IGT closes deal for Cyberview Technology
Reno-based slot maker International Game Technology completed its previously announced acquisition of European rival Cyberview Technology for $76 million. In addition to slot machines and video lottery terminals, Cyberview is an experienced server-based gaming technology provider.
The deal gave IGT access to certain Cyberview patents and technology.
“We believe (the deal) adds yet another layer of server-based technology expertise (to IGT),” JPMorgan gaming analyst Joe Greff said in a note to investors.
Oil prices little changed on news of U.S. supplies
Oil prices finished about where they began Wednesday after jumping more than $2 earlier on reports of lower U.S. oil stockpiles and an Iranian missile test.
Light, sweet crude for August delivery rose a penny to settle at $136.05 a barrel on the New York Mercantile Exchange, but prices shifted between positive and negative territory as traders parsed details of the inventory report following its midmorning release. In aftermarket trading, oil prices fell 40 cents to $135.64 a barrel.
The moves follow two days of steep declines that left prices 6.4 percent below last week’s record high.
SAN JOSE, Calif.
Expectations big for next-generation iPhone
Apple’s iPhone has had a remarkable run over the past year, shaking up the stodgy design of cell phones and securing Apple a lucrative slice of the wireless business.
To sustain that momentum and keep fickle consumers and Wall Street happy, the company needs a dramatic second act with the next generation of iPhones, which roll out Friday with faster Internet access and lower retail prices.
Now that it’s a significant part of the wireless market, Apple faces some of the same threats as more-established handset makers.
There’s also the risk that even with Apple’s sparkling reputation, the iPhone might become so widely available that it loses some of the cachet that inspires buyers to wait in lines outside stores.
Martha Stewart Living expands into Wal-Mart
In its first foray into Wal-Mart stores, Martha Stewart Living Omnimedia said Wednesday it will expand its Martha Stewart Crafts line with the world’s largest retailer starting this month.
The New York-based media and merchandising company said two new assortments — Martha Stewart Create and Martha Stewart Celebrate — will make their debut in the majority of Wal-Mart stores in the United States and Canada. Martha Stewart Living had launched its Crafts line in 2007 at arts and crafts stores, including Michael’s.
Martha Stewart Living’s shares fell 19 cents, or 2.72 percent, Wednesday to close at $6.80, the low end of its 52-week range of $5.22 to $16.49. The company has lost about three-quarters of its value since a high of about $37 in February 2005.
Bank of America exec says dividend is safe
Bank of America Corp. Chief Executive Officer Kenneth Lewis said the biggest U.S. mortgage lender can renegotiate hundreds of thousands of troubled loans without trimming its dividend or raising cash.
“Our goal is to keep as many families in their homes as possible,” Lewis, 61, said Wednesday in Los Angeles. “We see no reason to cut the dividend and no reason to raise any more capital.”
Bank of America, which completed the $2.5 billion acquisition of Countrywide Financial Corp. last week, plans to rework at least $40 billion in loans over two years to keep more than 250,000 families from foreclosing, Lewis said.
US Airways decides in-flight flicks won’t fly
Better bring a book on flights.
US Airways says it will start removing in-flight entertainment systems on domestic flights in November to save about $10 million annually in fuel and other costs.
Spokesman Phil Gee says the movie systems weigh about 500 pounds each, forcing planes to use more fuel to get around the country.
Jet fuel costs have skyrocketed in recent years, slashing profits and leading to thousands of layoffs and flight cuts throughout the industry.
Gee says US Airways will cut the movie systems from about 200 aircraft. But it will keep movies in its widebody aircraft for international flights and trips to Hawaii.
Treasury bond prices increase amid jitters
Treasury bond prices rose Wednesday after more jitters about the financial sector and tensions in the Middle East raised the appeal of safer government debt.
In late trading, the 10-year note rose 0.59 points to 100.5. Its yield fell to 3.82 percent from 3.89 percent on Tuesday.