Stock market has its worst week since June
Stocks closed out their worst week since June after investors looked over third-quarter corporate earnings reports and decided there wasn't much to get excited about. The big indexes were mixed on Friday. But they were all down more than 2 percent for the week. That was their worst weekly showing since the Standard & Poor's 500 index fell 3 percent for the week ending June 1. On Friday, the S&P closed down 4.25 points at 1,428.59. The Dow Jones industrial average edged up 2.46 points to close at 13,328.85, giving up an earlier gain of 75. The Nasdaq composite lost 5.30 points to close at 3,044.11. Investors haven't had much to like this week, with mixed results from U.S. companies including Alcoa, Safeway and Yum Brands.
Bottom Dollar Food store planned for Homestead
Homestead could get a Bottom Dollar Food store in 2013. The discount grocery chain's 14th store in the Pittsburgh region is planned for a site at the corner of Seventh Avenue and Amity Street. The chain acquired the property for $975,000, according to deeds filed in Allegheny County, but because the purchase was just completed there are no specifics on when the store might open, said Bottom Dollar Food spokeswoman Tenisha Waldo. One of the properties purchased was the former Bev-O-Matic building at 610 Amity St., along with properties on adjacent streets.
Branding Brand secures $7.5M in funding
Mobile commerce platform Branding Brand of the South Side said Friday it obtained $7.5 million in funding led by Insight Venture Partners, with CrunchFund and Eastern Advisors taking part. The company founded in 2008 said it will use the money — its first outside investment — to scale customer acquisition, technology development and operations. Branding Brand develops mobile applications and other products for major retailers such as American Eagle Outfitters, Costco and Ralph Lauren.
Retailers fight credit card settlement in alleged fee fix
A group of retailers and trade groups is trying to stop a settlement worth at least $6 billion that Visa Inc., MasterCard Inc. and major banks have agreed to pay retailers for alleged fee fixing. Ten out of the 19 retailers and trade groups that are parties to a class-action lawsuit against the credit card companies say they believe the deal would allow the credit card industry to continue to take advantage of merchants and their customers while stopping competition. The proposed settlement, expected to be submitted to the U.S. District Court in Brooklyn by Oct. 19, allows stores to charge customers more if they pay with credit cards.
Heckmann Corp.'s acquisition gets antitrust clearance
Federal antitrust regulators have cleared Heckmann Corp.'s $381 million acquisition of Badlands Energy LLC. Coraopolis-based Heckmann said the Justice Department and the Federal Trade Commission terminated a waiting period under federal antitrust law, allowing the deal to proceed. Heckmann supplies, treats and disposes of water at hydraulic fracturing sites. Badlands, which does business as Power Fuels, is a privately held North Dakota-based company that provides environmental services to oil producers in the Bakken shale formation. In connection with the Badlands deal, which was announced last month, Heckmann also said it was moving its headquarters to Arizona, but would maintain offices in Coraopolis. Heckmann expects the Badlands deal to close by the end of November.
Sears' Hometown debuts
Shares of Sears Holdings Corp.'s spinoff of its Hometown and Outlet Stores rose on their debut trading day Friday. The Hoffman Estates, Ill., company, which runs Kmart and Sears stores, had signaled in February that it would split off Sears Hometown and Outlet Stores Inc. as a separate publicly traded entity. Sears Holdings' Sears Hometown, which traded on the Nasdaq on Friday under the “SHOS” ticker symbol, rose $1.68 to $30.68 from the premarket price of $29. In Western Pennsylvania, Outlet stores are in Monroeville, Bridgeville and Lawrenceville, while there is a Hometown store in Harmony, Butler County.
Business park to expand
The Fay-Penn Economic Development Council will construct two buildings in the Fayette Business Park to accommodate multiple tenants, using a $958,000 loan secured through the Pennsylvania Industrial Development Authority. The buildings will total 27,000 square feet, and the project is expected to create 30 jobs at the site in Smithfield. The space will be marketed to manufacturing companies. The 15-year loan is at 2.25 percent interest.
— Staff and wire reports
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