First Commonwealth Financial Corp
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Financials : Banks | Small Cap Value
Company profile

First Commonwealth Financial Corporation is a financial holding company for First Commonwealth Bank (the Bank). First Commonwealth Bank is a Pennsylvania bank and trust company. The Bank provides a diversified array of consumer and commercial banking services. It also provides trust and wealth management services and offers insurance products through the Bank and its other operating subsidiaries. The Bank operates approximately 118 community banking offices throughout western and central Pennsylvania, and northeastern, central and southwestern Ohio, as well as corporate banking centers in Pittsburgh, Pennsylvania, and Columbus, Canton and Cleveland, Ohio, and mortgage banking offices in Wexford, Pennsylvania, and Hudson, Westlake and Lewis Center, Ohio. The Bank also operates a network of approximately 136 automated teller machines (ATMs), at various branch offices and offsite locations.

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Today's volume of 45,471 shares is on pace to be much lighter than FCF's 10-day average volume of 338,523 shares.


Nvidia closes Russian offices, will fly relocating employees out of the country, report says

3:37 pm ET October 4, 2022 (MarketWatch)

By James Rogers

Chipmaker Nvidia is ending its activities in Russia, and is giving its employees in the country the opportunity to relocate

Chipmaker Nvidia is ending its activities in Russia, and is giving its employees in the country the opportunity to relocate.

In a statement, Nvidia Corp. (NVDA) confirmed that it is ceasing all activities and closing its offices in Russia. "After previously suspending shipments to the country, we had continued to maintain our office to support our employees and their families," the company added. "With recent developments, we can no longer operate effectively there."

All employees will be given the option of continuing their jobs in other countries, Nvidia said.

Nvidia stopped selling its products in Russia in March, in the wake of Russia's devastating invasion of Ukraine, the Wall Street Journal reports. Russia has historically accounted for about 2% of Nvidia's revenue historically, the company's CFO Colette Kress said, during its fiscal first-quarter conference call in May.

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Citing a source close to the company, Forbes reports that Nvidia is now taking employees who agree to relocate to offices in other countries out of Russia on charter planes. Nvidia has not yet responded to a request for comment on the relocation effort.

"Nvidia has made the right moral decision," Mark Dixon, founder of the Moral Rating Agency, told MarketWatch. The Agency was set up to examine whether companies' promises of exiting Russia have been realized, and its research includes both U.S. and overseas companies.

"For months [Nvidia] behaved like a confused humanitarian by keeping Russian employees on the payroll, because paying Russian salaries and Russian government taxes only helps finance humanitarian atrocities in Ukraine," Dixon added. "By offering the employees jobs abroad, Nvidia is not only pulling the economic plug on Russia but also adding to brain drain."

The chipmaker's latest move is the perfect model for western companies to follow, according to Dixon. "It's a double hit to Russia while allowing the company to take care of its employees," he said. "A morally neat solution to tough trade-offs."

See Now: Six months after Russia invaded Ukraine, Moral Rating Agency's 'Courage Index' analyzes companies' statements on Kremlin's aggression

Nvidia rival Intel Corp. (INTC) announced on March 3 that it had suspended shipments to all customers in Russia and Belarus. On April 5, Intel suspended all its business operations in Russia.

Intel, along with fellow U.S. tech giants Alphabet Inc. (GOOGL), Apple Inc. (AAPL), and International Business Machines Corp. (IBM), has also been identified as a "courageous" denouncer of Russia's invasion by the Moral Rating Agency.

Nvidia shares, which have fallen 55.3% this year, were up 4.9% on Tuesday. The S&P 500 Index , which has fallen 20.7% in 2022, was up 2.6% in Tuesday trading.

-James Rogers


(END) Dow Jones Newswires

October 04, 2022 15:37 ET (19:37 GMT)

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