Construction on new Riverhounds stadium to start
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Construction of the Pittsburgh Riverhounds' $10.2 million soccer stadium at Station Square is expected to start within the next week. Forest City Enterprises, owner of the South Side complex, sent an email Friday notifying commuters who park in Station Square's parking lots that the work is imminent. The Riverhounds hope to have the 3,500-seat stadium, to be built on the riverfront between the Sheraton Station Square hotel and the Fort Pitt Bridge, ready in the fall.
II-VI, a Saxonburg-based laser and infrared optics company, is projecting fourth-quarter revenues between $135 million, or 23 cents per share, and $137 million, or 25 cents per share. It also is anticipating 2012 fiscal year revenues between $533 million, or 94 cents per share, and $535 million, or 96 cents per share. The adjustments were made because of an expected write-down of the company's Pacific rare specialty metals and chemicals inventory. II-VI closed Friday at $16.25, down 12.6 percent from the previous day.
U.S. factories produced less in May than April, as automakers cut back on output for the first time in six months. The Federal Reserve said Friday that factory output declined 0.4 percent last month, after increasing 0.7 percent in April. Auto production fell 1.5 percent, the first drop since November. Overall industrial production dipped 0.1 percent, after a solid 1 percent rise in April.
Foreign demand for U.S. Treasury securities rose to a record high in April as investors worried about Europe's worsening debt crisis. China, the largest buyer of Treasury debt, increased its holdings slightly after trimming them for two straight months. The Treasury Department said Friday that total foreign holdings rose 0.4 percent to $5.16 trillion.
Moody's ratings agency on Friday downgraded Nokia's debt grade to junk status, citing greater-than-anticipated pressure on the struggling cell phone maker's earnings after it announced plans for major cuts and global layoffs. It kept the outlook negative, meaning it could downgrade it again.
First Published June 16, 2012 12:00 am