Business

3B Saturday, June 23, 2012, Star-Gazette, stargazette.com Managing Editor and General Manager Lois Wilson, (607) 271-8284, lowilson@gannett.com

DOW

+67.21
12,640.78

NASDAQ+33.33
2,892.42

S&P 500 +9.51

1,335.02

NYSE MKT+11.93
2,279.32

T-BOND 2.75%
30-YEAR YIELD

CRUDE +$1.56
PER BARREL $79.76

BRIEFLY
Arnot Health recognized for dialysis safety
Arnot Healths dialysis units have been recognized as 5 Diamond Patient Safety Facilities by End-Stage Renal Disease Network of New York. Staff members in all Dialysis Units located at Arnot Ogden Medical Center and in the Ivy II building, Corning Pulteney Street and Schuyler Hospital completed a total of five training courses in Patient Safety Principles. Those include slips, trips and falls, hand hygiene, sharps safety, and decreasing patient/provider conflict. The courses are designed to maximize staff knowledge and optimize a patients experience.

Stocks rebound, banks move higher

Deal near to keep student loan rates at current level

By Alan Fram
Associated Press

CCC business center offers free services

Free and confidential services are available to start-up and existing businesses on marketing, business plan development, recordkeeping, loan requirements, start-up steps and personnel requirements. For an appointment with an experienced business advisor at Corning Community Colleges Small Business Development Center, call (607) 937-6861 or e-mail sbdc@corning-cc.edu.

Traders John Panin, left, and Edward Curran confer on the floor of the New York Stock Exchange Friday, June 22, 2012. Stocks rose a day after suffering their second-worst loss of the year. ASSOCIATED PRESS

Proposals sought for Keuka Area Fund

Community Foundation of Elmira-Corning and the Finger Lakes is accepting grant applications for the 2012 cycle of Keuka Area Fund grant-making. The fund provides a vehicle for individuals, families and businesses to invest in the residents of the communities surrounding Keuka Lake and to protect the regions physical environment. Applicants must be registered 501 (c)3 organizations. Only projects serving the citizens of Bradford, Prattsburgh, Pulteney, Urbana, Wayne and/or Yates County will be considered. The deadline to submit proposals is Aug. 21. Keuka Area Fund grant guidelines can be found at www.communityfund.org.

Investors react to credit ratings cuts with show of faith in big lenders
By Matthew Craft
Associated Press

AT&T appoints new manager in Horseheads

AT&T has announced the appointment of a new manager at its location at 3300 Chambers Road in Horseheads. Eric Perry will lead a team of five retail consultants at the store. He has more than four years of wireless and sales experience.

Send business news, announcements

The Star-Gazette would like to publish your business news, association meeting announcements and company promotions. Send items to sgnews@gannett.com.

NEW YORK The stock market bounced back Friday, a day after suffering its second-worst loss this year. Bank of America, JPMorgan Chase and other big lenders posted solid gains even though many of them had their credit ratings cut the day before. Analysts said the downgrades from Moodys Investor Service late Thursday had been expected for months and removed some of the uncertainty that had been weighing on bank stocks. Its been like a cloud over the sector, said Brian Gendreau, market strategist with the broker Cetera Financial. And look at whos going up: bank stocks. There are obviously some people who thought it would be much worse. The Dow Jones industrial average gained 67.21 to close at 12,640.78. Bank of America gained 1.5 percent, or 12 cents, to $7.94, one of the best showings of the 30 stocks in the Dow. In a note to clients, analysts at the investment bank Keefe Bruyette & Woods called Morgan Stanley the clear winner. Some analysts had expected Moodys to lower Morgan Stanleys rating by three notches, instead of the twonotch cut it received. Bank stocks rose across the board. Morgan Stanley rose 18

