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CNB Financial Corp. on Wednesday reported third-quarter profit of $28.1 million. The bank, based in Clearfield, Pennsylvania, said it had earnings of 91 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share. The bank holding company posted revenue of $126.5 million in the period. Its revenue net of interest expense was $88.3 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $88 million.
Tesla's Q3 profit drops as it may merge
Tesla posted a drop in profit for the latest quarter as it prepares for a possible merger with Elon Musk's other big business, SpaceX. The electric vehicle maker reported third-quarter net income of $787 million, or 22 cents per share, down 44% from the year-earlier period.
Excluding certain items, though, earnings per share of 48 cents beat Wall Street expectations. Shares rose in after-hours trading after a 3.4% climb in the regular session.
SpaceX-Tesla merger may benefit both firms
Stocks of Elon Musk's two biggest companies are rising Wednesday after he suggested a combination was in the works to form a trillion dollar colossus in possibly the biggest deal ever.
The merged SpaceX and Tesla would do everything from selling electric cars and AI computing power to providing rocket launches and satellite services. Musk says a deal makes sense given the future of both companies relies heavily on artificial intelligence.
Some websites go dark as operators address flaw
The FBI's cyber division warned Wednesday about the discovery of two "critical vulnerabilities" in PHP, a widely used programming language that powers many websites and web applications.
The FBI said the vulnerabilities could allow malicious actors to remotely execute code in the PHP core, potentially compromising sensitive data and networks. The PHP Foundation, which includes developers who work on securing and working on the programming language, said Wednesday it has released fixes for the vulnerabilities along with instructions on how to update systems.
Gilbert to pay $1 billion to redevelop Detroit center
Dan Gilbert, co-founder of Rocket Mortgage, says he will contribute $1 billion to redevelop Detroit's Renaissance Center. Once a symbol of revitalization, the center is now mostly vacant.
Gilbert plans to create a nonprofit to manage his commitment, signaling he's not seeking profit. The project's total cost might reach
$2.2 billion, with investments from General Motors. The redevelopment could generate 8,000 construction jobs and transform the Detroit riverfront into a welcoming space.
SpaceX profit report helps lift Wall Street
U.S. stocks climbed following strong profit reports from SpaceX, Capital One Financial and other big companies. The S&P 500 added 0.6% Wednesday and pulled within 0.8% of its all-time high set earlier this month. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite climbed 1.1%.
A much better profit report from SpaceX than analysts expected helped lift AI-related stocks, along with Elon Musk's other publicly traded company, Tesla. That made up for losses by Netflix and other stocks hurt by worries about upcoming growth. Treasury yields erased an early dip in the bond market as oil prices continued to swing.