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Upstate companies report strong earnings amid stock market woes

Marie Cusick
While the steep fall of the stock market dominated international news yesterday, upstate companies released positive earnings reports.

Did something happen yesterday?

As if you didn’t know, the stock market went haywire Monday following a spate of poor economic news (Bloomberg). Wasn’t an 11th hour debt ceiling deal supposed to avert something like this? (John Nichols, The Nation).

Do yourself a favor and do not check the level of your 401(k).

But, the sun is peeking out through the haze! Today’s market outlook is a bit better; stocks are trading higher this morning (NY Times). Roller coasters are supposed to be fun, right?

Gambling thriving (no, not the NYSE)

The Seneca Gaming Corporation is expanding its hotel capacity. A $54 million project at the Allegeny Casino in Salamanca will add 200 rooms (AP, Niagara Gazette).

In earnings news (the second quarter edition)

Astronics Corp., an aviation parts company based in the Buffalo suburb of East Amherst, reported an 87 percent spike in its profits during the second quarter. What’s the secret? (David Robinson, Buffalo News).

PAETEC, a Rochester-based broadband services provider, announced a 28 percent increase in earnings over this time last year. But the company still lost money (Matt Daneman, Democrat and Chronicle). Remember, PAETEC is being scooped up by Arkansas company Windstream, as reported by the Innovation Trail’s Zack Seward.

Albany International, which makes components in paper mill machines, earned $244 million from April to the end of June (Larry Rulison, Albany Times Union).

There’s a few nuts and berries for your trail mix today. Chew thoroughly. 

WBFO/Western New York reporter for the Innovation Trail.