Ticker: CNB reports Q2 net income of $28.3 million

The day’s business news at a glance

CNB Financial Corp. on Thursday reported net income of $28.3 million in its second quarter.

The Clearfield, Pennsylvania-based bank said it had earnings of 91 cents per share. The bank holding company posted revenue of $127 million in the period. Its revenue net of interest expense was $88.1 million, topping Street forecasts.

S&T Bancorp posts profit of $36.6 million in Q2

S&T Bancorp Inc. on Thursday reported second-quarter profit of $36.6 million.

The Indiana, Pennsylvania-based bank said it had earnings of $1.02 per share. The holding company for S&T Bank posted revenue of $142.9 million in the period. Its revenue net of interest expense was $105.2 million, also exceeding Street forecasts.

Comcast reports second-quarter earnings

Comcast Corp. on Thursday reported second-quarter net income of $3.53 billion.

The Philadelphia-based company said it had net income of 99 cents per share. Earnings, adjusted for non-recurring costs, came to $1.04 per share. The cable provider posted revenue of $29.94 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $29.18 billion.

China chipmaker's shares soar in listing

Shares of Chinese memory chipmaker CXMT have soared as the company began trading in Shanghai in mainland China's biggest IPO in recent years.

CXMT raised at least $8.6 billion with the IPO. Founded in 2016, the company is China's leading memory chip manufacturer, making chips that are used in areas including AI servers to consumer electronics like smartphones.

Stocks drift on Wall Street; crude oil drops

Stocks drifted to a mixed close on Wall Street and oil prices fell after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end their war.

The S&P 500 ended barely changed Monday, up less than 0.1%. The Dow Jones Industrial Average rose 0.5%. The Nasdaq composite fell 0.2%, weighed down by a 5% drop in AI chip giant Nvidia. After shooting as high as $102 a barrel last week, Brent crude fell 6.3% to settle at $85.87 per barrel.

Cracker Barrel CEO steps down

Cracker Barrel's CEO is stepping down nearly a year after an attempted rebrand of the chain led to fierce customer backlash.

Lebanon, Tennessee-based Cracker Barrel said Monday that CEO Julie Masino will step down next month but remain with the company until Oct. 9 in an advisory capacity.

IMF: Argentina better positioned to meet debt

International Monetary Fund Managing Director Kristalina Georgieva praised President Javier Milei's austerity policies during a visit to Buenos Aires.

She said Monday that Argentina has regained market confidence and is better positioned to meet its debt obligations. Georgieva said the IMF sees no need for additional disbursements before the 2027 presidential election.

ICE extends no-bid contract for major center

U.S. Immigration and Customs Enforcement plans to keep one of its largest detention facilities open for at least another year.

This decision comes despite reports of human rights abuses. ICE plans to extend the no-bid contract of the firm running Camp East Montana in El Paso, Texas, through September 2027. This could cost taxpayers an additional $776 million.