Roundup: Dick's to open Field & Stream store in Cranberry; Greenhouse invested $315,000 in seven companies in first half...
Field & Stream store to open Aug. 16
Dick's Sporting Goods said its first specialty Field & Stream retail store will open on Aug. 16 in Cranberry. The outdoor and camping focused store is Dick's latest spinoff idea. The Findlay-based retailer, which ventured into golf- and running-themed stores in recent years, converted its former Dick's location in Cranberry Square at 1000 Cranberry Square Drive to a store based on the classic outdoors brand that will offer equipment, accessories and services in hunting, fishing, archery and camping. Dick's moved its Cranberry store in October to a larger, two-story space at Cranberry Crossroads on Route 228. A similar, bigger-format store opened about that time at South Hills Village in Upper St. Clair. Field & Stream Licenses announced in September it would sell intellectual property rights to trademarks for its hunting, fishing, camping and paddle categories to Dick's. It did not disclose financial terms.
Greenhouse invests $315K in 7 companies
The Pittsburgh Life Sciences Greenhouse said it closed seven investments totaling $315,000 during the first half of the year. Three companies, Wellbridge Health, PHRQL Inc. and NewCare Solutions, all in the growing health care information technology segment, are first-time investments by the South Side-based Greenhouse, which focuses on life-science investments. It is funded by the state. Continuing investments by the Greenhouse are in ALung Technologies Inc., ATRP Solutions, MS2 Array LLC and Quantum Ops.“These modest but important investments were very timely for the companies and were carefully chosen as the PLSG keeps its focus on organizations that offer the best chance for success and investment returns,” said CEO John Manzetti. Since 2002, the Greenhouse has invested nearly $19 million in 76 companies in the region.
Intel cuts outlook as PC sales slump
Intel Corp., the world's largest maker of chips for PCs, put a brave face on the decline of the global PC sales earlier this year, saying it expected its own sales to grow. Now, it's backtracking, saying sales will be flat. Intel is hoping that sales of chips for servers, tablets and smartphones will compensate for the drop-off in PC sales. The downward revision of the company's outlook is an admission that Intel chips haven't made it into many mobile devices. The Santa Clara, Calif., chipmaker says revenue for the April-to-March period was $12.8 billion, just below analyst expectations at $12.9 billion and down 5 percent from last year.
Camry's No. 1 ranking in jeopardy
America's top-selling car is in danger of losing its title. Toyota's Camry has been No. 1 for more than a decade, but the company is being forced to cut prices to keep it there. Camry sales fell 2 percent from January through June. Meanwhile its main rivals in the midsize car market — the Honda Accord, Nissan Altima and Ford Fusion — posted big gains. The hot-selling Accord cut the Camry's lead to just below 21,000 at the end of June. At the same time last year, the gap was 59,000. Toyota is lowering prices to boost Camry sales. In early July, the Camry's average sales price was the lowest of the nine top-selling midsize cars, according to data from J.D. Power and Associates obtained by The Associated Press.
Higher expenses weigh on eBay's 2Q profit
EBay's revenue increased in the second quarter as its PayPal business and namesake online marketplace continued to grow. But its net income fell amid higher expenses. Shares of the e-commerce bellwether declined nearly 6 percent, to $54.25, in after-hours trading on Wednesday. EBay Inc. said it earned $640 million, or 49 cents per share, in the April-June period. That's down from $692 million, or 53 cents per share, in the same months a year earlier. Adjusted to exclude one-time items, per-share earnings rose to 63 cents from 56 cents and matched Wall Street's expectations. Revenue grew 14 percent, to $3.88 billion from $3.4 billion. Analysts polled by FactSet were expecting $3.89 billion. The midpoint of San Jose, Calif.-based eBay's earnings outlook for the year is below analysts' average estimate.
Other business news
• Some of Western Pennsylvania's largest electric companies finished at the top of consumer ratings reported Wednesday by J.D. Power and Associates. Duquesne Light and West Penn Power finished third and fourth among large companies in the East Region. That included 17 utilities from several states. Duquesne Light gained 25 points, on a 1,000-point scale, from customers who thought service had improved, according to the company. Penn Power, which, like West Penn, is owned by FirstEnergy Corp., finished second among midsize companies in the region.
• Norfolk Southern said on Wednesday that it completed $22.6 million in track, bridge, and signal improvements along its coal line through the Monongahela Valley. The “Mon Line” extends 85 miles south from Pittsburgh to serve five coal mines in Washington and Greene counties in Pennsylvania and Marion and Monongalia counties in West Virgina. In 2012, 36.4 million tons of coal moved over the line, delivered to electric plants and East Coast export terminals, the railroad said.
• North Side graphic design firm Vance Wright Adams has merged with Pipitone Group, a Perry North marketing and communications company, the companies said. The merged company will be based at Pipitone Group's office on Perrysville Avenue.
— Staff and wire reports