ATI reports rough third quarter

The stock price of Allegheny Technologies Inc. took a tumble this week after the company, parent of Portland Forge, reported a third quarter loss of $144.6 million or $1.35 per share.
Sales for the quarter fell 22 percent to $832.7 million.
The company, which has been engaged in a lockout at several of its plants, indicated that it will be awhile before ATI’s prospects improve.
“We see no significant improvement in our major end markets until 2016,” ATI’s chief executive officer Rich Harshman said in a prepared statement.
Harshman told stock analysts there are no new developments in stalled contract talks with the United Steelworkers union, which led to the lockout of about 2,200 union members since Aug. 15. The lockout involves 12 plants in six states.

Spinning off
It’s official. After months of speculation, Yum Brands this week announced it will spin off its China division into a separate publicly traded company.
Yum, the parent company of KFC, Pizza Hut, and Taco Bell, has seen the slowdown of China’s economy become a drag on the larger company.
Activist investor Keith Meister, who had been advocating the spin-off of the China unit, recently joined the board of Yum Brands and apparently played a role in the decision.
The company said the spin-off is expected to be complete by 2016.

Earnings strong
American Electric Power, parent of Indiana Michigan, this week announced third quarter earnings of $1.06 per share on revenues of $4.4 billion. Revenue was up 4.8 percent over the same period a year ago.
AEP’s service area covers parts of Indiana, Ohio, Kentucky, Michigan, Louisiana, Arkansas, Oklahoma, Tennessee, Texas, Virginia, and West Virginia.

Pricing probed
The Federal Communications Commission has begun an investigation into the price CenturyLink, Verizon and other major telecommunications companies charge businesses for certain data services.
Spring has accused the companies of anticompetitive pricing and conditions.

Strong quarter
First Merchants Corporation this week reported third quarter income of $17.1 million, up from $16.1 million in the same quarter last year. Year-to-date net income totaled $51.2 million, compared to $44.9 million a year ago.
Total assets reached $6.2 billion as of the end of the quarter. Loans totaled $4.3 billion, with the loan portfolio growing by $549 million during the past year.
Part of that increase in loan volume was the result of the acquisition of Community Bank of Noblesville in 2014 and the acquisition of Cooper State Bank of Columbus, Ohio, this year.

New app
Second National Bank has unveiled a new business banking mobile app that allows business owners and managers approve transactions, deposit checks, see account balances, transfer money and receive alerts via their smart phones.
The bank’s recently upgrade personal mobile banking app now includes an instant balance feature and new account alerts. About 60,000 customers are already using the personal banking app.
For more information about the new business banking app or the personal banking app, visit www.SecondNational.com.
Headquartered in Greenville, Ohio, Second National has an office in Fort Recovery.

Reward offered
The Bureau of Alcohol, Tobacco, Firearms and Explosives and the National Shooting Sports Foundation are offering rewards of up to $5,000 each for information regarding firearms stolen from a gun shop in Anderson., The Associated Press reported.
Police initially believed as many as 50 firearms were stolen Monday from Crack Shot Guns, but WISH-TV reports that investigators have since determined 71 handguns were taken in the burglary. Police believe the thieves broke in through a roof shared by a neighboring computer repair store.
In just over two months, all three of Anderson's gun shops have been burglarized. Fifty guns were stolen Aug. 13 From Gunslingers, where another burglary occurred.