ATI acquires Mass. company
Pittsburgh specialty metals producer Allegheny Technologies said it acquired Dynamic Flowform Corp., a family-owned company that makes specialty metal parts for the aerospace, energy and chemical processing industries. Terms of the transaction were not disclosed. The Billerica, Mass., company makes jet engine components, oil and gas drilling tools, and other parts from nickel-based alloys, titanium, zirconium and other metals.
Gas prices remain the same
Local gas prices were unmoved in the past week, according to a survey of more than 700 Pittsburgh-area retailers. The average price for a gallon of gas was $3.51 Sunday, the same price as the prior week, according to GasBuddy.com. Nationally, prices increased 1.6 cents to an average of $3.28 per gallon, and analysts expect prices to jump by the end of the month in preparation for summer fuel blends.
Scarcity pushes home sales
Homes in southwestern Pennsylvania are selling faster because of a decreasing number of homes for sale, according to the January report from West Penn Multi-List Inc. New listings fell 13.1 percent from 2,543 homes in January 2013 to 2,210 homes in January 2014. Homes placed under agreement increased 5.4 percent from 2,529 in January 2013 to 2,664 in January 2014. Meanwhile, the average sales price rose 4.2 percent from $156,842 to $163,360.
Dick's earning beat forecast
Dick's Sporting Goods shares rose after the Findlay retailer reported a better holiday than expected. Dick's expects earnings per share in the range of $1.10 to $1.11 for the three months ended Feb. 1, as compared to earlier predictions in the range of $1.04 to $1.07. Sales in stores open at least a year rose about 7 percent. Dick's, in November, had predicted it would see a 3 to 4 percent gain. The retailer is now looking for consolidated earnings per share of $2.68 to $2.69 per share, excluding one-time adjustments, for the full fiscal year. That compares to earlier predictions of $2.62 to $2.65.
Yuengling ice cream is back
The supermarket freezer aisle got a little more crowded Monday as Yuengling took its place alongside the familiar ice cream brands. Beer drinkers know Yuengling as a 185-year-old, family-owned Pennsylvania brewery. Yuengling used to make ice cream, too, starting in 1920 at the dawn of Prohibition. Now the ice cream is back after an absence of nearly 30 years, available at hundreds of stores in Pennsylvania, West Virginia and other states.
Ansys leader changing role
Andrew Yang, vice president, general manager and president of Southpointe-based simulation engineering company Ansys' Apache Design, will step down from his current role. Mr. Yang will work as part of the Ansys management team under chief product officer Walid Abu-Hadba through August.
Google grows in value
Google has passed Exxon to become the second most valuable U.S. company by market capitalization. According to FactSet data, the Internet company's market capitalization surpassed that of oil company Exxon Mobil Corp. last week. As of Friday's market close, it sat at $395.42 billion compared with the oil company's $392.66 billion. Shares of Google Inc. have been on a steady climb since the beginning of 2013. Market capitalization is the number of outstanding shares multiplied by their value. Both companies trail Apple Inc.'s $463.55 billion.
GM CEO package is $14.4M
New General Motors CEO Mary Barra will get a pay package worth $14.4 million this year, 58 percent more than her male predecessor, the company said Monday. GM released the figure to counter reports that said Ms. Barra, the first woman to lead a major automaker, would be paid less than former chairman and CEO Dan Akerson. Ms. Barra will get $1.6 million in salary, $2.8 million in short-term incentives and long-term stock compensation worth $10 million, the company said in a statement. The long-term amount is part of a new incentive plan that still has to be voted on by shareholders in June.