Apple Beat Estimates but Forecast Disappoints
reports, and wire, Tribune-Review/Pittsburgh Tribune-Review
Apple Inc. blew past Wall Street's bullish expectations in the first quarter with a 57 percent jump in profit, but a dramatically lower forecast sent shares plunging on fears about slowing consumer spending on electronics. The Cupertino-based company's report, released after the market closed Tuesday, reinforced investors' worries that even a hot company like Apple isn't immune from sluggishness in the U.S. economy or fears of a recession. The company forecast profit in the second fiscal quarter of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue is also expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts.
Steelmakers share info
U.S. Steel Corp. said Tuesday it has reached a technical exchange agreement with JFE Steel, Japan's second-largest steelmaker, to share expertise in general areas of steelmaking practices, benchmarking and other areas of interest. Pittsburgh-based U.S. Steel has a research center in Munhall and JFE Steel has research laboratories in Japan.The exchange is expected to help the two steelmakers improve productivity, promote efficiency and bring better steel products to the market at cheaper prices, U.S. Steel said.
Dick's to buy naming rights
Dick's Sporting Goods Inc., based in Findlay, reached an agreement with Cranberry officials to pay $2.2 million over the next 10 years for the naming rights to the proposed Graham Park along Rochester Road, Cranberry supervisor John Skorupan said Tuesday. "It's a great initiative," Skorupan said, adding that the township is growing so fast that it needs the new park. The township hopes to begin building the park this spring and have the three football fields ready for the fall season, with baseball and soccer fields available in the spring of 2009. The Cranberry board of supervisors has scheduled a special meeting Thursday to approve the agreement, Skorupan said.
Alcoa wants more recycling
Alcoa said Tuesday it has set a goal to raise beverage can recycling in North America from 52 percent to 75 percent by 2015. Recycled aluminum requires 95 percent less energy to produce, and can be recycled a multitude of times. About 800,000 tons of the more than 1.5 million metric tons produced annually are being recycled, Alcoa said. The U.S. recycling rate has fallen steadily from its high of 68 percent in 1992. Recycling rates have fallen in North America because of inconvenient collection systems, technology stagnation in coated scrap processing and commercial objectives that have not been aligned with recycling, the company said.
ALS drug funding
Knopp Neurosciences Inc., developing a treatment for Lou Gehrig's disease, said Tuesday it increased its total capitalization to $20 million after completing a funding round for $10 million. …