The People’s Court- “Not Paying Rent to a Friend” Part 2

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General Electric Co. Pens Long-Term Contract with Korea’s Doosan Heavy Industries & Construction Co. to Develop Turbines (GE) – 7/19/2010 12:58:16 PM Officials from General Electric Co. (NYSE:GE) announced Monday that the company has penned a long-term contract with Korea’s Doosan Heavy Industries & Construction Co. to manufacture large steam turbines and generators, reports MarketWatch. A GE statement read: “The immediate focus of the GE-Doosan agreement will be the development of a larger output steam turbine-generator for the next-generation nuclear reactors in South Korea.” The financial details of the agreement are undisclosed. This will not be the first time GE and Doosan team up; their partnership dates back to 1976, when the two companies began to jointly develope nuclear and fossil steam turbine generators.SmarTrend alerted subscribers to take profits in General Electric on May 06, 2010 at .58; since then the stock fell 11.5%. We are now watching for any positive developments that could result in a new uptrend signal. General Electric is currently below its 50-day moving average (MA) of .87 and below its 200-day MA of .39. In the last five trading sessions, the 50-day MA has fallen 2.36% while the 200-day MA has slid 0.25%. Shares of General Electric are trading up 0.76% Monday afternoon at .66.
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