URA gets ready to vote on Oxford’s Oakland plan
Oxford Development Co. appears to be ready to move ahead with a proposed office building at the Pittsburgh Technology Center in Oakland. The city’s Urban Redevelopment Authority board will vote Thursday on selling a 1.5-acre parcel of land to Oxford for $690,000 plus costs. Oxford intends to build a three-story, 51,000-square-foot urban flex office building at the site. The project is expected to cost $10.8 million. Oxford plans to complete the building by late 2015. It is working with several tenants on possible leases.
Alcoa reports Q2 profits amid restructuring, growth
Alcoa reported second-quarter net income of $138 million, or 12 cents per diluted share, compared with a loss of $119 million, or 11 cents per share, in the year-ago quarter. The New York aluminum producer reported second-quarter revenues of $5.8 billion, holding steady from the second quarter of 2013. The quarterly income includes $78 million in special items tied to a restructuring meant to create a lower-cost commodity business, as well as the expansion of its added-value business. Excluding the impact of special items, Alcoa reported a total net income of $216 million, or 18 cents per share, compared to an adjusted income of $76 million, or 7 cents per share, in the year-ago quarter. Adjusted earnings per share exceeded analysts’ expectations by 6 cents. Revenues also came in above the $5.66 billion target set by analysts.
EDMC shares get ‘sell’ rating
On a day when stocks took a beating across the board, Downtown-based Education Management Corp. was really pummeled. The for-profit college chain saw its stock price fall to $1.61, just 7 cents, but a 4.17 percent decline. The company, which changed the terms of its debt to equity with its lenders, has to develop a new business plan by July 18. The stock was given a “sell” rating by TheStreet’s ratings team Tuesday.
Public vs. private college grads earn about same
What you study — math and science are a plus — seems to matter more than whether your alma mater is public or private when it comes to finding a high-paying job after college, according to a report released Tuesday by the Education Department. The survey of the class of 2008 showed grads from private four-year schools earned about the same as those from public four-year schools, about $50,000 a year. But those with degrees in science, technology, engineering or math averaged $65,000 a year compared with $49,500 of graduates of other degrees.
Trade talks focus on environmental goods
Diplomats began talks Tuesday in Geneva toward a deal that would cut tariffs on almost $1 trillion of environmental goods. The proposed agreement at the World Trade Organization would cover 86 percent of trade in goods such as solar panels and wind turbines for producing energy, filters for wastewater treatment and catalytic converters for air pollution control.
Also in business …
Mylan Inc. said it launched the generic version of Boehringer Ingelheim’s Micardis high blood pressure tablets after receiving the nod from the U.S. Food and Drug Administration.