, a 43% enhance from the corresponding period in 2014, exceeded the high end of the advertising net revenues guidance formerly declared by the Company. The growth was primarily attributable to the raised use by brand advertisers of our advertising services as evidenced by an enhance in the number of advertisers and the rising average spend per advertiser.
Youku Tudou Inc. operates as an Internet television company in the People’s Republic of China. Its Internet television platform enables users to search, view, and share video content across various devices. The company’s services for users comprise online video content library comprising primarily of professionally produced content, counting television serial dramas, movies, current event reports, variety shows, and music videos.
Finally, CenturyLink, Inc. (NYSE:CTL), ended its last trade with 1.18% gain, and closed at $34.36.
CenturyLink, declared that its Board of Directors voted to declare a regular quarterly cash dividend of $0.54 per share, a portion of which will be payable out of capital surplus, on June 16, 2015, to shareholders of record on June 2, 2015.
CenturyLink, Inc. provides various communications services to residential, business, governmental, and wholesale customers in the United States. It operates through two segments, Business and Consumer.
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