In brief: CNB Financial announces dividend

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November 17, 2009

Anonymous The Tribune-Democrat Tue Nov 17, 2009, 11:08 PM EST

CLEARFIELD — The board of CNB Financial Corp. has announced a 16.5 cents per share quarterly dividend payable Dec. 15 to shareholders of record Dec. 1. The dividend remains unchanged from the third quarter.

CNB Financial is a $1 billion bank holding company conducting business primarily through CNB Bank. CNB Bank operations include a loan production office and 26 full-service offices in Pennsylvania, including a branch on Menoher Boulevard in Johnstown.

Last month, CNB announced increases in net income and earnings per share for the third quarter.

Factory production declines in October

WASHINGTON – A decline in factory production in October signals that consumers and businesses remain cautious in their spending, with the economic recovery likely to be sluggish.

At the same time, the weak economy is taming inflation.

Wholesale prices rose less than expected last month, giving the Federal Reserve more leeway to keep interest rates low to try to spur a stronger economic rebound.

Industrial production edged up 0.1 percent last month, the Fed reported Tuesday.

It was the poorest showing since output fell 0.4 percent in June.

Since then, industrial output had posted strong gains, helped by a rebound in auto production.

But auto output slipped 1.7 percent last month. That helped drag down total factory output, the biggest portion of industrial production.

3 retailers report solid third quarters

CHICAGO – Deal-craving shoppers helped a trio of prominent U.S. retailers report Tuesday that their third quarter managed to improve this year.

From Target Corp.’s cheap chic shoppers to Saks Inc.’s luxury loving customers, there were signs consumers were willing to splurge on a few extras. Just barely.

At Target, in-store revenue rose along with foot traffic during the three-month period, but shoppers were still buying fewer items during each trip.

But shoppers at both stores and discount retailer TJX Cos. surprised analysts in seeming more willing to indulge.

Of the retailers that reported Tuesday, TJMaxx’s parent company, TJX, fared best, with quarterly profit up 32 percent.

It also said early holiday sales are strong.

Meanwhile, Saks managed to post a surprise profit for the first time in 18 months as the company began selling more luxury brands starting at lower prices to capture consumers’ dollars.

Stocks post modest gains

NEW YORK – Stocks finished an erratic session mixed Tuesday as higher commodity prices lifted energy and materials shares.

The meager advances were enough to push stocks to new 13-month highs, though more shares fell than rose at the New York Stock Exchange.

The Dow Jones industrial average ended up 30.46, or 0.3 percent, at 10,437.42.

Geithner: U.S. must not drop ball on fix

WASHINGTON – Treasury Secretary Timothy Geithner told Congress on Tuesday that efforts to strengthen the global financial system to prevent another deep crisis will falter if the United States drops the ball on overhauling regulation of its own banking system.

Geithner also echoed remarks by President Barack Obama in Asia that, while the global economy is moving toward a recovery, countries can no longer rely on American consumers to serve as the sole engine of economic growth.

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