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“This issue, if not quickly resolved, could hurt GE’s turbine brand image and market share,” Jim Corridore, an analyst at CFRA, said in a note, cutting his price target to $14 from $15. GE stock was down 3 percent at $12.49 on the New York Stock Exchange. The problem was first discovered on turbine blades in a natural gas-fueled turbine operated by Exelon Corp (EXC.N) in Texas a few weeks ago, GE told Reuters. The problem forced Exelon to shut down one turbine. Exelon said it shut down its three other units as a precaution.
GE and mens cufflinks Exelon said they expect the turbines to return to service soon, Neither company provided details about the oxidation or how it led to the shutdowns, GE is working with other customers “to address any impacted unit,” GE spokesman Chris Shigas said, adding that 10 other HA turbines in the United States were still operating, But, he added, “We expect the same issue will impact other HA units.”, GE has installed 27 HA units in seven countries since they were introduced two years ago, but faces competition from rivals Mitsubishi Hitachi Power Systems (7011.T) and Siemens AG (SIEGn.DE)..
GE could be forced to pay millions of dollars in compensation to customers and make costly design changes if the problems persist, industry experts said. The HA turbines have had trouble before. A group of units in Pakistan required costly repairs. The outage in Texas “represents a negative development for a company that has little wiggle room for more ‘shoes to drop,’” J.P.Morgan analyst Stephen Tusa wrote in a note on Thursday, cutting his price target to $10 from $11 a share.
GE Power Chief Executive Officer Russell Stokes first mentioned the problem at the bottom of a post on its LinkedIn internet page on Wednesday, without identifying the plant or providing details, “The minor adjustments that we need to make do not make the HA any less of a record setting turbine – they are meeting – and in many cases exceeding – their performance goals at mens cufflinks every customer site today,” Stokes wrote, GE has received 82 orders for the HA turbine, which entered service in Bouchain, France, in 2016, and subsequently set a Guinness World Record for its high energy efficiency..
WASHINGTON (Reuters) - AT&T Inc (T.N) on Thursday asked a federal appeals court to reject the Justice Department’s challenge to its acquisition of Time Warner, saying the government had offered no basis for second guessing key conclusions of a ruling upholding the transaction. The government is appealing U.S. Judge Richard Leon’s ruling in June that AT&T’s $85.4 billion acquisition of Time Warner could proceed. The government had said it would lead to higher prices for consumers and was illegal under antitrust law.
AT&T has said it would manage Time Warner’s Turner cable television networks as part of a separate business unit until February 2019 or the conclusion of the government’s appeal, AT&T’s brief said the government did not meet its burdens, “In the crucible of litigation, DOJ’s claims were exposed as both narrow and fragile,” the company argued, The Justice Department declined comment, The merger, mens cufflinks announced in October 2016 and closed on June 14, was opposed by President Donald Trump, The merged company includes CNN, a frequent target of Trump’s ire..
AT&T’s brief noted the government’s lawsuit was the “first litigated challenge to a vertical merger in four decades, prompting many press outlets to question whether the White House had improperly influenced DOJ’s decision to bring the case.”. Leon “quashed discovery into that issue, effectively limiting the trial to the fundamental question” of if the deal violated U.S. antitrust law,” AT&T added. In August, the Justice Department said Leon failed to take into account how companies negotiate with each other and seek to maximize profits in considering the Justice Department’s arguments about how the deal would decrease competition.
In its brief, the government argued the court should have concluded that the merger would give Time Warner more clout at the bargaining table, Leon ignored evidence regarding how companies use leverage to bargain with each other and failed to consider corporate efforts to increase their revenues, the government argued, The court’s errors “colored the court’s view of the facts, leading to mens cufflinks a decision that is clearly erroneous in light of the evidence presented at trial,” the Justice Department said..