Business news briefs: New 84 Lumber store opens in Bridgeville
Share with others:
84 Lumber Co. opened a new store Friday at 8400 Presto-Sygan Road in Bridgeville. The new store, located off of Miller's Run Road, replaces an older 84 Lumber store in the area that will be torn down.
Pittsburgh-based PNC Financial Services Group ranked as the fifth-largest bank in the country based on number of branches, with 3,036, according to a report by SNL Financial. Wells Fargo was first with 6,307 branches, followed by Bank of America, 5,612; JPMorgan Chase, 5,594, and U.S. Bancorp, 3,130.
Washington Financial elected Mary Lyn Drewitz chairwoman of the board, the first time in the bank's 113-year-history that the board will be headed by a female. Ms. Drewitz, a partner in the law firm Goldfarb, Posner, Beck, DeHaven & Drewitz, has been on the board for 17 years.
The National Highway Traffic Safety Administration has opened an investigation into complaints that the throttles can stick on some 2000 to 2003 model-year Ford Taurus and Mercury Sable sedans. No recall has been issued.
• Federated Investors saw net income jump 46 percent in the third quarter to $55.8 million, or 54 cents per share, up from $38.3 million, or 37 cents, a year earlier, on revenue that increased 11 percent to $238.5 million. The Pittsburgh-based investment manager also declared a special dividend of $1.51 per share, on top of the regular 24-cent quarterly dividend, payable to shareholders of record as of Nov. 8. The special payout is expected to cut per-share profits by about 4 cents in the fourth quarter, the company said. Federated attributed the gain in revenue primarily on a drop in the fees the company waived on money market funds to allow investors to break even or record small gains in the low interest rate environment.
• Comcast Corp. reported third-quarter net income rose to $2.11 billion, or 78 cents per share, in the three months through September from $908 million, or 33 cents per share, a year earlier. Revenue grew 15 percent to $16.54 billion, blowing past the $16.07 billion expected by analysts. The Philadelphia-based company lost 117,000 video subscribers in the quarter, leaving it with about 22 million, but added 287,000 Internet customers, giving it more than 19 million.
First Published October 27, 2012 12:00 am