Bank of America profits exceed Street’s outlook

Bank of America Corp. has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat Wall Street expectations.

The nation’s second-largest bank by assets said Monday its profit fell 41 percent as losses in its struggling mortgage operations were offset by business in other parts of the company. Bank of America reported net income of $3.41 billion, or 72 cents per share, in the quarter ended June 30, compared with net income of $5.76 billion, or $1.28 per share, a year earlier.

Revenue rose 3.5 percent to $20.32 billion from $19.63 billion.

Analysts on average expected a profit of 53 cents per share on $18.37 billion in revenue.

Diamond Resorts will buy time-share seller

Las Vegas-based Diamond Resorts, a closely held developer and manager of vacation properties, tentatively agreed to buy Florida time-share seller Bluegreen Corp. for $500 million.

Bluegreen reached a nonbinding agreement to be sold for $15 a share, more than double its $6.44-per-share Monday closing price. Diamond Resorts will have an exclusive right to negotiations through Sept. 15 to allow it to more fully examine the company’s financials, Boca Raton. Fla.-based Bluegreen said in a statement.

Bluegreen has 186,500 owners, and has sold 56,300 residential and golf community home sites since 1985. Diamond Resorts runs 110 resorts in 14 countries and has 360,000 owners.

Get dealt in against poker pros at Venetian

A new interactive show at The Venetian in Las Vegas will let spectators test their poker skills against some of the game’s most famous players.

The Strip hotel-casino says “The Real Deal!” show starting in the fall will let audience members play against players like Doyle Brunson, Daniel Negreanu and Phil Hellmuth Jr. on stage and using touch-screen devices at their seats.

The show will run like an interactive game pitting the poker professionals against amateurs and audience members. Some attendees will win prizes.

The show is scheduled to run six days each week starting in the fall.


Schering-Plough profits decline by 23 percent

Schering-Plough Corp.’s second-quarter profit tumbled 23 percent on charges for a canceled development program with Merck & Co. and accounting adjustments, but adjusted profit topped Wall Street forecasts.

Schering-Plough said it earned $398 million, or 24 cents per share, from $517 million, or 34 cents per share, in the prior-year period.

Sales rose 54.7 percent to $4.92 billion from $3.18 billion

Analysts polled by Thomson Financial forecast profit of 42 cents per share on revenue of just under $4.77 billion.


Profits slip 38 percent for American Express

American Express Co. said Monday its second-quarter profit tumbled 38 percent, well below Wall Street’s forecast, as consumer spending slowed and credit indicators deteriorated beyond the lender’s expectations.

For the period ended June 30, American Express reported net income of $653 million, or 56 cents per share, compared with $1.06 billion, or 88 cents per share, a year earlier.

Revenue rose 7.8 percent to $7.48 billion from $6.94 billion.

Analysts polled by Thomson Financial expected earnings of 83 cents per share on revenue of $7.6 billion.


GM’s new Camaro will have fuel-efficient bent

Despite record-high gasoline prices and production and work force cuts, General Motors Corp. still has a soft spot for muscle cars.

GM’s Chevrolet unveiled its 2010 Camaro on Monday, bringing back to life the sports car it retired in 2002, but with a focus on fuel efficiency.

The new Camaro will get 26 miles per gallon on the highway, GM said. It will hit showrooms in the first quarter of 2009.

GM will offer the Camaro with V-6, 3.6-liter engines in its LS and LT models, along with V-8-powered, 6.2-liter engines in its SS model. Billed as a “fun, efficient sports car for the 21st century,” GM hopes the new Camaro will appeal to enthusiasts and younger buyers.


Genentech considers Roche Holding offer

Biotechnology pioneer Genentech considered Roche Holding’s $43.7 billion offer for its remaining shares Monday as investors made clear their feelings that the Swiss pharmaceutical giant should pay more.

But some analysts said Roche, already Genentech’s majority shareholder, has leverage to keep the price for the maker of the blockbuster cancer therapy Avastin and other cancer treatments from spiraling much higher.

Genentech’s stock price climbed above Roche’s offer of $89 per share in Monday trading — a bet that the independent directors weighing the Basel-based company’s bid will demand more money.

Shares jumped $12.06, or 14.74 percent, to close at $93.88 on the New York Stock Exchange. The shares had risen to a 52-week high of $94.19 earlier in the session.


Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to the lowest level since late April.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.52 percent, down from 1.61 percent last week. Another $23 billion in six-month bills was auctioned at a discount rate of 1.92 percent, down from 1.955 percent last week.


Treasury prices rise as oil costs keep climbing

Treasury prices rose slightly Monday as the stock market showed little direction and as oil prices ticked higher, leading investors to the safety of government bonds.

In late trading Monday, the 10-year Treasury note rose 0.44 points to 98.69. Its yield fell to 4.04 percent from 4.09 percent on Friday.

