Biz Buzz

LONG ISLAND

Cedar sells 17 Ohio properties

As part of its new strategy of selling off smaller retail properties in secondary markets, Port Washington-based Cedar Shopping Centers Inc. has sold 17 of its Ohio properties in a $45-million deal. The real estate investment trust said it hopes its focus on major properties will lead to revenue growth. "The disposition of these properties represents an integral part of the company's long-term business plan," Leo S. Ullman, Cedar's chief executive, said. "This strategy includes disposing of smaller properties in secondary markets as the company upgrades its portfolio ... emphasizing ownership of larger properties in higher demographic areas." The purchaser is Nickleplate Realty Trust Llc of Canton, Ohio.

Cablevision has new package

Bethpage-based Cablevision Systems Corp. said this week it is offering a new package of Internet, TV and telephone services. Cablevision, which owns Newsday, said the package includes faster Internet speeds, an "advanced wireless router" and the ability to display computer images and sounds on televisions without extra equipment. Cablevision said the new package is offered to new customers for $99.80 a month for the first year.

NATION

Earnings news deflates stocks

After two weeks of strong earnings pumped up the markets, weak results from Pfizer and others deflated a broad earnings rally yesterday. The world's largest drugmaker posted lower than expected quarterly results yesterday, slowing a parade of positive corporate reports. Clorox, Molson Coors Brewing Co. and Beazer Homes also slipped after announcing weaker earnings. The Standard & Poor's 500 index fell 4.60 points, or 0.34 percent, to 1,356.62. The Nasdaq composite fell 20.22, or 0.71 percent, at 2,841.62. The Dow Jones industrial average eked out a gain of 0.15 point, near zero percent, to close at 12,807.51.

Seeking level field with China

A senior U.S. official has voiced concern about privileges enjoyed by China's state-backed enterprises and is saying a level playing field is necessary for American companies. Undersecretary of State Robert Hormats said yesterday that such enterprises enjoy financial support and regulatory privileges and benefit from government efforts to limit foreign investment in certain sectors. He said such policies distort competition, and the United States was raising the issue with China and encouraging it to adopt international standards. Hormats said 41 Chinese state-owned enterprises are among the Global Fortune top 500 companies. He was speaking at the U.S. Chamber of Commerce ahead of a high-level dialogue next week between the United States and China on economic and strategic issues.

Buyers opting for smaller cars

Small cars sold briskly in the United States last month as gasoline prices rose and some buyers worried about shortages of Japanese-made vehicles. Analysts expected overall U.S. industry sales to increase 19 percent from April of last year. Sales last month were led by highly fuel-efficient models such as Chevrolet's Cruze, Hyundai's Elantra and Ford's Focus. Don Johnson, GM's vice president of sales and marketing, said consumers shifted into smaller cars starting in March and the trend continued in April. Unlike 2008, when a rise in gas prices caught the industry off-guard, GM and other companies now have good small cars and can quickly boost production of them, he said. Even those who choose bigger vehicles are downsizing. Ford said half the people who bought an F-150 opted for a more efficient V-6 engine instead of a V-8. And more than half of Chevrolet buyers are now choosing smaller, four-cylinder engines, the highest level GM has ever seen.

From staff and wire service reports