Business news briefs
Car wash chain
buys Utah location
Mister Car Wash, a Tucson-based chain of car wash and quick lubrication centers, has acquired Star Wash, 1480 S. 300 West, Salt Lake City. The acquisition was finalized July 19. Mister Car Wash operates 82 washes and 30 lube centers nationwide. Five are in Utah.
opens in Riverdale
Shoe Carnival has opened a store in Riverdale and has set a grand opening for Saturday. The store is in the Family Center at Riverdale, next to Pier One and Best Buy. Festivities Saturday will begin at 9 a.m., with the first 100 customers receiving a $10 reward card. The Riverdale store is the company's seventh in Utah.
reject fee accord
Walmart Stores and others are urging retailers to reject a proposed $6 billion settlement that Visa, MasterCard and banks are offering to settle allegations they conspired to fix merchant credit card fees. The deal had been considered a victory for retailers. Walmart, Target and others say the settlement falls short of solving the problem.
Moody's may cut
Penn State rating
Moody's Investors Service is reviewing Penn State University's credit rating and may lower it. The agency said fallout from the Jerry Sandusky child abuse scandal could hurt the school's fundraising and enrollment. Penn State has an 'Aa1' rating, Moody's second-highest and nine notches above non-investment grade or "junk" status. A downgrade could make it more expensive for Penn State to borrow money.
The world's largest package delivery company, viewed by many as an economic bellweather, is pessimistic about U.S. growth. It is making cuts in its business and reducing its earnings projections. For the quarter ended in June, UPS said net income rose 2 percent, to $1.12 billion, or $1.15 per share, compared with $1.09 billion, or $1.09 per share, a year earlier. Revenue rose 1.2 percent, to $13.35 billion.
sales boost AT&T
AT&T Inc. on Tuesday said it saw declining smartphone sales in the second quarter, leading to the best profitability ever in its wireless arm as it saved on phone subsidies. The strong wireless results helped boost AT&T's net income to $3.9 billion, or 66 cents per share, for the April to June period. That's up 8.7 percent from $3.6 billion, or 60 cents per share, a year earlier.
Pepsi bags big
Super Bowl deal
Pepsi has scored the Super Bowl halftime show. It struck a multiyear deal with the National Football League to sponsor the big game's musical performance. Financial terms were not disclosed. The company said it also bought 60 seconds of ad time during the big game.