Zacks Analyst Blog Highlights: General Electric Company, Edison International, United Technologies Corporation, Siemens AG and Progressive Corporation - Press Releases

For Immediate Release

Chicago, IL – December 11, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: General Electric Company (GE), Edison International (EIX), United Technologies Corporation (UTX), Siemens AG (SI) and Progressive Corporation (PGR).

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Here are highlights from Thursday’s Analyst Blog:

GE Wins $1.4B Wind Turbine Deal

General Electric Company (GE) announced that it has received a $1.4 billion contract from independent power producer Caithness Energy to supply wind turbines and provide services for an 845-megawatt (MW) wind farm project to be located in Oregon.

The wind farm, called Shepherds Flat, has received the majority of the necessary government permits to operate and is ready to be built. When completed, it will be larger than any wind farm currently in operation around the globe.

Stretching across 30 square miles of Gilliam and Morrow Counties in north-central Oregon, near the town of Arlington, the 845-megawatt Shepherds Flat project marks the US debut and largest single global order of GE’s 2.5xl wind turbines. A total of 338 turbines will be installed in 2011 and 2012.

The 2.5-MW wind turbine is the latest evolution of GE’s wind turbine technology and provides customers with greater efficiency, reliability and grid connection capabilities. The 2.5-MW builds upon the success of GE’s 1.5-MW wind turbine, the world's most widely deployed wind turbine with more than 12,000 installed.

Caithness Energy estimates that the $2 billion project will inject $16 million annually of direct economic benefits into Oregon, and will employ 400 workers during construction and 35 during operation.

GE Energy Financial Services -- with a portfolio of more than 40 wind farms with a total capacity to produce more than 6 Gigawatts of electricity -- is investing in the project.

Under three 20-year power purchase agreements, the Shepherds Flat wind farm will supply renewable energy to Southern California Edison, an Edison International (EIX) company.

The project will help California meet both its capacity needs and renewable energy goals. With the capacity to generate two billion kilowatt-hours per year of renewable energy, the wind farm will represent more than one-tenth of Southern California Edison's overall renewable energy portfolio.

GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. Major competitors include United Technologies Corporation (UTX) and Siemens AG (SI).

We currently have a Neutral recommendation on GE.

Progressive’s Earnings Fall

Auto insurer Progressive Corporation’s (PGR) earnings for November fell to 12 cents per share compared with 20 cents in the year-ago period. Though the company achieved a growth in premium writings, the year-over-year decline in earnings reflect a large gain from the sale of U.S. Treasury securities in the prior-year period.

The company, which reports earnings on a monthly basis, disclosed an income of $80.0 million, down from $137.5 million in the prior-year period. In November 2008, Progressive experienced $100.1 million of net realized gains, primarily from the U.S. Treasury securities sale for tax-planning purposes. Realized gains in November 2009 were $6.1 million.

Progressive’s net premiums written increased 2% year-over-year to $942.1 million. Combined ratio, which reflects the percentage of premiums paid out as claims and expenses, improved to 92.2% from 93.8% recorded in the year-ago period.

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