cents to $14.14. JPMorgan Chase climbed 48 cents to $35.99. The Standard & Poors 500 index rose 9.51 points to 1,335.02 and the Nasdaq composite index climbed 33.33 points to 2,892.42. The gains turned the Nasdaq positive for the week. Information technology stocks had the strongest gains of the 10 industry groups tracked by the S&P 500 index, followed by health care stocks and banks. The gains were small but widespread. All 10 sectors rose. Of the 30 stocks in the Dow, just two fell. The Dow and S&P 500 finished the week lower, their first week of losses since June 1. The biggest drop of the week came Thursday, when a trio of weak manufacturing reports stirred fears about the global economy. The Dow lost 251 points, its second-steepest fall this year. The worst was June 1, after a dismal U.S. jobs report rattled markets. Even with two days of deep losses, the S&P 500 is still up 1.9 percent this month. To Gendreau, it looks like investors have been overreacting to recent economic reports. The market is getting jerked around, he said. The economic data point to a softening economy, but weve had a softening economy for three years now.

WASHINGTON Congressional bargainers seem near an agreement that would avert a July 1 doubling of interest rates on federal loans to 7.4 million college students and end an election-year battle between President Barack Obama and Congress, Senate aides from both parties said Friday. Both sides said they were moving toward a deal on how to pay the measures $6 billion price tag, the chief source of partisan conflict. The goal is to push legislation through Congress next week so the current 3.4 percent interest rate on subsidized Stafford loans can be preserved for another year. A 2007 law gradually reduced interest rates on the loans but required them to balloon back to 6.8 percent this July 1 in a cost-saving maneuver. On another front, the two sides were also close to an agreement to overhaul federal transportation programs, according to House and Senate aides from both parties. Negotiations were expected to continue through the weekend, with votes expected next week on either a major transportation bill or an extension of current programs, said the aides, who spoke on condition of anonymity to discuss details of the talks. For weeks, Obama has ridiculed Republicans for not moving quickly to prevent student loan interest rates from doubling, a stance that Democrats have hoped will boost his support among young voters who broadly backed him in the 2008 election. With college costs and student debt growing steadily, the issue ties directly into concerns about the economy and jobs that polls show dominate voters worries. Though some rank-and-file GOP lawmakers have opposed letting the government set the rates, Republican presidential challenger Mitt Romney and GOP congressional leaders have backed the one-year extension. The remaining dispute has been over how to pay for it. Republicans have accused Obama of creating a phony issue and drawing out the battle in an attempt to reap political points. In late May, they proposed several options to pay for the measure, all of which were culled from budget savings Obama himself had proposed in the past, but they said the White House was ignoring them. Even though the White House refuses to respond to our bipartisan approach, Senate Democrats are finally working with us, and a solution is within reach despite the presidents failure to act, said Don Stewart, spokesman for Senate Minority Leader Mitch McConnell, R-Ky. The talks have involved aides to McConnell and Senate Majority Leader Harry Reid, D-Nev. Democrats said the White House has been kept abreast of the talks, while Republicans said House Speaker John Boehner, R-Ohio, has been kept informed but hasnt participated in the negotiations. According to Democratic aides, negotiators are approaching a deal to cover the bills costs by charging companies more to insure pensions and changing rules so companies take fewer tax deductions for their pension contributions. Reid proposed both of those ideas this month. They said additional money would come from a list of options McConnell has offered, probably one to limit federal subsidies of undergraduates loans to six years. The government does not begin charging interest on Stafford loans until after students graduate, which can take longer than six years. While were not there, were well down the road. I think we can get something done, Reid told reporters Thursday. He said McConnell and Boehner are compromising just as we are and hope we can get something done. If allowed to double, the higher 6.8 percent rate would apply only to new subsidized Stafford loans for undergraduates approved starting on July 1 and would not affect existing loans.