MGM Grand Plans To Add Retail And Dining To Its Strip Facade
MGM Grand President and Chief Operating Officer Scott Sibella said executives are “discussing redeveloping that entire frontage of the building out to the Las Vegas Strip.” (Todd Prince/Las Vegas Review-Journal)
Boyd Gaming planning new corporate campus
Casino operator Boyd Gaming Corp. has filed plans to build a new corporate campus. The plans call for two 10-story office buildings and a six-level parking garage in the southwest Las Vegas Valley. Boyd Gaming operates The Orleans, the Suncoast, downtown's California Hotel and other properties. The new headquarters would be just a mile from its current main office building.
Bellagio Conservatory transformed to celebrate Year of the Pig
The Bellagio Conservatory Team transformed the 14,000 square foot conservatory to commemorate Chinese New Year, the holiday that marks the end of the coldest days of winter. (Rachel Aston/Las Vegas Review-Journal)
CES 2019: Intro uses sound to connect people
Intro, a startup that is part of the Future Worlds Accelerator in the UK, has an app that uses ultrasonic sound to find people and companies nearby.
CES 2019 Video: CES wraps up another year
Time-lapse video of the action at CES 2019 in Las Vegas. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Create your own beauty products
Beauty Mix by BeautyByMe is a product that lets you create your own cosmetics and beauty products. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Picobrew’s home brew machine
Picobrew brings automation to homebrewing. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Surviving CES
What it's like to spend four days working the mammoth tech convention. (Jason Bracelin/Las Vegas Review-Journal)
Haier’s smart home
Haier presented smart home technology at CES 2019.
CES 2019 VIDEO: Foldimate makes laundry day easy
Foldimate has created a machine that will fold your laundry for you. Just feed it anything you need folded and it will do the rest. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Opte device corrects skin spots
Opte from Proctor and Gamble is a device for correcting spots and freckles from skin. It analyzes the area for spots and then covers them with a serum of matching skin tone. (Mat Luschek/Las Vegas Review-Journal)
Circa hotel-casino in downtown Las Vegas unveiled
Derek Stevens reveals Circa hotel-casino in downtown Las Vegas. He plans open by the end of 2020. (K.M Cannon/Las Vegas Review-Journal)
Circa, new casino coming to Fremont Street
Casino owner Derek Stevens announces his new property Circa, coming to Fremont Street in downtown Las Vegas in late 2020. (Michael Quine/Las Vegas Review-Journal)
Dreenk My Oeno makes wine suggestions
At CES 2019 in Las Vegas, the Dreenk My Oeno tells you all about wine.
Polaroid One Step Plus camera unveiled at CES 2019
Polaroid has moved into the digital age with its One Step Plus camera with Bluetooth. With the connected app, it turns your smartphone into a remote for the camera, along with filters and features.
Amazon is everywhere at CES 2019 in Las Vegas
Seemingly everything works with Amazon Alexa
LG Smart Mirror helps you dress snazzy
LG’s Smart Mirror is less of a mirror but more of an assistant to help get you looking snazzy. It takes your image and recommends clothes for you or matches existing clothes with new clothes, which can be purchased right from the mirror. (Mat Luschek/Las Vegas Review-Journal)
Underwater robots make waves at CES 2019 in Las Vegas
Robosea is a company dedicated to underwater robotics. They produce consumer robots for underwater filming as well as commercial products which can be used for underwater research. (Mat Luschek/Las Vegas Review-Journal)
CES 2019 - Victrola record players spin in Las Vegas
A new spin on an old favorite, Victrola record players are meeting a demand for retro products. The brand is also making furnitures with built-in speakers.
CES 2019: Slamtec robots ready to serve
Slamtec is a robotics company out of China whose goal is to provide solutions for laser localization mapping and navigation. They have created two autonomous robots that can be used in areas such as bars, restaurants and malls. (Mat Luschek/Las Vegas Review-Journal)
Mixologiq drink maker appears at CES 2019 in Las Vegas.
This is the Mixologiq drink maker.
CES 2019: Veritable smart garden
Let’s face it; not all of us have green thumbs. And herbs are particularly difficult to grow, considering their constant need for sunshine. Enter the Veritable smart garden from Exky, which does it all for you. (Heidi Knapp Rinella/Las Vegas Review-Journal)
Bonnie Springs Ranch near Las Vegas being sold to developer
Bonnie Springs Ranch near Las Vegas is being sold to a developer, set to close in March. Bonnie Springs, west of Las Vegas off State Route 159 — next to Spring Mountain Ranch State Park — spans more than 60 acres and was on the market for $31 million. The developer and his project partner are under contract to buy the ranch and plan to chop it up mostly into custom-home lots. The plans includes a 25-room motel, a restaurant and a 5,400-square-foot event barn.
Bone-conduction headphones form Aftershokz
Aftershokz offers bone-conduction headphones - headphones that don’t go in the ear.
CES Happy Hour party at Hangover Suite at Caesars Palace
Conventioneers mingled during the Hardware Massive CES 2019 Happy Hour Bash at The Hangover Suite at Caesars Palace in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Autonomous Cars and Futuristic Aircraft Rule CES
Day two of CES was dominated by autonomous cars and futuristic aircraft in the North Hall of the Las Vegas Convention Center.
TekNekSavr fights neck problems caused by smart phones
Atiya Syverson invented the TekNekSavr to help fight neck and head problems caused by strains while typing on smart phones. (Mat Luschek/Las Vegas Review-Journal)
New eyeglasses know if you fall and call for help
The French company Abeye has created eye glasses that will detect if the wearer falls and call for help. (Mat Luschek/Las Vegas Review-Journal)
Company that creates vibrator-like device claims genders bias against CES
Lora DiCarlo is a women-run start-up that creates a vibrator-like device designed for female pleasure called the Osé. This year they were awarded the CES Innovation Award in the Robotics and Drone Category, but a month later the Consumer Technology Association, which runs CES, rescinded the award and their booth. Haddock and her team believe it is a reflection of gender bias and sexism in an industry with a long history of male domination.
CES-Wagz has new pet products
Wagz has three new products to help create better lives for your pets in a digital world. One is a collar with LTE tracking and an HD camera. Also a smart pet door that only lets your pet in and out. Lastly, a device to humanely keep Fluffy out of certain areas of your home. (Mat Luschek/Las Vegas Review-Journal)
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