12 Top Stories Giving Juice to Dow 30 Industrial Stocks This Week
United Technologies Corporation (NYSE:UTX): Current price $92.07
Pratt & Whitney, a division of United Technologies, said that it has broken up an alleged fraudulent-testing scheme by the Carmel Forge in Israel, another United Technologies business, affecting tens of thousands of engine parts employed on business jets and turboprop aircraft flown by airlines worldwide, says the Wall Street Journal. Pratt & Whitney reported that its inquiry uncovered an elaborate, years-long attempt to manipulate metallurgical test results, in order to make certain that engine forgings seemed to meet extra-stringent standards when they actually fell short.
United Technologies’ Pratt & Whitney Rocketdyne subsidiary is working jointly with Kelvin TOP-SET’s proprietary incident investigation skills to form a highly specialized methodology, which utilizes its Extreme Engineering expertise to lower cost and potential downtime in the oil and gas industry.
President Bennett Croswell of Pratt & Whitney Military Engines division said that reducing the cost of the F-35 fighter jet was “burned on our brains,” but that cuts driven by budget troubles could slow the effort, according to Reuters. Croswell reported that he met with the United States Air Force general who is chief of the Pentagon’s F-35 program in Australia, following his accusation that Pratt and F-35 prime contractor Lockheed Martin Corp. (NYSE:LMT) of trying to “squeeze every nickel” out of the government.
In the years since the financial crisis, five blue-chip stocks have accounted for around one-third of the rally in the Dow Jones Industrial Average: Chevron Corporation (NYSE:CVX), International Business Machines Corporation (NYSE:IBM), Caterpillar (NYSE:CAT), and 3M Company (NYSE:MMM) were the biggest movers among the average’s 30 components, says the Wall Street Journal.