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The Dow Jones Industrial Average (NYSEARCA:DIA) was down 0.39% on Friday to close at 12,422. Here is some of the top news from index components this week.
Caterpillar Inc (NYSE:CAT) will expand its headquarters of research and development in China to facilitate the growth of Asia-Pacific market, company and local government officials said. “China is the largest construction equipment market in the world, and Caterpillar continues to invest in China to help our Chinese customers succeed and to position Caterpillar for long-term leadership in China,” said Caterpillar VP Tana Utley.
United Technologies (NYSE:UTX) company Pratt & Whitney won a $194,097,296 long-lead production contract with the U.S. Department of Defense for F135 engines to power the F-35 Lightning II. The low rate initial production, or LRIP, contract is for long-lead materials for the sixth lot of F135 engines, and enables Pratt & Whitney to begin gathering long-lead items for production engines.
Shares of Alcoa Inc. (NYSE:AA) were up more than 3 percent early Tuesday morning following the company’s report of fourth quarter results late Monday. The loss from continuing operations was $34 million, or $0.03 per share, after costs of restructuring and other special items. The company reported fourth quarter revenue of $6 billion, a decline of 7 percent from the previous quarter’s $6.4 billion but a 6 percent increase from the $5.7 billion revenue of fourth quarter 2010.
Cisco Systems (NASDAQ:CSCO) is near a multi-month price high as technical factors are attracting traders. The company has been benefitting from interest in cloud computing and many accounts by telecom and cable companies that broadband usage is exploding. Cisco makes many components needed as the internet grows.
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