MUTUAL FUNDS
Name Daily NAV Chg
+.14 +.09 -.02 +.18 -.02 +.19 +.13 +.25 +.23 ... ... +.07 -.01 +.14 ... +.12 +.15 +.14 +.22 ... -.02 +.20 +.04 +.08 +.20 +.09 +.26 +.13 +.92 -.01 +.10 ... +.08

LOCAL STOCKS
Name Daily NAV Chg
+.49 +.17 +.67 +.22 -.06 +.26 +.11 +.27 +.22 ... -.05 +.26 +.56 +.24 +.86 +.09 +.66 +.22 +.11 +.13 +.74 +.25 -.29 +.01 -.01 +.01 +.04 +.25 +.11 +.09 +.05 +.21 +.21

Name
Janus T Janus TwentyT Janus WorldwideT d John Hancock StrIncA m Legg Mason/Western ValueC m Lord Abbett AffiliatA m Lord Abbett ClsscStckA m Lord Abbett IncmA m Lord Abbett IntlCorEqA m Lord Abbett MidCpStcA m Lord Abbett NatlTaxFA m Lord Abbett SmCpValA m MFS HighIncA m MainStay HiYldCorA m MainStay HiYldCorB m Morgan Stanley Instl EmgMktI d Munder Funds InternetA m Oppenheimer GlobA m Oppenheimer MainStrA m Putnam GlbEqB m Putnam GrowIncA m T Rowe Price EqtyInc Vanguard 500Inv x Vanguard EuropeIdx Vanguard GNMA Vanguard GrowthIdx x Vanguard MidCp Vanguard MorgAdml Vanguard ValueIdx x Vanguard WndsrII Wasatch IntlGr d Wasatch MicroCap d Wells Fargo SCpValInv

Daily NAV Chg

29.57 57.57 40.75 6.51 39.13 11.02 28.55 2.91 10.41 15.93 11.20 29.77 3.45 5.93 5.90 22.50 27.25 55.19 34.59 7.52 13.27 24.20 122.99 22.23 11.04 34.40 20.57 58.94 21.30 27.57 19.59 5.44 30.83 +.24 +.68 +.25 ... +.30 +.08 +.20 -.01 ... +.10 ... +.13 ... ... ... +.02 +.18 +.34 +.22 ... +.09 +.16 +.27 +.10 -.01 +.18 +.15 +.54 -.02 +.18 -.04 +.08 +.37

Name
AT&T Inc AbtLab Airgas AlcatelLuc Allstate Altria AmExp BkofAm BestBuy BrwnBrn Chevron Cisco Citigroup Citiz&Nthn CocaCola ColgPal CmtyBkSy Corning Covance Cree Inc Disney DomRescs DowChm DresserR DuPont DukeEngy Eaton ElmiraSB Exelon ExxonMbl Fastenal

YTD Ex Div Yld PE Last Chg%Chg Name

NY NY NY NY NY NY NY NY NY NY NY NA NY NA NY NY NY NY NY NA NY NY NY NY NY NY NY NA NY NY NA 1.76 2.04 1.60 ... .88 1.64 .80 .04 .68 .34 3.60 .32 .04 .80 2.04 2.48 1.04 .30 ... ... .60 2.11 1.28 ... 1.72 1.00 1.52 .88 2.10 2.28 .68 5.0 3.3 2.0 ... 2.6 4.8 1.4 .5 3.5 1.3 3.6 1.9 .1 4.2 2.7 2.5 4.0 2.3 ... ... 1.3 3.9 3.9 ... 3.4 4.4 4.0 4.6 5.7 2.8 1.7 51 16 20 ... 17 20 14 ... ... 23 7 13 8 10 20 20 13 8 21 52 17 18 18 23 13 18 10 12 12 10 30 35.17 +.14 62.32 +.08 81.69 -.66 1.66 +.04 34.08 +.08 33.87 -.02 56.79 +.47 7.94 +.12 19.19 -.29 26.69 +.35 100.44 +.42 17.13 +.21 27.99 +.16 19.00+1.00 74.94 +.27 99.90 +.45 26.16 +.26 12.86 +.08 46.64 +.77 24.45 +.81 47.47 +.07 53.61 -.07 32.82 -.09 42.67 +.57 49.96 +.42 22.88 +.13 38.26 +.48 19.07 -.43 36.90 +.08 82.11 ... 38.92 +.01 +16.3 +10.8 +4.6 +6.4 +24.3 +14.2 +20.4 +42.8 -17.9 +17.9 -5.6 -4.9 +6.4 +2.9 +7.1 +8.1 -5.9 -.9 +2.0 +10.9 +26.6 +1.0 +14.1 -14.5 +9.1 +4.0 -12.1 +16.5 -14.9 -3.1 -10.8

