The week that was: Fifth and Forbes, redux
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Tom Murphy thought the key to a revitalized Fifth and Forbes was big, anchor-sized department stores. Maybe 60 years ago, but not anymore. Yet his vision of a spiffed-up Downtown corridor is finally coming to pass, thanks not to three big stores, but a bunch of little ones, reports the PG's Mark Belko. Though Forbes Avenue remains out of the mix, the stretch of Fifth between Wood and Market streets "now boasts a shimmering new office tower and elegantly restored turn-of-the-century buildings, scrubbed and polished to bring out rich architectural detail lost to decades of soot and neglect. ... In the last six months, two clothing stores and a shoe shop have opened in the stretch between Wood and Market, and a small women's boutique is on the way next month."
... is a new Crate & Barrel. The popular home furnishings retailer made it official last week, with an announcement that Crate & Barrel would be taking up residence at Ross Park Mall. It hopes to be open in time for the 2010 holiday season.
Is the Marcellus Shale industry really creating 110,000 jobs this year, especially at a time when prices are so depressed? Why is coal production so low in Pennsylvania? Why is Massey Energy chairman and CEO Don L. Blankenship such a prickly son of a gun? What happened to Massey's stock prices after the deadly explosion at Upper Big Branch mine in West Virginia?
Visit www.post-gazette.com/businessnews for those and any other stories you might have missed last week, and for the latest stock quotes, product recalls and technology news.
Atlas Energy Inc., based in Moon, announced a $1.7 billion joint venture with Reliance Industries Ltd., transferring "interest in its Marcellus Shale position equal to 120,000 net acres" to Reliance, based in India. Reliance will pay $340 million in cash for the 40 percent stake in Atlas Southwestern Pennsylvania shale fields, and is scheduled to pay an additional $1.36 billion in the form of a "drilling carry."
Good news for those who need to cash an income tax return check but don't have a bank account: You no longer have to go to one of those sketchy late-night check cashing places that charges exorbitant fees. PNC Bank is launching a multistate pilot program, allowing noncustomers to cash their income tax refund checks for free; the hope is that these noncustomers will then see the wisdom of opening up checking accounts. Check out the online version of Patricia Sabatini's story for more information about which branches are participating and where you should have your income tax returns prepared.
... for quarterly earnings. Alcoa gets things started this week, and Wall Street analysts are expecting earnings of 11 cents per share. But on Friday, J.P. Morgan downgraded Alcoa from overweight to neutral, and lowered its price target on the stock from $21.50 to $16.50, saying that Alcoa "will still struggle to generate attractive returns." As a result, stock prices fell in early Friday trading; will J.P. Morgan's downgrade further damage Alcoa's stock price in the coming week? Find out in the Post-Gazette.
First Published April 11, 2010 12:00 am
