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LOS ANGELES

KB Home says loss surges from year ago

KB Home, one of the nation's largest home builders, said Friday its third-quarter loss quadrupled from the year-ago period, missing Wall Street's expectations as revenue plunged by 56 percent amid falling sales and home prices.

The Los Angeles-based company reported a net loss of $144.7 million, or $1.87 a share, for the three months ended Aug. 31. Those results paled compared to the loss of $35.6 million, or 46 cents a share, in the same period last year, when KB Home recorded a generous gain from the sale of its French operations.

But without those gains, the year-ago losses totaled a whopping $478.6 million, or $6.19 a share.

Revenue fell to $681.6 million from $1.54 billion.

Analysts polled by Thomson Reuters had predicted a loss of $1.22 per share on revenue of $734.7 million.

RENO

Reno tourism agency details budget cut

Citing the sour economy's effect on the travel and tourism industry, the Reno-Sparks Convention and Visitors Authority announced a $4 million cut in its budget Friday that will force the layoff of 16 workers.

The cut represents nearly 9 percent of the authority's $42 million annual budget. A quarter of the cuts came from staff reductions and 75 percent came from cuts to the operational budget, the RSCVA said.

Executive bonuses have been eliminated and the employee merit pay increases also have been deferred. Laid off employees will get severance packages, the authority said.

WASHINGTON

Mint temporarily halts sale of gold coins

U.S. Mint is temporarily halting sales of its popular American Buffalo 24-karat gold coins because it can't keep up with soaring demand as investors seek the safety of gold amid economic turbulence.

Mint spokesman Michael White said Friday that the sales were being suspended because demand for the coins, which were first introduced in 2006, has exceeded supply and the Mint's inventory of the coins has been depleted.

The Mint had to temporarily suspend sales of its American Eagle one-ounce gold coins on Aug. 15 and then later that month announced sales of the American Eagle coins would resume under an allocation program to designated dealers.

White said the Mint expected to soon start distributing available Buffalo gold coins through a similar allocation program.

Wynn to display art damaged in mishap

A $139 million Picasso painting damaged by billionaire owner Steve Wynn when he somehow poked his elbow through it will be publicly shown for the first time since the 2006 mishap.

The patched-up "Le Reve," or "The Dream," owned by the Las Vegas casino operator, is part of a Picasso exhibit opening Oct. 15 at Acquavella Galleries on the Upper East Side of Manhattan.

Other lenders to "Picasso's Marie-Therese" include the Metropolitan Museum of Art and collector Steven Cohen, founder of hedge fund SAC Capital Advisors LLC.

Dealers estimated the show includes more than $500 million in artwork, though most isn't for sale, including "Le Reve."

Wynn, who has an eye impairment, accidentally put a silver-dollar-sized hole in the 1932 portrait of Picasso's sexy blonde mistress Marie-Therese Walter while showing it to friends, who included the writer Nora Ephron. The 2006 incident occurred less than 24 hours after he agreed to sell "Le Reve" to Cohen for $139 million. The sale was eventually canceled.

Southeast struggles with gasoline shortage

This is how serious the Southeastern gasoline shortage has become: There's talk of calling off college football.

Not serious talk, of course. A petroleum executive's suggestion that No. 3 Georgia postpone its Saturday night game against No. 8 Alabama was quickly dismissed Friday by the Georgia governor's office as "ridiculous."

But the university's police chief did suggest fans who can't make a round trip to Sanford Stadium on a single tank stay home.

Weeks after Hurricane Ike shut down Gulf Coast refineries and dried up interstate pipelines, some panicked drivers are still waiting in long lines to top off their tanks at the few stations with fuel.

Many across the Southeast are keeping their cars in the garage this weekend, forced to cancel plans for fear they'll run out of gasoline.

Representative seeks Lehman documents

Representative Henry Waxman, D-Calif., on Friday demanded corporate documents from Chief Executive Officer Richard Fuld of Lehman Bros. Holdings Inc., threatening to seek subpoenas for the material if Fuld doesn't cooperate.

Waxman, chairman of the House Oversight and Government Reform Committee, said Lehman's lawyers have agreed to turn over "only a limited set of electronic documents."

Waxman said the panel needs the material for its investigation into the financial crisis that forced Lehman Brothers to file the biggest bankruptcy in U.S. history on Sept. 15.

Judge delays Sands' appeal until November

An appeal of a jury's multi-million dollar judgment for a Hong Kong businessman against Las Vegas Sands Corp. has been delayed until November.

Clark County District Judge Michelle Leavitt put off the hearing, scheduled for Monday, because she is overseeing a murder trial.

Las Vegas Sands is appealing the lawsuit judgement of $58.6 million -- $43.8 million awarded by the jury and $14.8 million in interest -- stemming from a six-week civil trial last Spring. A jury found in favor of Richard Suen in his claim that he should be compensated for helping Las Vegas Sands win a lucrative Macau gaming license.

PORTLAND, Ore.

American Greetings profits slip 73 percent

American Greetings Corp. said Friday that second-quarter profit dropped 73 percent on lower margins and higher costs as the greeting card company invested in products to drive sales growth.

Profit dropped to $2.3 million, or 5 cents per share, in the three months ended Aug. 29 from $8.4 million, or 15 cents per share, a year ago.

Sales rose 2.2 percent to $385.8 million from $377.5 million.

Prices stay unchanged for 10-year Treasurys

Prices for 10-year Treasurys didn't move Friday even as investors kept flocking to Treasury bills.

The benchmark 10-year Treasury note was unchanged at 101.13, and its yield was at 3.86 percent, up from 3.84 percent.

The 30-year Treasury bond rose 0.31 points to 102, and its yield dipped to 4.38 percent from 4.39 percent.

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