YTD Ex Div Yld PE Last Chg%Chg Name

.56 .20 .80 .68 ... 2.05 .36 .08 1.32 ... 1.16 1.49 .64 .90 3.40 1.05 .20 1.20 2.44 .44 1.96 4.00 .64 .52 .68 2.80 1.68 .74 .80 .20 1.00 3.4 2.0 5.9 3.4 ... 4.7 1.3 .9 3.2 ... 2.2 2.7 1.6 3.3 1.8 3.6 .8 3.3 3.7 1.7 4.7 4.7 2.3 ... 2.9 3.2 4.2 2.5 2.6 1.4 8.1 11 7 7 16 5 ... 8 8 41 ... 20 20 40 11 14 10 19 8 18 16 11 10 18 ... 7 17 18 9 11 25 12 16.47 +.64 +2.0 10.19 -.08 -5.3 13.50 +.03 +1.0 19.81 +.28 +10.6 .65 -.03 -61.3 43.89 +.59 +15.2 27.80 -.55 -19.4 9.20 -.25 +14.3 41.39 +.37 +14.8 4.52 +.07 +103.6 52.02 +.76 +23.7 55.51 +.08 +2.1 40.19+1.15 +31.9 26.94 +.23 +11.1 193.70 +.31 +5.3 29.22 +.35 -1.3 26.06 +.08 +2.8 35.99 +.48 +8.2 66.63 +.24 +1.6 25.16 +.39 +4.6 42.07 +.31 +1.2 85.35 +.98 +5.5 27.31 -.19 +7.6 10.59 +.04 -.3 23.74 +.42 -18.9 88.35 +.71 -11.9 40.18 +.73 +6.6 30.03 +.32 -3.7 30.70 +.57 +18.3 14.14 +.18 -6.5 12.42 +.14 +.4 NextEraEn NiSource Nucor OldRepub PPL Corp Penney Pfizer PhilipMor ProctGam Prudentl QstDiag SearsHldgs SenecaB StanBlkDk Sysco Target Travelers US Airwy UPS B USSteel UtdTech VerizonCm WalMart Walgrn WeisMk Weyerhsr Xerox

YTD Ex Div Yld PE Last Chg%Chg

NY NY NY NY NY NY NY NY NY NY NY NA NA NY NY NY NY NY NY NY NY NY NY NY NY NY NY 2.40 .96 1.46 .71 1.44 ... .88 3.08 2.25 1.45 .68 .33 ... 1.64 1.08 1.44 1.84 ... 2.28 .20 2.14 2.00 1.59 1.10 1.20 .60 .17 3.6 3.9 4.0 7.7 5.2 ... 3.9 3.6 3.8 3.1 1.2 ... ... 2.7 3.7 2.5 2.9 ... 2.9 1.0 2.8 4.6 2.4 3.7 2.8 2.9 2.2 13 25 15 ... 10 ... 14 17 15 6 14 ... 27 14 15 13 17 12 20 ... 14 47 15 10 15 32 8 66.62 +.01 +9.4 24.31 +.24 +2.1 36.92 -.44 -6.7 9.27-1.27 0.0 27.49 -.14 -6.6 22.56 -.16 -35.8 22.73 +.13 +5.0 86.01 +.41 +9.6 59.83 +.08 -10.3 47.08 +.26 -6.1 57.59 +.83 -.8 53.17 +.42 +67.3 25.02 ... -3.9 61.65 +.17 -8.8 29.00 +.11 -1.1 57.56 +.16 +12.4 63.35 +.77 +7.1 13.17 -.30 +159.8 77.71 +.61 +6.2 19.15 +.28 -27.6 75.20 +.38 +2.9 43.95 +.62 +9.5 67.30 -.40 +12.6 29.57 +.42 -10.6 43.51 +.70 +8.9 20.69 -.06 +10.8 7.81 +.19 -1.9

