IN BRIEF

CHICAGO

Boeing profits rise by 38 percent in quarter

Boeing Co., the world's second biggest commercial airplane manufacturer, reported a 38 percent jump in its first-quarter earnings, as it improved efficiency and recorded more orders for its aircraft.

The aerospace company said it earned $1.2 billion, or $1.62 per share, for the quarter ending March 31. That compares with $877 million, or $1.13 per share, a year earlier.

Analysts surveyed by Thomson Financial expected Boeing to earn $1.35 per share.

Revenue rose 4.1 percent to $16 billion from $15.37 billion.

Kimball Hill seeks bankruptcy protection

Kimball Hill, a closely held homebuilder active in five U.S. states, filed for Chapter 11 bankruptcy protection as demand for new homes tumbles.

The Rolling Meadows, Ill.-based company listed both assets and debt of as much as $1 billion in documents filed Wednesday in U.S. Bankruptcy Court in Chicago.

Kimball Hill sells houses in markets such as California, Illinois, Texas and Las Vegas.

Western Alliance reports lower earnings

Western Alliance Bancorporation, the Las Vegas-based holding company for Bank of Nevada late Tuesday said it net income fell 64 percent from a year earlier.

In a statement, the company said net income of $4.1 million, or 14 cents per share, for the three months ended March 31, down from net income of $11.4 million, or 39 cents per share, a year earlier.

Net revenue rose 19.2 percent to $55.3 million from $46.4 million.

A loan loss provision of $8.1 million reduced profit and may be compared with a loan loss provision of $400,000 in the first quarter last year.

Western Alliance shares rose 56 cents, or 5.23 percent, Wednesday to close at $11.26 on the New York Stock Exchange.

ERIE, Pa.

GE boss works to calm disappointed investors

General Electric Co.'s annual meetings are typically upbeat affairs as executives showcase the company's successes to satisfied shareholders of one of the world's most diversified and successful companies.

But after GE chief executive Jeffrey Immelt was lambasted earlier this month for failing to hit first-quarter goals and triggering a sell-off that wiped out more than $46 billion of GE's market capitalization, Wednesday's annual meeting was essentially a mea culpa to investors and analysts alike.

"This has triggered a tough reaction and it should," Immelt told about 1,000 shareholders. "I can assure you that we look in the mirror and ask ourselves some very tough questions."

Immelt worked to reassure shareholders less than two weeks after GE reported a 6 percent loss in first-quarter profits. The surprising report came a month after GE promised investors 10 percent earnings growth in 2008.

GE shares rose 3 cents, or 0.09 percent, Wednesday to close at $32.36 on the New York Stock Exchange.

DETROIT

Hefty charge leads to wider loss for Pulte

Pulte Homes said Wednesday its first-quarter loss widened after it took a hefty charge amid a worsening housing market.

The Bloomfield Hills, Mich., home builder says it lost $696.1 million, or $2.75 per share, in the first three months of the year. That compares with a loss of $85.7 million, or 34 cents per share, in the same period last year.

The latest quarter includes pretax charges of $663.6 million to write down the value of inventory and land on its books.

Revenue declined 23 percent to $1.45 billion from $1.87 billion in 2007's first quarter.

NEW YORK

Treasurys finish lower as stock prices rise

Treasurys slid Wednesday as investors sold in response to government debt auctions this week and a surge in stock prices.

The benchmark 10-year Treasury note fell 0.34 points to 98.06 and yielded 3.74 percent, up from 3.69 percent late Tuesday, according to BGCantor Market Data. Prices and yields move in opposite directions.

The 30-year long bond fell 0.72 points to 97.97 and yielded 4.49 percent, up from 4.41 percent late Tuesday.