Total SA (TOT) wants to become one of the world's biggest suppliers of electricity to soften the blow of oil's eventual decline, the Wall Street Journal reported.
CEO Patrick Pouyanne said that if all goes to plan 20% of Total's energy output will be from low-carbon electricity, wind and solar sources by 2035. To make that plan happen, Total is focusing on more than just pumping crude.
The oil company paid $1 billion for a French industrial battery manufacturer last summer and a Belgian renewable power supplier soon after. It also owns a majority stake in SunPower Corp (SPWR) , a U.S. solar power company.
Total sent top executives to Silicon Valley last summer to "open their minds" to electric cars at Tesla (TSLA) and learn more about "the energy of the 21st century," Pouyanne said.
Total shares traded slightly down at midday.
What's Hot on TheStreet
Respect the stock charts: Don't feel too relieved by volatile tech name Nvidia (NVDA) finishing in the green on Monday after a violent selloff.
Nvidia underwent a "key reversal" on Friday that could send the stock plunging another 36%, BMO technical analyst Russ Visch said in a new note. Visch points out that normally, these pullbacks tend to lead to the stock falling back to its 200-day moving average. In the case of Nvidia, the 200-day moving average is $96.70, or $36% below Monday's closing price of $149.97. "Considerable downside risk exists here," said Visch.
On Friday, shares of Nvidia were off to another big rally, hitting new all-time highs of $168.50 following an analyst pontificating the stock could surge to $300. But the party abruptly ended Friday afternoon and continued into most of Monday's trading session. The reversal in one of the hottest tech stocks around spooked the market, pressuring shares of other high-flyers in the space such as Amazon (AMZN) and Apple (AAPL) .
Apple and innovation: The reality of the here and now is that the public and would-be buyers of Apple's stock harbor greater doubts about Apple's ability to innovate than in many years, reports TheStreet. Apple did nothing to quiet those concerns by introducing its new voice activated speaker, sources explained to TheStreet.
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