IN BRIEF
SAN FRANCISCO
Yahoo will replace CEO and founder Yang
Yahoo Inc. co-founder Jerry Yang is stepping down as chief executive, ending a rocky reign marked by his refusal to sell the Internet company to Microsoft Corp. for $47.5 billion -- more than triple Yahoo's current market value.
The change in command announced Monday won't be completed until Yahoo finds his replacement. The Sunnyvale-based company said it is interviewing candidates inside and outside Yahoo in a search led by its chairman, Roy Bostock, and the executive recruitment firm Heidrick & Struggles.
"Jerry and the board have had an ongoing dialogue about succession timing, and we all agree that now is the right time to make the transition to a new CEO who can take the company to the next level," Bostock said.
Yang, who started Yahoo with Stanford University classmate David Filo in 1994, will revert to "Chief Yahoo," a titular role. He will also remain on Yahoo's board of directors.
Hard Rock Hotel owner, tribe sign licensing deal
The owners of the Hard Rock Hotel in Las Vegas have signed a licensing agreement with an American Indian tribe to brand a hotel-casino near Tulsa, Okla.
The agreement with Nation Enterprises will rebrand the current Cherokee Casino Resort as the Hard Rock Casino Tulsa, pending National Indian Gaming Commission approval.
The new name will be unveiled as part of a $155 million expansion that includes a new casino floor opening in December, and a 19-story, 350-room hotel tower opening next spring.
Terms of the deal were unavailable.
CHICAGO
Lowe's Cos. earnings drop but top forecasts
Lowe's Cos. Inc. posted better-than-expected third-quarter results Monday, even as profit slid more than 24 percent because shoppers postponed big-ticket purchases amid growing economic uncertainty.
The nation's No. 2 home improvement chain said it earned $488 million, or 33 cents per share during the three months ended Oct. 31, down from $643 million, or 43 cents per share, a year earlier.
Revenue rose 1.4 percent to $11.73 billion from $11.57 billion.
Analysts surveyed by Thomson Reuters expected the company to earn 28 cents per share on revenue of $11.62 billion.
Tropicana owners aim to regain casino license
The former owners of the Tropicana Casino and Resort are rolling the dice with the New Jersey Supreme Court in their long-shot bid to regain their casino license.
But if questions Monday from the seven justices were any indication, the ex-owners may be looking at snake eyes.
Several of the justices asked a Tropicana lawyer why the company failed to have an independent audit committee for six months as required by law. The judges also wanted to know whether concerns about filthy hotel rooms and bathrooms weren't serious enough to consider.
The state Casino Control Commission stripped the casino's license last December, determining its owners were incapable of running the kind of "first-class facility" required by state law. A state-appointed trustee is searching for a buyer, and the casino has remained open.
Shuffle Master names chairman of the board
Gambling equipment provider Shuffle Master said Monday that Phil Peckman has been elected chairman of its board of directors, replacing Mark Yoseloff, who retained his duties as chief executive officer.
Peckman, a member of the Las Vegas-based company's board since June 2007, is CEO of an outdoor media company and former CEO of The Greenspun Corp.
Shuffle Master also named three long-time employees as executive vice presidents to aid senior managers.
SIOUX FALLS, S.D.
As Japan announces recession, oil prices slip
Oil prices fell below $56 Monday as Japan joined a number of European nations in recession and provided even more evidence of a broad deterioration in demand for energy.
Light, sweet crude for January delivery dropped $2.09 to settle at $55.95 a barrel on the New York Mercantile Exchange.
Japan, the world's second-largest economy, said it slid into a recession for the first time since 2001 after gross domestic product contracted at an annual pace of 0.4 percent in the third quarter after a shrinking 3.7 percent in the second quarter. Japan now joins the 15-nation euro-zone in recession, defined as two straight quarters of GDP contraction.
WASHINGTON
Interest rates decline in Treasury auction
Interest rates on short-term Treasury bills fell in Monday's auction with rates on both three-month and six-month bills dropping to the lowest levels on record.
The Treasury Department auctioned $27 billion in three-month bills at a discount rate of 0.15 percent, down from 0.355 percent last week; and $27 billion in six-month bills at a discount rate of 0.84 percent, down from 0.99 percent last week.
The rates on both three-month bills and six-month bills set new all-time lows as investors continue to flock to Treasury securities.
NEW YORK
Treasury prices climb as traders seek safety
Treasury bonds advanced Monday as investors sought shelter with safer investments amid more signs of weakness in the financial system.
The 10-year note rose 0.56 points to 100.72 and yielded 3.66 percent, down from 3.72 percent.
The 30-year bond rose 0.41 points to 105.13 and yielded 4.20 percent, down from 4.22 percent.
