Arraignment delayed for accused embezzler
The arraignment of Nikki Pomeroy, who is accused of embezzling some of the $95 million lost at Henderson-based Southwest Exchange, was delayed Thursday.
Attorney Mark Dzarnoski told Arraignment Judge Kevin Williams that his associate, Dominic Gentile, has been representing Pomeroy but a receiver has frozen her assets.
Chief Deputy Attorney General John Kelleher said he expects either public money to be provided for Gentile to represent Pomeroy or a public defender to be designated.
Wells Fargo forecasts record quarterly profit
Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts’ estimates and providing an encouraging sign for the banking industry.
Wells Fargo’s stock surged $4.72, or 31.7 percent, to close at $19.61.
San Francisco-based Wells Fargo, which has received $25 billion as part of the government’s bank bailout plan, expects earnings after preferred dividends of about 55 cents per share.
Revenue for the period ended March 31 is expected to climb 16 percent to $20 billion.
Analysts polled by Thomson Reuters forecast profit of 23 cents per share on revenue of $19 billion.
Jobless benefits claims dip but remain high
New jobless claims fell more than expected last week but are stuck at elevated levels, while the number of people continuing to receive unemployment insurance approached 6 million, setting a record for the 10th straight week.
The Labor Department said the tally of initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Analysts expected claims to drop to 660,000.
Price target raised for Wynn Resorts stock
An analyst lifted Wynn Resorts Ltd.’s price target Thursday, saying the casino operator will probably be able to meet its financial obligations.
“We believe that any number of measures, including cost saving initiatives … will give the company more room to maneuver,” Bernstein Research analyst Janet Brashear wrote in a client note.
Brashear maintained an “outperform” rating and raised Wynn’s price target to $30 from $27.
Wynn Resorts shares rose $2.59, or 9.36 percent, to $30.27 on the Nasdaq National Market.
Treasury prices decline on employment data
Treasury prices fell Thursday after better-than-expected unemployment data drove investors into stocks.
The benchmark 10-year Treasury note fell 0.5 points to 98.53. Its yield rose to 2.92 percent from 2.84 percent late Wednesday.
The 30-year bond fell 0.96 points to 97.06, and its yield rose to 3.75 percent from 3.66 percent.
U.S. financial markets are closed today for Good Friday.