Applied Systems relocates to area

Applied Systems relocates to area

youngstown

Applied Systems and Technology Transfer, a firm that helps high-tech companies commercialize their technology, has relocated from Utah to the Youngstown Business Incubator campus. The company, owned by Youngstown native Jack Scott, will provide hands-on assistance to Incubator portfolio companies that are looking to commercialize their software.

The company is also part of the Ohio Clean Technologies Group, a joint venture the firm launched in May with Incubator portfolio company M-7 Technologies. The group, which focuses on commercializing clean and sustainable energy technologies, has four ongoing projects in Youngstown and Israel.

Intel posts large quarterly profit

san francisco

Intel Corp. has booked its largest quarterly net income in a decade as the chipmaker benefits from a stronger computer market and more sophisticated factories.

Large corporations bought more computers that use Intel’s most expensive chips, an encouraging sign for the economy that emerged from Intel’s second-quarter numbers, reported Tuesday after the stock market closed.

Corporations have been stingy on upgrading their workers’ personal computers, a trend Intel is now seeing reverse. Intel gets most of its profit from the sale of chips that go into PCs.

Job openings drop as hiring stays weak

washington

Job openings dropped in May from the previous month and layoffs edged up, fresh evidence that employers are reluctant to add workers.

The decline in job openings comes after a sharp rise the previous two months, driven by temporary government hiring for the 2010 census and more openings in the private sector. As a result, the number of available jobs has rebounded since the depths of the recession but remains well below pre-recession levels.

The Labor Department said Tuesday that job openings fell to 3.2 million in May from 3.3 million in the previous month. April’s upwardly revised figure was the highest in 18 months.

Federal budget gap tops $1 trillion

washington

The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government’s finances.

In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion. That’s down 7.6 percent from the $1.09 trillion deficit the same period a year ago.

Worries about the size of the deficit have created political problems for the Obama administration. Congressional Republicans and moderate Democrats have blocked more spending on job creation and other efforts. Republicans also have held up legislation to extend unemployment benefits for the long-term jobless because of its effect on the deficit.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .58, 18.79 .21

Avalon Holdings,2.55—.01

Clear Channel, 1.75 49.47 1.29

Cortland Bancorp, 4.600.00

Delphi Automotive, .02 0.00

Farmers Nat., .12, 3.60—.15

First Energy, $2.20, 37.47.21

FirstMerit Corp., .64,18.69 .69

First Niles Financial,7.500.00

First Place Fin., 2.90—0.00

FNB Corp., .48,8.74.33

General Electric, .40,15.21.28

Motors Liquidation, .42.01

Huntington Bank, .04, 6.16.23

JP Morgan Chase, .20,40.481.29

Key Corp, .04,8.37.14

LaFarge, 13.70 .46

Macy’s, .20, 18.47.49

Parker Hannifin, 1.04, 58.271.83

PNC, .40,62.741.25

RTI Intl. Metals,25.96.95

Rural/Metro, 9.21 .06

Simon Prop. Grp.,$2.40,85.072.11

Stoneridge 8.49 .39

Torent Inc., 2.00 0.00

United Community Fin. 1.73—.05

Selected prices at 4 p.m. Tuesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.