Hampton Roads and nation

691 words 29 October 2013

The Virginian-Pilot & The Ledger-Star

NFLK VP - The Virginian-Pilot A11 English 2013 The Virginian-Pilot & The Ledger-Star. Provided by ProQuest Information and Learning. All Rights Reserved.

Local fuel prices resume their drop Hampton Roads gas prices resumed their losing ways over the past week, after a slight bump up in the previous two weeks. AAA said the local average for a gallon of regular gas dropped to $3.14 Monday from $3.18 a week earlier. Prices are near their 2013 low but above the 52-week low of about $3.05 in December. Until the recent uptick, they had fallen for two months. The U.S. average for regular fell to $3.285 Monday from $3.35 a week earlier, according to AAA's Daily Fuel Gauge Report. And for the first time this year, average prices fell below $3 a gallon across a state: in this case, Missouri, where regular averaged $2.94 Monday. The Virginia-wide average Monday was $3.135, AAA said, 11th- lowest of the states. - Dave Mayfield, The PilotOld Point's earnings fall in third quarter Hampton-based Old Point Financial Corp. said Monday that its net income decreased to $1.04 million in the third quarter from $1.07 million in the same quarter in 2012. But last year's income was inflated by the receipt of $475,000 in lifeinsurance proceeds from the death of a former officer as well as a $620,000 pretax gain from the sale of securities. Old Point said its latest quarter's income was about $1.2 million more than in the year-earlier period excluding those gains and tax provisions, largely because it lowered its non-interest expenses and loan losses.

Nonperforming assets were $16.8 million, or 1.92 percent of total assets as of Sept. 30, down from $18.3 million, or 2.06 percent of assets, a year earlier. - Sarah Kleiner Varble, The Pilotconsol energy selling five coal mines in W.Va.
Consol Energy Inc.

said Monday it is selling all five of its longwall coal mines in West Virginia to a subsidiary of Ohio-based Murray Energy for a deal that includes $850 million in cash. Consol is selling the McElroy, Shoemaker, Robinson Run, Loveridge and Blacksville No. 2mines, which produced a combined 28.5 million tons of thermal coal last year. The transaction also includes river and dock operations with a fleet of 600 barges and 21 towboats. The deal gives Murray Energy about 1.1 billion tons of coal reserves. The sale "changes nothing" for some 2,800 active hourly workers at the five mines, said Cecil Roberts, president of the United Mine Workers of America. earnings Apple earned $7.5 billion, or $8.26 per share, in the fourth quarter, down from $8.2 billion, or $8.67 per share, a year ago. Earnings topped the average estimate of $7.92 per share among analysts. Merck's net income in the third quarter was $1.12 billion, or 38 cents per share, down from $1.73 billion, or 56 cents per share, a year earlier. Excluding charges for merger and integration costs and for restructuring costs, earnings would have been $2.73 billion, or 92 cents per share. Analysts had expected earnings of 88 cents per share. earned $68.2 million, or 19 cents a share, up from $6.6 million, or 2 cents a share, a year ago. Excluding certain items, earnings were 23 cents a share, above the 21 cents analysts had expected. quick hits
Burger King

has boosted its cellphone coverage along the Chesapeake Bay BridgeTunnel to improve Internet and voice services. Martha Stewart Living Omnimedia Inc. has named board member Daniel W. Dienst as CEO. Dienst served as CEO of scrap metal recycler Sims Metal Management and has had success repositioning and growing public companies. The Container Store Group Inc., which sells organization products, is scheduled to begin trading shares this week on the New York Stock Exchange.
AT&T

The Standard & Poor's 500 index notched another record close on Monday. The S&P 500 rose 2.34 points to 1,762.11. It has closed at an all-time high six times in October. - From Pilot and wire reports
Virginian Pilot Document NFLK000020131029e9at000ci