Zhangjiagang China



Keywords: pittsburgh post-gazette, in brief
Description: News from American Eagle, NexTier, Eureka, Mylan, Momenta, PPG, SAC Capital Advisors, Volkswagen

American Eagle shares plunge; NexTier completes acquisition of Eureka;Mylan, Momenta to develop products

Shares of American Eagle Outfitters fell nearly 17 percent Friday after the South Side teen apparel retailer reported fourth quarter sales that fell short of analyst estimates. The company said same store sales for the period rose 4 percent and reaffirmed that it expects fourth quarter earnings of 40 to 42 cents per share. American Eagle shares finished Friday at $13.24, down $2.64.

NexTier Bank in Butler said it completed the acquisition of Pittsburgh-based Eureka Bank that was announced in September.

Mylan and Momenta Pharmaceuticals announced they would jointly develop and commercialize six of Momenta’s biosimilar products. Mylan will make an upfront cash payment of $45 million and up to $200 million in payments if milestones are met. Each company will share equally in the costs and profits, with Mylan leading worldwide commercialization efforts. Momenta has an option to co-commercialize in the U.S. Biosimilars are the generic equivalent to biological drugs, which are made inside living things such as a microorganism. The deal includes Momenta’s biosimilar for the rheumatoid arthritis drug Orencia. The other five products weren’t identified. Separately, Mylan said its chief financial officer for the last six years, John Sheehan, would retire effective April 1. Mylan’s board is searching for a replacement, the company said.

PPG Industries marked the completion of a $20 million center for on-site electrocoat coatings blending at its resin manufacturing facility in Zhangjiagang, China. The 37,500-square-foot center adds production and blending capacity for high-performance cathodic electrocoat (e-coat) coatings. It is PPG’s second e-coat blending operation in China along with one in Tianjin. The new operation will help PPG meet growing demand by automotive-manufacturing and industrial customers for environmentally friendly coatings. The Zhangjiagang site started production in 2011 as PPG’s first resin plant in China.

Steven A. Cohen will be barred for two years from managing other people’s money after reaching a civil settlement with federal regulators who accused the billionaire hedge-fund manager of failing to prevent insider trading at his firm, SAC Capital Advisors in Connecticut. The Securities and Exchange Commission announced the settlement on Friday. Mr. Cohen wasn’t fined under the agreement, and neither admitted nor denied the SEC’s allegations. Federal prosecutors had accused SAC Capital, one of the biggest and most successful hedge funds, of engaging in illegal insider trading on an epic scale while its founder and owner Mr. Cohen enabled the misconduct. SAC agreed in 2013 to plead guilty to criminal fraud charges and to pay $1.8 billion. It was the largest financial penalty at the time for insider trading. Mr. Cohen himself never faced criminal charges.

Volkswagen may buy back tens of thousands of cars with diesel engines that can’t be easily fixed to comply with U.S. emissions standards as part of its efforts to satisfy the demands of regulators, according to two people familiar with the matter. Negotiations between the German automaker and the U.S. Environmental Protection Agency are continuing and no decisions have been reached, Bloomberg reported. A buyback would be an extraordinary step that demonstrates the challenge of modifying vehicles that were rigged to pass emission tests. VW has concluded it would be cheaper to repurchase some of the more than 500,000 vehicles than fix them, said the people who spoke on the condition of anonymity because they weren’t authorized to discuss the matter publicly.




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