IN BRIEF

Eleven McDonald's near Reno being sold

Mack Associates Inc., owned by Reno businessman Luther Mack, is selling its 11 McDonald's restaurants in the Reno-Sparks area.

The 69-year-old Mack tells the Reno Gazette-Journal that he's been considering new endeavors for some time. His company has operated the restaurants for more than three decades.

Mack says the sale isn't related to last year's criminal charges that led to guilty pleas by company officials involving the hiring and retention of illegal workers. Mack Associates paid a $1 million fine and was placed on one year of probation.

Mack was not charged in the case.

VIRGINIA CITY

Officials say wind farm would hurt economy

Storey County officials said a planned wind farm would detract from the historic mining town's charm and hurt the local economy.

County commissioners say the 69 windmills proposed by Reno-based Great Basin Wind for mountains north of Carson City and west of Virginia City would affect tourism and cause other problems.

The county asked the public for comments about the project that could have windmills more that 300 feet tall. Great Basin Wind started an application process for its New Comstock Wind Energy Project in December with the Bureau of Land Management. It could take two years to complete the process because of the studies involved.

The business will go to Carson City, Storey and Washoe counties in February and March to ask for approval from the local governments' planning departments. If built, it would generate 192 megawatts of energy for thousands of homes.

ATLANTIC CITY

Cut bid puts deal for Tropicana in jeopardy

A Baltimore company designated as a purchaser has lowered its offer for the Tropicana Casino and Resort, jeopardizing a possible deal.

Cordish Co., selected by a conservator overseeing the troubled casino until it can be sold, had offered $700 million in cash and stock, or $575 million in an all-cash deal.

But that offer is no longer on the table, several participants in negotiations for the casino say. Sean Mack, an attorney representing conservator Gary Stein, confirmed Wednesday that Cordish has lowered its offer, but would not say what the new figure is.

"It's lower than the public numbers," he said.

IPod sales outside U.S. boost profits for Apple

Apple Inc. said Wednesday its profit in the holiday quarter edged up 2 percent and beat Wall Street's expectations, buoyed in part by growing iPod sales outside the United States.

In the fiscal first quarter ended Dec. 27, Apple's earnings rose to $1.61 billion, or $1.78 per share from $1.58 billion, or $1.76 per share, a year earlier.

Sales improved 6 percent to $10.2 billion.

Apple shares rose $4.63, or 5.92 percent, Wednesday to close at $82.83 on the Nasdaq National Market.

SANTA CLARA, Calif.

Intel reshuffling will affect many workers

Intel Corp. said Wednesday it is consolidating its manufacturing operations as a part of a restructuring bid that will affect thousands of jobs from the United States to the Philippines.

Between 5,000 and 6,000 employees will be affected, though some may be offered posts at other facilities, the company said.

The world's largest chip maker is closing two assembly test facilities in Penang, Malaysia and one in Cavite, Philippines and will halt production at a plant in Hillsboro, Ore. It will also end wafer production at a facility in Santa Clara, Calif. All five are older factories, the company said.

Intel employs about 84,000 workers. The company expects to complete the job cuts by the end of the year.

CHICAGO

Succession plan laid out for Best Buy Co.

Best Buy Co. Inc. laid out a succession plan Wednesday, saying Brian Dunn, its president and chief operating officer, will take over this summer as chief executive of the nation's largest consumer electronics chain.

The 48-year-old, who began working at the company as a store clerk in 1985, will succeed retiring CEO Brad Anderson, 59.

The Richfield, Minn.-based retailer said Dunn also will be named to its board of directors and stand for election at the 2010 meeting of shareholders.

Circuit City, based in Richmond, Va., filed for Chapter 11 protection in November because of slowing sales and mounting debt and announced last week that it would liquidate its remaining stores.

Anderson, who called his forthcoming departure bittersweet, will complete his term as vice chairman after he steps down June 24 at the company's next scheduled meeting of shareholders.

"My emotions are mixed because I'm extremely excited about Brian's appointment," he said. "But at the same time, I'll naturally miss my daily interaction with our employees, our vendors, our customers and our investors."

Best Buy said it had yet to choose who will succeed Dunn as president and COO.

WASHINGTON

Shares of J. Crew rise on inauguration buzz

Share of J. Crew Group Inc. jumped Wednesday after news spread that many items worn by the first family during this week's inauguration events were from the national retailer.

President Barack Obama wore a white satin bow tie to all the Inaugural Balls on Tuesday night. First lady Michelle Obama wore J. Crew gloves, a sweater and skirt from the company to different events. And daughters Malia and Sasha wore coats, dresses and other items from the retailer to various occasions celebrating their father's inauguration.

While the items were made specifically for the Obamas, J. Crew said customers can see highlights or similar items in upcoming seasons.

"We are thrilled to be a part of this historic event," Frank Muytjens, vice president of men's design at J. Crew said in a statement.

Shares of J. Crew jumped 96 cents, or 10.63 percent, Wednesday to close at $9.99 on the New York Stock Exchange.

NEW YORK

EBay earnings, hurt by recession, dip in quarter

EBay Inc.'s fourth-quarter earnings fell 31 percent, indicating that its Internet auctions and "Buy It Now" offerings are being hurt by the recession just like traditional retail sales.

The results, combined with a forecast below analysts' expectations, sent eBay shares skidding more than 6 percent in after-hours trading.

San Jose, Calif.-based eBay said Wednesday it earned $367 million, or 29 cents per share, in the quarter. That was down from $531 million, or 39 cents per share, in the year-ago quarter.

Excluding one-time items in the most recent period, eBay earned 41 cents per share -- 2 cents higher than the prediction of analysts polled by Thomson Reuters.

Revenue fell 6 percent to $2.04 billion, missing analysts' expectations for $2.12 billion. The company said the decline stemmed mostly from the recession and the strengthening of the dollar. Deals done in other currencies now translate into fewer dollars.

NEW YORK

Treasury prices tumble as Obama takes over

Treasury prices tumbled on Wednesday, President Barack Obama's first full day in office, as investors braced for the government to sell well over $1 trillion in additional debt to fund its economic rescue efforts.

The benchmark 10-year Treasury note fell 1.03 to 110.59, while its yield rose to 2.52 percent from 2.34 percent late Tuesday.

The 30-year bond fell 3.81 to 125.67, and its yield rose to 3.15 percent from 2.98 percent.