IN BRIEF


Cashman Equipment opens new rental shop

Cashman Equipment has announced the opening of a new Caterpillar rental store at 4380 Donovan Way.

In a statement, the company said the new store occupies 8,000 square feet and offers equipment rentals of skid steer and multiterrain loaders, JLG aerial lifts, backhoes, excavators, water trucks, small generators and more.

The shop also serves as a local parts pick-up location for customers in the northern Las Vegas Valley.

Cashman Equipment has corporate headquarters at 3300 St. Rose Parkway in Henderson.

MGM Mirage names new board member

MGM Mirage appointed Joseph Sugerman, a Beverly Hills, Calif.-based ear, nose and throat doctor, to its board of directors to help the company with its health care program.

He was selected at the company's Tuesday directors' meeting and his appointment is subject to approval of casino regulators in the various jurisdictions the company operates.

Sugerman, who has practiced medicine for 32 years, is an attending physician at the Cedars-Sinai Medical Center, where he was past clinical chief of the otolaryngology department.

Sugerman is a clinical instructor at the University of Southern California and the University of California, Los Angeles.

Intel raises its forecast for quarterly revenue

Intel Corp. raised its third-quarter revenue forecast above Wall Street's expectations Friday, citing strong demand for its chips and giving another signal that business is improving for one of the world's biggest technology companies. Intel shares rose 4 percent.

The leading maker of computer microprocessors now expects sales of $8.8 billion to $9.2 billion. Its last guidance, which came July 14, was for revenue in the range of $8.1 billion to $8.9 billion.

Analysts polled by Thomson Reuters were expecting $8.55 billion in revenue before Friday.

PHILADELPHIA

Court rejects ceiling on cable market share

An appeals court overturned a rule that said a cable TV company could not serve more than 30 percent of the nation's subscribers. The verdict Friday was a victory for the largest cable company, Comcast Corp., which has 25 percent share and sued to block the rule.

It was an embarrassing decision for the Federal Communications Commission, which had already seen the cap rejected and imposed it again. Friday's ruling from the U.S. Court of Appeals for the District of Columbia Circuit called the limit "arbitrary and capricious," and threw it out.

Fearing a cable monopoly, Congress in 1992 directed the FCC to set limits on how many customers cable TV operators could reach nationwide. The FCC set the 30 percent limit, but that was thrown out twice by the courts. .

NEW YORK

Report says Cerberus investors want refunds

The Wall Street Journal reports that investors in the main hedge funds of New York-based private equity firm Cerberus Capital Management LP want out and are asking for the return of more than $5.5 billion, or about 71 percent of fund assets.

The Journal cited people familiar with the matter.

Cerberus lost 24.5 percent on investments in 2008 and is up about 3 percent this year, the Journal reported. By comparison, the Standard & Poor's 500 index tumbled 38.5 percent last year and is up 13.9 percent in 2009.

DALLAS

Pair of Texas officials to pursue Exxon Mobil

A pair of elected officials in Texas is going after Exxon Mobil, a name synonymous with the state, for allegedly stuffing abandoned oil wells with piles of junk, sludge and tools so other companies could not drill in the same places.

The Texas Supreme Court recently reversed a jury's finding that the world's largest publicly traded oil company intentionally wrecked the wells nearly 20 years ago.

The state land commissioner and comptroller, however, don't want Texas to drop the case. State Comptroller Susan Combs filed a brief asking the court to rehear the case.

Texas is a huge beneficiary of Exxon's success. The company says it paid nearly $900 million in taxes and royalties to the state in 2008 and has more than 38,000 employees and retirees living in Texas.

NEW YORK

Tiffany says earnings decline but top outlook

Tiffany & Co. said Friday that its second-quarter profit fell but beat analyst expectations.

The company known for its signature blue box earned $56.8 million, or 46 cents per share, for the period ended July 31, down 30 percent from $80.8 million, or 63 cents per share, a year ago. Excluding a 7 cents-per-share benefit related to loan recovery and tax reserve adjustments, net income was 39 cents per share.

Analysts forecast profit of 33 cents per share.

 

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