Wynn Resorts to issue 5 million new shares
November 14, 2008 - 10:00 pm
Wynn Resorts to issue 5 million new shares
Wynn Resorts Ltd., the owner of Wynn Las Vegas and the soon-to-open Encore on the Strip, said Thursday it would issue 5 million new common shares in conjunction with its inclusion in the Standard & Poor’s 500 index.
In a statement, the company also said it would allow an overallotment of 750,000 common shares if there is excess demand. Wynn Resorts, which also operates a casino in Macau, said it will use the proceeds for general purposes including paying down debt.
Before the offering, the company had 103.8 million shares outstanding, according to Thomson One.
Wal-Mart earnings rise 10 percent in quarter
Wal-Mart officials sounded an upbeat tone for the holidays as the retailer posted a 10 percent increase in third-quarter profits on Thursday, saying that shoppers are responding to its early Christmas promotions.
The retailer said it earned $3.14 billion, or 80 cents per share, in the quarter ended Oct. 31. That’s up from $2.86 billion, or 70 cents per share, a year earlier. Profit from continuing operations came to 77 cents per share, better than the 76 cents analysts expected.
Total sales for the quarter rose 7.4 percent to $98.64 billion.
Bank parent OK’d to get capital infusion
Western Alliance Bancorp. on Thursday said it received preliminary approval to obtain $140 million in capital as part of the government’s $700 billion bank rescue package.
“This additional capital will support our continued investment in our markets through prudent lending programs,” Western Alliance Chief Executive Officer Robert Sarver said in a statement.
The government investment, administered by the U.S. Treasury Department, is part of a broader program to invest in banks amid the ongoing credit crisis in an effort to stabilize the financial services sector and spur lending between banks and to consumers and other businesses.
World Market Center names senior executive
The World Market Center has a new leader for the effort to attract gift, lighting and rug manufacturers to the massive furniture trading venue in downtown Las Vegas.
On Thursday, World Market President and Chief Executive Officer Robert Maricich announced the hiring of Phillip McCay, a former trade show company operator.
McCay will be a senior vice president in charge of leasing to gift, lighting, rug and accessories merchants.
The World Market Center is primarily a venue for furniture manufacturers to rent showrooms to display goods for retailers who attend twice-annual market events.
But lately World Market management is trying to broaden its appeal by adding year-round showrooms for interior designers and attempting to attract more gift, lighting and accessories manufacturers.
Banks work to assure lawmakers on bailout
Some of the nation’s largest banks sharing in the $700 billion government bailout of the financial industry tried to assure lawmakers Thursday they are using the money to make more loans and help financially strapped homeowners avoid foreclosure.
Barry Zubrow, chief risk officer with JP Morgan Chase & Co., told the Senate Banking Committee that a portion of the $25 billion capital infusion it received from the Treasury Department was being deployed to “expand the flow of credit” and to assist with rewriting residential mortgages for up to 400,000 families.
Zubrow and executives with Goldman Sachs Group Inc., Bank of America Corp. and Wells Fargo & Co. told the committee that none of the $75 billion they have received collectively from the government is being used to pay salaries or bonuses.
Oil prices rise after stocks skid, then climb
Oil prices swung wildly Thursday following a lead from Wall Street, which sank 300 points before investors flooded back into the market.
Light, sweet crude for December delivery rose $2.08 to settle at $58.24 on the New York Mercantile Exchange. Crude earlier dipped as low as $54.67, a price last seen in January 2007, on reports that the world’s biggest economies are in recession and that energy demand has declined to decade-ago levels.
The Dow dropped briefly below 8,000 — falling more than 300 points — to retest lows that it hit Oct. 10 before a sharp climb into positive territory. The Standard & Poor’s 500 index dropped to 818.69 before staging its own strong rally.
Treasury prices decline as stock indexes surge
Investors sold off Treasurys on Thursday to take advantage of a big stock rally.
The 10-year note fell 0.56 points to 99.16 and yielded 3.85 percent, up from 3.67 percent.
The 30-year bond fell 3.19 to 102.34 points and yielded 4.36 percent, up from 4.17 percent.