American Funds AMCAPA m 19.94 American Funds BalA m 19.07 American Funds BondA m 12.77 American Funds CapIncBuA m 50.29 American Funds CapWldBdA m 20.90 American Funds CpWldGrIA m 33.05 American Funds EurPacGrA m 36.04 American Funds FnInvA m 36.95 American Funds GrthAmA m 30.95 American Funds HiIncA m 10.86 American Funds HiIncMuA m 14.87 American Funds IncAmerA m 17.05 American Funds IntBdAmA m 13.70 American Funds InvCoAmA m 28.56 American Funds LtdTmTxEA m 16.25 American Funds MutualA m 26.90 American Funds NewEconA m 26.36 American Funds NewPerspA m 27.89 American Funds SmCpWldA m 36.01 American Funds TaxEBdAmA m 12.89 American Funds USGovSecA m 14.53 American Funds WAMutInvA m 29.43 DWS-Investments LgCapValA x 17.36 DWS-Scudder GlbTS d 20.39 DWS-Scudder IntlS d 37.74 DWS-Scudder MidGrInst 14.26 Davis NYVentB m 32.25 Dodge & Cox IntlStk 29.65 Dodge & Cox Stock 108.39 Dreyfus GNMA Z b 16.09 Dreyfus GrowInc 14.38 Dreyfus IntMuBd 14.16 Fidelity Bal 19.14

Fidelity BlChGrow 46.29 Fidelity CapApr 28.03 Fidelity Contra 74.05 Fidelity DivGrow 27.51 Fidelity EmergAsia d 25.65 Fidelity EqInc 43.58 Fidelity EqInc II 18.44 Fidelity Fidelity 33.86 Fidelity Fifty 18.75 Fidelity GNMA 11.90 Fidelity LatinAm d 47.35 Fidelity LowPriStk d 37.47 Fidelity Magellan 68.06 Fidelity MidCap d 27.65 Fidelity OTC 57.81 Fidelity Puritan 18.81 Fidelity Trend 73.15 Fidelity Value 66.82 Fidelity Worldwid d 18.25 Fidelity Advisor GrowIncI 18.53 Fidelity Select Electron d 45.96 Fidelity Select Energy d 44.54 Fidelity Select EnergySvc d 56.86 FrankTemp-Franklin Income A m 2.13 FrankTemp-Franklin NY TF A m 12.03 FrankTemp-Franklin Utils A m 13.69 FrankTemp-Mutual QuestZ 16.80 JPMorgan GroIncA m 28.90 JPMorgan MdCpGrSel 25.44 Janus BalT 25.65 Janus ContrT 13.37 Janus Gr&IncT 31.73 Janus RsrchT 29.80

FnclInst NA FordM NY Gannett NY GenElec NY Gleacher NA HSBC NY Hallibrtn NY Hardinge NA HarrisCorp NY Headwatrs NY HomeDp NY HonwllIntl NY IngerRd NY Intel NA IBM NY IntPap NY IntlSpdw NA JPMorgCh NY JohnJn NY LeggMason NY LillyEli NY LockhdM NY Lowes NY Manulife g NY MarathnO s NY McDnlds NY Merck NY MetLife NY Microsoft NA MorgStan NY NY CmtyB NY

OVER THE COUNTER CHMG OBB 1.00 4.00 9.30 25.00 -.15 NA

COMMODITIES/HEATING

CURRENCY
Prev. Day 2.517 2.5874 Dollar vs. Exch. Rate Prev. Day Yen 80.45 80.29 Euro $1.2561 $1.2558 Pound $1.5586 $1.5594 Swiss franc 0.9560 0.9566 Canadian dollar 1.0250 1.0280 Mexican peso 13.8355 13.8891

METALS
Price (troy oz) NY Merc Gold $1566.00 NY HSBC Bank US $1569.50 NY Merc Silver $26.657 Pvs Day $1564.50 $1566.00 $26.833

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Yesterday 2.625 2.5337

Spot month price on NYMEX