IN BRIEF
Broadcom co-founder charged with crimes
Broadcom Corp. co-founder Henry Nicholas III was in custody Thursday on charges that he slipped ecstasy into the drinks of technology executives, maintained a warehouse to store cocaine and tried to conceal his illegal conduct with bribes and death threats.
The billionaire also is accused of committing conspiracy, securities fraud and other violations while he led the Irvine, Calif.-based computer chip company.
Two indictments were unsealed Thursday, one addressing the drug charges and the other allegations related to improper handling of backdated stock options.
During a 2001 flight on a private plane from Orange County, Calif., to Las Vegas, Nicholas distributed and smoked marijuana to the extent that the pilot had to put on an oxygen mask because of the fumes, according to the indictment.
Silver State Bancorp to make rights offering
Silver State Bancorp of Henderson on Thursday said it filed a registration statement to raise up to $40 million in capital through a rights offering to existing shareholders.
Terms haven't been determined. Keef, Bruyette & Woods is the lead dealer manager; Howe Barnest Hoefer & Arnett is co-dealer manager. A right entitles an investor to subscribe for new shares before the public offering price.
The bank holding company plans to gain commitments from standby purchasers for rights not bought by existing shareholders.
President resigns from Pinnacle Entertainment
Pinnacle Entertainment President Wade Hundley has resigned.
The company says Hundley chose not to move from his home in Dallas to the company's headquarters in Las Vegas.
In a statement released Thursday, Pinnacle says it is trying to centralize its strategic departments.
Hundley will act as a consultant to Pinnacle on some casino resort development opportunities.
Wal-Mart sales rise by 3.9 percent in May
Wal-Mart, the world's largest retailer, said May sales rose 3.9 percent, faster than it predicted, as grocery and medicine discounts lured consumers squeezed by record gasoline prices.
The company had forecast sales at stores open more than a year would be little changed or rise as much as 2 percent in the month. U.S. comparable-store sales may increase 2 percent to 4 percent in June, helped by tax rebates, the retailer said in a statement.
Wal-Mart started selling more than 1,000 over-the-counter medicines for $4 or less after cutting prices on consumer electronics and groceries as much as 30 percent. Tax rebates spurred sales as shoppers grappled with job losses, higher fuel costs and the worst U.S. housing market in a quarter century.
CHARLOTTE, N.C.
Bank of America OK'd to buy Countrywide
The Federal Reserve on Thursday approved Bank of America Corp.'s purchase of distressed mortgage lender Countrywide Financial Corp.
In a statement, the agency said it considered many comments for and against the company buyout and "has considered carefully the financial factors of the proposal."
Charlotte-based Bank of America, which announced its $4 billion acquisition of the Calabasas, Calif.-based mortgage lender in January, has faced criticism for Countrywide's large exposure to subprime home loans that were offered to borrowers despite their shaky credit.
NEW YORK
European bank talk sends Treasurys lower
Treasury prices fell Thursday after the European Central Bank suggested rising inflation might lead it to raise interest rates soon.
The benchmark 10-year note fell 0.47 points to 98.66 and yielded 4.04 percent in late trading, up from 3.98 percent late Wednesday.
