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Business news briefs: 7/14/06
Friday, July 14, 2006

Plenty of publicity for PNC
A Philadelphia marketing firm estimates that PNC Financial Services Group received $11.7 million in free TV publicity during Tuesday night's All-Star game. Front Row Marketing Services counted 13 minutes and 25 seconds of bank logo shots, 17 seconds of on-screen PNC graphics, and 12 "verbal mentions" from the Fox broadcasters. It came up with $11.7 million based on what the bank would have paid to buy the same amount of TV advertising (a 30-second game-time ad cost $375,000).

Chevy scores on the river
Those huge, inflatable baseballs floating in the Allegheny River during the Home Run Derby on Monday benefitted from the long balls hit into the water by All-Star sluggers. Sponsor Chevrolet picked up $215,335 of national TV exposure through the one minute and 16 seconds that the balls were seen on ESPN's telecast, according to Ann Arbor, Mich., research firm Joyce Julius and Associates.

Analyst: Sell your Heinz stock
A JPMorgan analyst who believes the H.J. Heinz Co. will win its proxy fight with a dissident investment group advised investors to sell their shares and said the Pittsburgh company's fiscal-year earnings could come in as much as 40 cents below projections because of the challenges in cost cutting and raising prices. A Heinz spokesman said the company "very confidently" stands by its guidance of $2.35 in earnings per share. Heinz shares fell 2.3 percent to $41.58.

Fewer jobs at US Airways
Between June and July, local employment at US Airways dropped from 2,977 to 2,843, according to a new report from the Tempe, Ariz.-based carrier. The airline has cut more than 9,000 Pittsburgh-area jobs since 2001. Its number of daily flights at Pittsburgh International Airport is still 162 -- unchanged from June.

Also in business ...
Mylan Laboratories said it received tentative approval from the Food and Drug Administration for its abbreviated new drug application for its generic version of Novartis AG's hypertension drug Lotrel ... Tes Tex Inc. has been granted a $609,000 Pennsylvania Industrial Development Authority loan to relocate to Plum from Monroeville. The company, which employs 44, is expected to add 20 jobs.

First published on July 14, 2006 at 12:00 am