IN BRIEF

New Hampshire governor says he would veto video slot bill

Gov. John Lynch said Friday he would veto a bill to legalize video slots in New Hampshire if it reaches his desk.

The House will vote Wednesday on a Senate bill to allow the gambling operations at six sites in New Hampshire, including two on the Massachusetts border.

Lynch said he would veto both the Senate bill and one proposed in the House that scales back the number of sites to five. The governor said the House version was not an improvement.

But Lynch did not rule out expanded gambling in New Hampshire. He said he wants to review a report by a gambling commission he appointed last year to study the issue and analyze possible gambling models for the state.

"Other governors tell me that it is absolutely critical to have in place a proper and comprehensive regulatory and legal framework prior to going forward with a discussion of what the models should be," Lynch said.

The report is due by early May.

Analysts like Pinnacle choice to halt Sugarcane Bay expansion

Wall Street is giving Pinnacle Entertainment high marks for the company's decision Thursday to halt the Sugarcane Bay casino expansion in Lake Charles, La.

The Las Vegas-based casino operator will give the gaming license for the property back to Louisiana casino regulators. The company still operates three casinos in the state and is moving forward with plans for a hotel-casino in Baton Rouge.

Janney Montgomery Scott gaming analyst Brian McGill said it made little sense for Pinnacle to have a second casino to the Lake Charles market, where it operates L'auberge du Lac, the company's largest property.

"We view this decision favorably on both a strategic and a capital spending basis," McGill said. "Lake Charles is the closest full-scale casino market to Houston and draws much of its customer base from Texas. We do not believe it made sense to add further exposure to that market."

Macquarie Securities gaming analyst Joel Simkins thought investors would respond positively to the news. The only concern, he said, is that a competitor could snap up the license and build a property.

DALLAS

Southwest Airlines cancels agreement with WestJet

Southwest Airlines said Friday it is pulling out of a deal to sell travel to Canada in a partnership with WestJet.

Southwest said it couldn't accept changes that the Canadian carrier wanted to the agreement the two reached in 2008.

WestJet would have done all the cross-border flying, allowing passengers to connect with Southwest flights in the United States. The airlines would have sold seats on each other's flights and shared the revenue.

Southwest, based in Dallas, carries more U.S. passengers than any other airline but doesn't fly beyond U.S. borders. Executive Vice President Bob Jordan said the airline is still interested in serving Canada either by itself or with a partner carrier.

WestJet is based in Calgary, Alberta. Airline officials did not immediately respond to a request for comment.

Wells Fargo agrees to acquire some Citibank loans, deposits

Wells Fargo Bank on Friday said it agreed to acquire Citibank customer deposits and loans in six Northern Nevada and two California communities.

The buyer will take over $500 million in deposits and $60 million in loans from Citibank.

Terms of the acquisition weren't disclosed.

Wells Fargo is acquiring customers at Citibank locations in Reno, Sparks, Carson City, Elko, Winnemucca and Yerington. The California locations are in Auburn and Grass Valley.

Wells Fargo said it will serve customers from Sierra Foothills stores located near Citibank branches.

Condo lodging operations at MonteLago Village acquired

Pacific Capital Management, acting on behalf of Signal Butte Investors LLC., announced Friday it acquired the condominium lodging operations of Lake Las Vegas' MonteLago Village Resort from Intrawest Hospitality Management.

No sales price was announced.

Aston Hotels & Resorts was brought in to manage the 210 condominiums that are available as rentals in the three-acre waterfront parcel. Signal Butte Investors has owned MonteLago Village's retail and restaurant operations since June 2007.

There are 347 condominiums at MonteLago Village.

"This is a positive transition for MonteLago Village Resort," said Peter Hollingshead, of Roseville, Calif.-based Pacific Capital Management.

LOS ANGELES

Regulators OK futures market for films; Hollywood protests

U.S. regulators on Friday approved the creation of a futures market for trading in forecast box-office receipts, but major Hollywood studios immediately trumpeted a bill that would ban it.

The U.S. Commodity Futures Trading Commission approved the creation of the Trend Exchange, a forum that would allow movie industry participants and speculators to trade on predicted movie revenues.

The exchange still requires the commission's approval of specific contracts, which would essentially act as presales of ticket revenue. A decision on the contracts is due June 7.

Hollywood is trying to short-circuit that decision, and on Friday called the exchange "an online gaming platform that could be easily manipulated."

Also Friday, the lobbying arm for the major studios said U.S. Sen. Blanche Lincoln, D-Ark., had included language in a major financial reform bill that would ban futures trading based on movie receipts.

CHARLOTTE, N.C.

Bank of America posts profit in sign of recovery for lenders

Even as the nation's big banks report more losses from mortgage loans, they're seeing signs of an economic recovery.

Bank of America Corp. on Friday said its earnings rose 0.7 percent, to $2.83 billion from $2.81 billion a year earlier. Strong revenue from trading in securities including bonds, currencies and commodities helped the bank offset its losses from failed consumer loans.

Bank of America earned 28 cents per share after paying preferred dividends. That compared with 44 cents per share a year ago.

Revenue fell 11 percent to $32.3 billion.

Analysts polled by Thomson Reuters expected profit of 9 cents per share in the most recent quarter.

General Electric earnings fall 32 percent in first quarter

General Electric Co. on Friday reported a 32 percent drop in its first-quarter earnings, but the industrial and financial bellwether said it saw signs of improvement in its own results and the broader economy.

GE said it earned $1.87 billion, or 17 cents per share, after deducting preferred dividends in the January-March period, down from $2.75 billion, or 26 cents per share, a year ago.

Revenue fell 4.7 percent, to $36.6 billion from $38.4 billion.

Excluding $390 million in losses from one-time items, GE's earnings from continuing operations were $2.4 billion, or 21 cents a share.

Analysts polled by Thomson Reuters expected profit of 16 cents a share on revenue of $37.1 billion.

REDWOOD SHORES, Calif.

Oracle to buy Phase Forward in $685 million transaction

Oracle Corp. has agreed to buy Phase Forward Inc., which makes software used to manage clinical drug trials, for $685 million, the companies said Friday.

Oracle, the leading maker of database software, plans to merge Waltham, Mass.-based Phase Forward into its Health Sciences unit.

The combination will help researchers, physicians, regulators and patients share and access drug data, the companies said.

Oracle is paying $17 per share in cash, 30 percent more than Thursday's $13.08 closing price, for Phase Forward's stock. Phase Forward's shares rose $3.72, or 28.44 percent, Friday to close at $16.80 on the Nasdaq National Market.