PNC reports on 2Q
The PNC Financial Services Group Inc. reported second-quarter 2014 net income of $1.1 billion or $1.85 per diluted common share.
The earnings showed ongoing loan growth, continued credit quality improvement and disciplined expense management.
F.N.B. board declares quarterly dividend
F.N.B. Corp. announced Wednesday that its board of directors declared a quarterly cash dividend of $18.13 per share on F.N.B. Corp.’s Non-Cumulative Perpetual Preferred Stock. The dividend is payable Aug. 15 to shareholders of record as of the close of business July 31.
GM sales up 7 percent
U.S. sales for General Motors were up 7 percent for the second quarter of 2014 compared with the second quarter of 2013.
The company also saw sales increase in 8 percent in China. Worldwide GM vehicle sales were only half a percent higher for the quarter.
Volkswagen bumped GM out of second place in the global auto-sales race during the first half of the year, but Toyota is expected to stay in first place, according to the Associated Press.
Hide No Harm Act
U.S. Sens. Bob Casey, D-Pa., and Richard Blumenthal, D-Conn., introduced the Hide No Harm Act of 2014 in response to General Motors Co. taking a decade to issue recalls on faulty ignition switches, which resulted in deaths and injuries.
Consumer advocates joined the senators in introducing the bill that would instill a punishment of up to five years in prison and potential fines for a corporate officer who knowingly conceals the fact that a corporate action or product poses a danger of death or serious physical injury to consumers and workers. The act would create a safe harbor from criminal liability in cases where a corporate officer notifies a federal regulatory agency of an issue with product safety.
BMW recalls 1.6M cars for air-bag issue
BMW is expanding a recall of its most-popular models to fix an air-bag problem that is hitting much of the global auto industry.
The German automaker says it will recall 1.6 million 3-Series cars from model years 2000 to 2006 across the world, including 574,000 in the U.S. The company said Wednesday that it’s a precaution because other automakers using similar systems have reported problems. Air-bag inflators in systems made by Takata Corp. can rupture. If that happens, the bags might not work properly, and shards could fly out and cause injury.
BMW said it has no reports of problems in its vehicles. Dealers will replace the passenger-side front air bags.
Vindicator staff/wire reports
Selected local stocks
Aqua America, .61, 24.81 —.01
Clear Channel, .61 22.65 .05
Cortland Bancorp, 12.50.44
Farmers Nat., .127.64 .02
First Energy, 2.20, 19.30—.19
FirstMerit Corp., .64,32.22 .26
First Niles Financial, .32,9.000.00
FNB Corp., .48,12.41—.21
General Electric, .76,26.96.35
Huntington Bank, .20, 9.63—.13
JP Morgan Chase, 1.52,58.67.40
Key Corp, .22,14.17—.21
LaFarge, 21.14 —.22
Macy’s, 1.00, 57.05.35
Parker Hannifin, 1.80, 124.611.12
RTI Intl. Metals,26.26.32
Simon Prop. Grp.,4.60,170.56.29
Stoneridge 11.04 .14
Talmer Bank, 14.14—.02
United Community Fin. 3.93—.03
Selected prices at 4 p.m. Wednesday. Provided by Stifel. Not to be construed as an offer or recommendation to buy or sell any security.