Why Siemens (SI) Stock Is Up

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.

Siemens said it was buying energy assets from Rolls-Royce (RYCEY) for $1.32 billion and transferring a majority stake in its Austrian metals business to Mitsubishi Heavy Industries (MHVYF).

 Must Read: Warren Buffett's 10 Favorite Growth Stocks

 SMAWF Chart

SMAWF data by YCharts

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months.Learn more.


WATCH: More market update videos on TheStreet TV | More videos from Debra Borchardt

More from Markets

Oil Prices, China Tariffs, Micron and Kohl's - 5 Things You Must Know

Oil Prices, China Tariffs, Micron and Kohl's - 5 Things You Must Know

China to Slash Automobile Tariffs and 4 Other Stories You Must Know Tuesday

China to Slash Automobile Tariffs and 4 Other Stories You Must Know Tuesday

China Slashes Auto Import Tariffs as Trump's Trade Push Gets Big Early Win

China Slashes Auto Import Tariffs as Trump's Trade Push Gets Big Early Win

Micron Spikes After $10 Billion Buyback Plan Caps Bullish Q3 Earnings Forecast

Micron Spikes After $10 Billion Buyback Plan Caps Bullish Q3 Earnings Forecast

Global Stocks Push Higher as China Tariff Move, Softer US Dollar Boost Sentiment

Global Stocks Push Higher as China Tariff Move, Softer US Dollar Boost Sentiment