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BUSINESS DIGEST || Cinemark to close



Published: Fri, March 7, 2014 @ 12:00 a.m.

Cinemark to close

BOARDMAN

Cinemark Movies-8 here announced it will close at the end of March.

Handel Investments LLC owns the Shops at Boardman Park property where the movie theater is located. Celeste Lisko, marketing director for Handel, said the property will not be vacant for long and to expect an announcement in the summer for a new business.

The movie theater does not have enough digital equipment to show all the digital movies, she said.

Lisko said Cinemark was one of the first businesses to purchase a lease for the Shops, making it at least 20 years old. The second-run movie theater was known for offering movies for $1 to $2.50. Cinemark also owns Tinseltown in Boardman.

Hess dividend

NEW YORK

Hess Corp. this week declared a quarterly cash dividend of 25 cents per share of common stock, payable March 31 to shareholders of record on March 20.

Jobs report

WASHINGTON

The U.S. economy has been skating on an icy patch in advance of the February jobs report being released today.

Hiring skidded in December and January to roughly half its average monthly pace of last year. Auto buying, existing-home sales and factory orders have slid as key economic sectors surrendered to a harsh winter. And the economy entered 2014 with less momentum than initially thought.

All of which magnifies the importance of today’s jobs report. The Labor Department data could help confirm the belief that nasty weather froze much of the job market last month — and that spring should bring a bounce back. The February jobs report also could expose some of the frailties of a still-sluggish economic recovery that’s almost a half-decade old.

Unemployment report lifts stocks

NEW YORK

Investors were looking for any reason to look past the cold weather that has hampered the U.S. economy in the past few weeks, and they found it.

Stocks mostly rose Thursday, lifted by a report that showed the number of people who filed for unemployment benefits fell last week to the lowest level in three months. The gains were enough to give the Standard & Poor’s 500 index its third all-time high this week.

The report on unemployment claims was one of the first bits of good news investors have gotten on the economy after weeks of data that showed the U.S. recovery temporarily slowing because of the severe winter.

Mortgage rate drops

WASHINGTON

Average U.S. rates on fixed mortgages fell after three weeks of increases, edging closer to historically low levels.

Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan declined to 4.28 percent from 4.37 percent last week. The average for the 15-year mortgage fell to 3.32 percent from 3.39 percent.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 24.50 —.14

Avalon Holdings,5.76.16

Clear Channel, .61 22.55 .31

Cortland Bancorp, 10.55—.20

Farmers Nat., .127.32 .00

First Energy, 2.20, 30.84—.22

FirstMerit Corp., .64,21.35 .29

First Niles Financial, .32,6.80.00

FNB Corp., .48,12.49.05

General Motors,37.54.02

General Electric, .76,26.22.29

Huntington Bank, .20, 9.70.05

JP Morgan Chase, 1.52,58.90.74

Key Corp, .22,13.64.28

LaFarge, 19.40 .82

Macy’s, 1.00, 57.30—.02

Parker Hannifin, 1.80, 122.45.54

PNC, 1.76,82.82—.12

RTI Intl. Metals,26.90.01

Simon Prop. Grp.,4.60,163.57—.54

Stoneridge 11.42 .11

Talmer Bank, .00.00

United Community Fin. 4.07—.04

Selected prices at 4 p.m. Thursday. Provided by Stifel. Not to be construed as an offer or recommendation to buy or sell any security.


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