Small-business loans

Small-business loans

CLEVELAND

The U.S. Small Business Administration’s Cleveland district office guaranteed 1,434 small-business loans that supported more than $452 million in small-business lending during its recently completed fiscal year.

Gil Goldberg, director of the district office, said the loan totals were all-time highs and also was the highest total in the Great Lakes Region, which covers Minnesota, Wisconsin, Illinois, Indiana, Michigan and Ohio.

Unemployment applications rise

WASHINGTON

The number of Americans seeking unemployment benefits rose last week to a seasonally adjusted 377,000, after a nearly four-year low the previous week.

The Labor Department also said Thursday that earlier in the month, Ohio had one of the largest drops in new applications. They fell by more than 2,800 during the week that ended Jan. 14 because of fewer layoffs in manufacturing.

Claims for unemployment insurance have trended downward over the past few months. The national average has fallen about 9 percent since Oct. 1.

Unemployment applications have been particularly volatile this month because employers have cut temporary workers hired for the holidays. The department adjusts for seasonal trends. But doing so accurately can be difficult.

J.C. Penney changes

LOS ANGELES

After a poor holiday season, J.C. Penney Co. is revamping its strategy by retooling its store format, marking down its merchandise and simplifying its promotions.

“We are rethinking, we are reimagining, and if we find we have picked up some bad habits through the decades, we will leave them far behind,” said Chief Executive Ron Johnson.

The retailer will adopt a simple pricing model and do away with the hundreds of sales it has sprinkled throughout the year. The three-pronged strategy involves permanently slashing prices on all products, offering monthlong sales on select items, and clearance deals on the first and third Fridays of each month.

Gas-drilling probe

DIMOCK, PA.

The head of a natural-gas driller blamed for polluting residential water wells in a northeastern Pennsylvania town is taking issue with federal regulators who are testing the water supplies of dozens of homes in the area.

Cabot Oil & Gas Corp. CEO Dan Dinges says the Environmental Protection Agency is wasting taxpayer money by launching an expanded investigation of the contamination in Dimock Township.

Dinges wrote Thursday to EPA Administrator Lisa Jackson. He says extensive testing already has shown Dimock’s water is safe to drink. He also says that EPA is appearing to undercut President Barack Obama’s support for shale gas.

State regulators say Cabot polluted the aquifer with methane gas in 2008. Some residents say their wells are still polluted with methane and toxic drilling chemicals. Cabot denies polluting the water.

From staff reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.08 .28

Avalon Holdings,3.54.00

Clear Channel, .78 62.40 .43

Cortland Bancorp, 6.74.08

Farmers Nat.5.20 .02

First Energy, 2.20, 42.72.59

FirstMerit Corp., .64,15.81 —.27

First Niles Financial, .32,7.30.00

First Place Fin., .58—.05

FNB Corp., .48,11.57—.27

General Motors,24.72—.20

General Electric, .68,19.07—.06

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.64—.30

JP Morgan Chase, 1.00,37.49—.11

Key Corp, .12,7.88—.36

LaFarge, 10.54 .35

Macy’s, .40, 33.27—.92

Parker Hannifin, 1.48, 81.50—.87

PNC, 1.40,58.90—.72

RTI Intl. Metals,25.02.02

Simon Prop. Grp.,3.60,136.53.73

Stoneridge 9.39 .09

United Community Fin. 1.26.01

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