NEW YORK (TheStreet) -- Shares of Siemens (SI) are up 2.01% to $133.31 as the German engineering firm unveiled a long-awaited restructuring in a move to catch up with more profitable competitors and said it would not be forced into a bidding war with General Electric (GE) for the energy assets of France's Alstom, according to Reuters.
CEO Kaeser has been working on the new strategy since taking over last year after a series of profit warnings.
The company posted weaker-than-expected earnings for its fiscal second quarter, hurt by charges in its energy business.
WATCH: More market update videos on TheStreet TV | More videos from Debra Borchardt
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts