Roundup: Murrysville medical building to open; Facebook revenue jumps; Sirius XM CEO to step down; more
Murrysville Commons medical building to open
A new medical office building will open next week in Murrysville, West Penn Allegheny Health System said. The Murrysville Commons building, 4262 Old William Penn Highway, will be leased by several physician practices associated with the health system. It also includes a diagnostic suite where patients can receive electrocardiograms, ultrasounds and x-rays. The 22,000-square-foot medical professional building in Murrysville is owned by a partnership of doctors led by Mark Rubino, chief medical officer of Forbes Regional Hospital, the Monroeville hospital owned by West Penn Allegheny. Highmark Inc. gave the health system $2 million to complete interior construction of the building earlier this year.
Facebook posts 3Q loss
Facebook's third-quarter results inched past Wall Street's expectations, offering evidence that the company is making inroads in mobile advertising — a longtime concern among investors. The results, Facebook's second as a public company, sent its stock sharply higher in after-hours trading. The stock jumped $1.90, or 9.7 percent, to $21.40 after the announcement. Facebook had closed up 18 cents at $19.50 in regular trading on a day in which the Dow dropped 243 points, or 1.8 percent. The world's biggest social media company posted a loss of $59 million, or 2 cents per share, in the July-September period. That's down from earnings of $227 million, or 10 cents per share a year ago, when Facebook was still privately held. Revenue rose 32 percent to $1.26 billion from $954 million.
Sirius XM CEO to leave Feb. 1
Sirius XM Radio CEO Mel Karmazin is planning to step down early next year. Sirius XM said Tuesday that the 69-year-old Karmazin will leave Feb. 1. He will also leave the company's board. Karmazin has been Sirius XM's CEO since 2004. There has been speculation Karmazin would leave the company after an expected takeover by Liberty Media Corp., which is seeking a controlling interest in the satellite radio provider. Liberty has amassed a 47.3 percent stake in Sirius XM, and the Federal Communications Commission is considering Liberty's proposal to take control of the company.
• S&T Bancorp Inc., Indiana, Pa., said net income grew 3.2 percent to $12.6 million, or 43 cents a share, compared with $12.2 million, or 44 cents a share, a year earlier. Results included those of Gateway Bank, the two-branch bank based in Peters Township that S&T acquired in August, as well as merger expenses of $600,000, or 1 cent a share. Assets increased 7.3 percent to $4.4 billion as of Sept. 30. S&T operates 26 branches in the Pittsburgh region.
• Optics maker II-VI Inc. said its earnings dropped 32 percent in the July-September quarter on a slowdown in orders from global customers. The Saxonburg-based company's net income in the quarter was $12.7 million, or 20 cents a share, compared with $18.6 million, or 29 cents a share, in the prior-year quarter. Revenue was $132.3 million, down from $138.4 million.
Other business news
• Target Corp. on Tuesday said it reached a deal to sell its consumer credit card business to TD Bank Group, ending an almost two-year search for a buyer. The discounter, based in Minneapolis, said the sale price is equal to the gross value of the outstanding receivables at the time of closing. Target's portfolio has a gross value of about $5.9 billion.
• The Pittsburgh public accounting firm of Malin Bergquist & Co. said it has opened a German desk by affiliating with Delta Revision GmbH, a public accounting firm in Mannheim. The desk will provide clients with a resource in Germany for tax and accounting answers in English and in German.
• Mitsubishi Electric Power Products Inc. of Warrendale said Tuesday it has an order valued at more than $45 million from Oncor, a Texas-based electric delivery company, for two power regulation systems for a switching station near Brownwood, Texas. Because of growth of renewable energy systems, demand for transmission and distribution equipment is expected to increase in North America, said the Mitsubishi Electric affiliate.
• Sheetz Inc. will open its 430th location on Thursday along Route 22 in Blairsville, and the facility will feature the chain's first dual-lane drive-through to buy food or any item inside the store. Altoona-based Sheetz has stores in Pennsylvania and five nearby states.
— Staff and wire reports