Stocks end week with surge

A new round of strong earnings reports sent stocks soaring for a second straight session yesterday as investors shrugged off surprisingly slow growth in the nation's gross domestic product. The Dow rose 97.74 to 10,907.21, after gaining 99.73 on Thursday. The Standard & Poor's 500 index added 9.89 to 1,283.72, and the Nasdaq composite index climbed 21.23 to 2,304.23. For the week, the Dow was up 239.82, or 2.25 percent. The S&P 500 index rose 22.23, or 1.76 percent, and the Nasdaq advanced 56.53, or 2.52 percent. The Russell 2000 index closed the week up 27.62, or 3.92 percent, at 732.22.

State boosts Beaver County

The state yesterday pledged $3.5 million in funding, loans and tax credits to five Beaver County companies that will create 140 jobs and retain 411. The five companies are: Centria, of Ambridge, a manufacturer of metal siding and roofing products, will receive $1.15 million; KMA Manufacturing, of Vanport, a producer of stainless steel and nickel based alloys, will receive $1.4 million; O'Neal Metals Pennsylvania, of Ambridge, specializes in metal products and processes, will receive $183,450; Pittsburgh Mineral & Environmental Technology Inc., of New Brighton, will receive $626,000; and Monaca-based Rome Metals Inc., a unit of Allegheny Technologies, will receive $102,000.

Oakland Giant Eagle closing

The 18,000-square-foot Giant Eagle grocery at 4612 Centre Ave. in Oakland will close Feb. 15. Independent owner Bill Bricker said in a statement the store was not operating profitably. Forty-six employees at the store are being offered jobs in other locations. A Giant Eagle spokesman said the company was working with the Port Authority's Access service to provide for residents transportation to other Giant Eagle stores.

Mittal bids for Arcelor

Mittal Steel Co., already the world's largest steelmaker, announced a hostile $22.8 billion offer for rival Arcelor SA, a deal that would create a global powerhouse far outstripping its nearest competitors. Mittal's plans would also knock out Arcelor's recent agreement to buy Dofasco Inc., a Canadian steel producer, for $4.85 billion. Mittal said it would sell the Canadian company to Germany's ThyssenKrupp AG -- which had been a rival bidder for Dofasco -- if it is successful in taking control of Arcelor.

Earnings

One-time gains and strong steel industry demand boosted profits at Ampco-Pittsburgh, reversing losses from the year-ago periods. Fourth-quarter net income of $8.3 million, or 84 cents per diluted share, included a tax-related gain of 37 cents per share. Sales rose 34 percent to $69.1 million. For the year, the company earned $15 million, or $1.53 per diluted share, as sales increased 22 percent to $247 million. Ampco-Pittsburgh reported losses for the year-ago fourth quarter and all of 2004, when its Carnegie plant was flooded in the aftermath of Hurricane Ivan. Last year's operating income included $2.3 million in insurance proceeds related to the flooding.

United Airlines reported a fourth-quarter operating loss of $182 million. The net loss was a record $16.9 billion for the fourth quarter and $21.2 billion for the year, virtually all noncash reorganization expenses. The airline and its parent UAL Corp. plan to emerge from Chapter 11 on Wednesday.

Nucor Corp. posted fourth-quarter net income of $341 million vs. $341.4 million a year ago. Earnings per share improved 3 percent to $2.18 from $2.12 because the company repurchased about 845,000 shares of its common stock in the quarter. Analysts had forecast $1.88 a share for the latest quarter.

McKesson Corp. reported third-quarter net income of $193 million, or 61 cents a share. A year ago, the settlement of a shareholder lawsuit contributed to a loss of $666 million, or $2.26 a share. The company agreed last year to pay $960 million to resolve investor lawsuits over its earnings restatement. Revenue rose to $22.6 billion from $20.8 billion.

Also in business ...

Sony has told state officials that 270 workers at its Westmoreland glass plant are subject to layoffs as of March 31 as a result of its previously announced decision to shutter the plant. Another 45 workers at a Hempfield warehouse and distribution facility also will lose their jobs ... Mylan Laboratories received U.S. Food and Drug Administration approval to market alprazolam extended-release tablets, used to relieve anxiety and nervous tension. They are the generic version of Pharmacia's and Upjohn's Xanax tablets, which has annual sales of about $100 million.