FirstEnergy rating gets an upgrade

December 28, 2013 at 12:00a.m.

AKRON

Research analysts at Wells Fargo & Co. upgraded Akron-based FirstEnergy Corp. from a rating of “market perform” to an “outperform” rating in a report released Friday.

FirstEnergy’s stock price has fluctuated this year between a low of $31.29 and a high of $46.77. The stock’s 50-day moving average is $33.52, and it has a 200-day moving average of $36.59. Shares opened at $32.07 on Friday.

Hyundai CEO resigns

John Krafcik, the president and CEO of Hyundai Motor America, is stepping down next week after five years at the helm, the company announced Friday. He will be replaced by David Zuchowski, the current executive vice president of sales who joined the company in February 2007.

When Krafcik became CEO of American operations in 2008, the South Korean automaker’s cars were ugly and often broke down.

During his tenure, he pushed through quality, style and fuel-efficiency improvements to help drive up sales. Hyundai Sonata midsize cars and Elantra compacts became top sellers and multiple models garnered the Insurance Institute for Highway Safety’s Top Safety Pick designation.

Hyundai already had started to change before Krafcik arrived, offering a 10-year, 100,000-mile warranty with its cars. But the transformation from joke to juggernaut accelerated under his watch. Krafcik didn’t just focus on the engine but how people used their cars as personal living spaces.

Oil closes above $100

Oil prices closed above $100 a barrel Friday, the first time it crossed that threshold since October.

Benchmark U.S. oil for February delivery rose 77 cents to close at $100.32 in trading on the New York Mercantile Exchange.

The price of oil got a boost from a drop in applications for unemployment benefits, the latest sign of recovery in the U.S. job market, and expectations of a decline in U.S. crude stockpiles. Optimism about the U.S. economic recovery lifted expectations for the country’s energy demand.

GM, partner to recall 1.5M cars in China

BEIJING

General Motors Co. and its main Chinese partner will recall almost 1.5 million cars to replace a bracket that secures a fuel pump, China’s product quality agency said Friday.

The agency said the recall affects 1.2 million Buick Excelles made from 2006 through part of 2012 and 250,000 Chevrolet Sails produced between April 2009 and October 2011 and some made last year.

The bracket to be replaced might crack and in extreme cases cause a fuel leak, the Administration for Quality Supervision, Inspection and Quarantine said in a statement.

The recall is GM’s second this year in China. In May, the government announced a recall of 2,653 imported Cadillac SRX sport utility vehicles to adjust nuts on wheels that said might loosen due to torque.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 23.87 .09

Avalon Holdings,5.15—.02

Clear Channel, .61 23.69 .32

Cortland Bancorp, 10.75.5

Farmers Nat., .126.55 .01

First Energy, 2.20, 32.81.74

FirstMerit Corp., .64,22.35 .11

First Niles Financial, .32,6.50.35

First Place Fin., .00.00

FNB Corp., .48,12.73.01

General Motors,40.94—.59

General Electric, .76,27.87.04

Huntington Bank, .20, 9.62—.03

JP Morgan Chase, 1.52,58.10—.1

Key Corp, .22,13.41—.03

LaFarge, 18.68 .04

Macy’s, 1.00, 52.71—.13

Parker Hannifin, 1.80, 128.11.23

PNC, 1.76,78.19.93

RTI Intl. Metals,34.89.13

Simon Prop. Grp.,4.60,153.29—.94

Stoneridge 13.01 —.07

United Community Fin. 3.63—.02

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