LOCAL BUSINESS
Electronics grant is made
A program aimed at creating jobs in Northeast Ohio’s emerging flexible electronics industry cluster has attracted a $385,000 grant from the U.S. Small Business Administration.
NorTech, a regional technology-based economic development group, received the money to train and help small businesses in the cluster identify and attract larger companies as customers. The training is called the Anchor Customer Engagement Academy.
The flexible electronics industry involves devices with electronics printed on flexible plastic. The global flexible electronics market is expected to grow to $250 billion by 2025, according to an earlier NorTech report that dubbed the industry cluster FlexMatters. The training will involve industry experts, the nonprofit group JumpStart and Small Business Administration Centers in Northeast Ohio.
EARNINGS
Verizon earnings higher
For the three months ended Sept. 30, New York-based Verizon Communications reported earnings of $1.59 billion, or 56 cents per share. That’s up from $1.38 billion, or 49 cents per share, a year ago. Removing 8 cents per share in charges related to patent lawsuit settlements, earnings were 64 cents per share. That matched analysts’ expectations. Revenue increased 4 percent to $29.01 billion from $27.91 billion. That also matched analysts’ expectations.
LEGAL
Suit filed against Aspen
Aspen Dental Management and the private equity firm that controls it illegally operate dental clinics across the country and engage in aggressive, misleading profit-driven practices that cause patients economic harm, claims a federal lawsuit filed Thursday in New York. East Syracuse-based Aspen and Leonard Green and Partners are violating laws that require clinics to be owned by dentists actively performing procedures onsite to prevent business interests from trumping those of patients, according to court papers filed at U.S. District Court in Albany.
FINANCE
Mortgage rates fall
The average interest rate on a 30-year fixed mortgage has fallen to near its record low set earlier this month. The rate on the most popular mortgage dipped to 3.37 percent from 3.39 last week, mortgage buyer Freddie Mac said Thursday. Two weeks ago, the rate reached 3.36 percent, its lowest level on records dating to 1971. The average rate on the 15-year fixed mortgage, often used for refinancing, set a record low of 2.66 percent, down from last week’s 2.7 percent.
WALL STREET
Google causes Dow drop
Stock indexes on Thursday fell for the first day this week as Google Inc.’s profit miss highlighted trouble in the tech sector and a rise in jobless claims offset upbeat manufacturing data. The Dow Jones industrial average lost 8.06 points, or less than 0.1 percent, to end at 13,548.94, with International Business Machines Corp. among its 11 decliners after the provider of technology services missed Wall Street’s sales forecasts. Insurer Travelers Cos. was the top gainer in the Dow after its earnings more than doubled. The S&P 500 index retreated 3.57 points, or 0.2 percent, to 1,457.34. The Nasdaq composite shed 31.25 points, or 1 percent, to 3,072.87. In its worst percentage drop since January, Google shares declined 8 percent after the search engine’s third-quarter report was released ahead of schedule, with Google blaming printer R.R. Donnelley & Sons Co. for filing its quarterly statement early to the Securities and Exchange Commission.
Compiled from staff and wire reports