Capital concerns send Lehman Bros. skidding
Lehman Bros. Holdings Inc. shares plunged to their lowest level in more than a decade Tuesday amid investor concerns that the battered investment bank is running out of options to raise capital.
The nation’s fourth-largest securities firm is scrambling to raise enough money to survive the global credit crisis. Lehman has been trying to find a major investor, and could possibly sell part of its investment management or real estate holdings for a quick infusion of cash.
However, word that high-level talks with state-owned Korea Development Bank collapsed caused already anxious investors to dump shares of the embattled investment bank.
The stock plunged $6.36, or 44.95 percent, to $7.79 — the lowest level Lehman’s stock has hit since the financial meltdown of 1998 triggered by the collapse of hedge fund Long-Term Capital Management.
Gasoline prices fall statewide in month
After a summer of soaring gasoline prices, Nevadans are finally seeing some relief.
AAA says the statewide average dropped to $3.71, a 19-cent decrease since last month. The decline follows a 35-cent dip the month before.
Nationally, the average price fell 15 cents to $3.65.
In Nevada, the average price dropped 16 cents in Reno to $3.67; 21 cents in Las Vegas to $3.63; and 17 cents in Carson City to $3.70.
AAA says gasoline in Elko was the most expensive in Nevada at $4.15, down 29 cents from August.
Apple unveils new line of improved iPods
Apple Inc. CEO Steve Jobs unveiled a revamped line of iPods on Tuesday and trumpeted a truce with NBC Universal that means the TV network will begin selling programs again on iTunes.
The iPod upgrades Jobs revealed Tuesday in a theater in San Francisco include two slick new nano models.
A $149 version comes with 8 gigabytes of memory (enough for 2,000 songs); a 16-gigabyte version is $199.
Jobs also showed off three new versions of the iPod Touch, which is much like an iPhone except that doesn’t make calls. An 8-gigabyte version of the new model will sell for $229; a 16-gigabyte Touch will be $299 and a 32 GB model will be $399.
In the deal with NBC, the network is coming back to iTunes a year after pulling out in a dispute over the prices Apple charges for shows it sells on the online service.
Silver State Bancorp to be delisted by Nasdaq
Silver State Bancorp of Henderson announced Tuesday its stock will be delisted from the Nasdaq Global Select Market.
Silver State Bancorp. said it received a letter from Nasdaq that said the company no longer complies with the minimum requirement of $10 million in stockholder’s equity.
The Federal Deposit Insurance Corp. put the company’s subsidiary, Silver State Bank, into receivership Friday.
Nasdaq stopped trading in Silver State’s stock on Monday and will remove the stock from its listing this morning.
Treasury bonds higher amid mounting doubts
Treasury bonds rose Tuesday as uncertainty mounted about the financial services sector and the future of Lehman Bros. Holdings Inc.
In late trading, the benchmark 10-year Treasury note rose 0.84 points to 103 0.38 points. Its yield fell to 3.59 percent from 3.68 percent late Monday, according to BGCantor Market Data.