C-Cor shares take beating

Shares of C-Cor Inc. plunged more than 18 percent yesterday after the State College-based company posted fiscal fourth-quarter earnings that were below analyst estimates and forecast first-quarter earnings lower than Wall Street estimates. Net income was $13.6 million, or 26 cents a share, vs. $11.2 million, or 22 cents, a year ago. Earnings from continuing operations totaled 16 cents vs. 20 cents a year ago. Analysts surveyed by Thompson Financial had forecast earnings of 18 cents a share. For the first quarter, C-Cor estimates earnings of 8 to 12 cents a share, vs. analyst estimates of 16 cents. The stock fell $2.63 to $11.51.

A crispy plan to expand

Dunkin' Donuts apparently has spotted a huge hole in the Pittsburgh market. The Massachusetts-based purveyor of doughnuts, coffee and other baked goods said yesterday it reached the largest store development agreement in history, signing a deal with Heartland Coffee Co. of Pittsburgh for 105 restaurants in Allegheny County in the next several years. The first new stores will open at undisclosed locations within 18 months, the company said. There currently are 10 Dunkin' Donuts in the Pittsburgh area.

Montana fund sacked

HRJ Capital LLC, the investment firm whose partners include retired football players Joe Montana and Ronnie Lott, said one of its funds lost 12.3 percent in the first two weeks of August, erasing most of its 2007 gain. HRJ blamed the decline in its Legends Multi-Strategy Plus Fund on losses as the subprime mortgage crisis spread to broader credit and equity markets. The investment pool farms out clients' money to hedge fund managers. HRJ oversees $1.75 billion. Mr. Montana is an equity partner and Mr. Lott is a managing partner. Harris Barton, another retired football player, also is a managing partner.

For Pittsburgher, it's magic

Pittsburgh magician Kevin Hurley pulled a victory from his hat. His video of a magic trick garnered the most votes in an online contest by Rita's Water Ice to promote the company's newest frozen treat, the Blendini. He won $1,000 and a certificate for free Rita's for one year. To watch the winning video, visit ritasice.feedroom.com.

Also in business ...

Microsoft said it would send out replacement parts for its Xbox 360 Wireless Racing Wheel after 50 reports that the video game controllers overheated and released smoke when plugged in. The $130 steering wheel-shaped controllers mimic the physical sensations of race car driving for games such as "Forza Motorsport 2." About 230,000 have been sold to consumers, according to the company ... United Airlines is considering spinning off most of its maintenance operations, a move that would affect 2,800 employees at San Francisco International Airport, the Chicago Tribune reported.