Vallourec reports income of $4.6B
France-based Vallourec, the parent company of local Vallourec Star and VAM USA, reported 2017 earnings that indicate a rebound in the oil and gas industry and contributed to higher sales and revenue compared with 2016.
Vallourec reported income of $4.6 billion in 2017, compared with $3.6 billion in 2016, with euros converted to dollars.
The company reported a net income loss of approximately $659 million dollars for 2017. In 2016, Vallourec reported a net loss of approximately $931 million.
The company reported a 76.1 increase in sales volume over 2016.
“In 2017, we benefited from the first tangible signs of a recovery in the oil & gas industry following three years of an unprecedented downturn,” management board Chairman Philippe Crouzet said in a statement.
First National Bank announces dividend
First National Bank Corp. announced Wednesday at its board of directors meeting a quarterly cash dividend of 12 cents per share on FNB Corporation’s common stock.
The dividend is payable March 15 to shareholders of record as of the close of business March 5.
FNB is a Pittsburgh-based financial-services company.
Sales of US homes fall year-over-year by most in 31/2 years
U.S. sales of existing homes fell in January from a year earlier by the most in more than three years. Would-be buyers were stymied by rising prices and a shortage of homes for sale.
The National Association of Realtors said Wednesday that sales dropped 3.2 percent from December to January, the second-straight monthly decline, to a seasonally adjusted annual rate of 5.38 million. That was the slowest sales pace since September.
Compared with 12 months earlier, sales dropped 4.8 percent – the steepest year-over-year decline since August 2014.
A lack of available homes is holding back sales, even as Realtors report that more people are visiting open houses and demand is strong.
The total supply of homes for sale dipped to 1.52 million, the fewest for any January since records began in 1999.
Spike in bond yields upends stock rally
U.S. stocks closed broadly lower Wednesday, erasing an early gain, as investors reacted to a late-afternoon surge in bond yields.
Bond yields climbed to their highest level in four years after the Federal Reserve released minutes from its latest policy meeting.
The yield on the 10-year Treasury note rose sharply after the minutes came out, touching 2.95 percent, its highest level since January 2014. Higher bond yields indicate investors expect more risk of inflation. They also can threaten stock prices by making bonds more appealing versus stocks.
Selected local stocks
Alcoa Inc., .1247.82-0.25
Aqua America, .71 34.16-0.35
Chemical Bank, .2757.230.07
Community Health Sys.5.98 0.11
Cortland Bancorp, .2821.080.00
Farmers Nat., .1614.700.30
First Energy, 1.44 32.920.12
First Niles Financial, .1210.500.00
FNB Corp., .4814.460.08
General Motors, 1.5240.65-0.12
General Electric, .9214.52-0.22
Huntington Bank, .28 16.080.18
JP Morgan Chase, 1.92115.300.59
Key Corp, .3421.080.13
Macy’s, 1.51 25.56-0.09
Parker Hannifin, 2.52 181.36-0.25
Simon Prop. Grp., 6.60151.31-4.28
United Comm. Fin., .12 9.660.16
Selected prices from Wednesday’s 4 p.m. close.