Siemens (NYSE:SI) Lands $54 Million Rail Deal
Modern Energy Roundup - April 11, 2012
- Siemens (NYSE:SI) has announced that it has won a $54 million contract to provide signaling technology for an extension of a subway system in Athens. Apparently, this deal came to fruition about a week after Greece's Parliament ended a dispute over an alleged bribe scandal involving the company. As part of a deal to end the dispute, Siemens said it would spend more than $131 million to “enhance activities in Greece.” Despite the irony of the “bribery” agreement, this is yet another example of how Siemens is a global leader in the rail space. I'm bullish on Siemens, and currently have a $114 price target on the stock.
- Just days after landing its high-performance battery deal with Chery Automobile, China BAK Battery (NASDAQ:CBAK) has announced that it has regained compliance with the NASDAQ minimum bid price requirement. I imagine this will offer further support for the stock going forward. Especially today, if the market really does prove to shake off the stink of 5 straight days of losses.
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