IN BRIEF

Bally Technologies stock up on profit news

Shares of slot machine maker Bally Technologies rocketed up almost 14 percent Tuesday, a day after the company announced it had more than tripled its first-quarter earnings per share.

Bally, traded on the New York Stock Exchange, closed at $41.55, up $4.75 or 12.9 percent. More than 3.8 million shares were traded, three times the average daily volume.

Wall Street analysts praised the resurgent company's first quarter earnings, which also included a 32.8 percent increase in quarterly revenues.

BOSTON

Corporate Express says buyout bid still too low

Hours after saying it was open to holding talks, Corporate Express NV said Tuesday a sweetened $2.47 billion hostile takeover bid from its larger office products rival Staples is still too low.

Despite a 10 percent boost above the initial buyout proposal rejected in February, the latest bid "still significantly undervalues the business of Corporate Express," the Netherlands-based firm said after its supervisory and executive boards met Tuesday.

"At this price level, the offer completely ignores the ongoing operating value of the company," Corporate Express said in a letter signed by its board chairman and chief executive to Staples' CEO.

Employers Holdings posts lower earnings

Employers Holdings, a Reno-based workers' compensation insurance company, on Tuesday reported that first quarter net income fell from a year ago.

In a statement, the company said net income was $25.5 million, or 51 cents per share, for the three months ended March 31, down from net income of $27.9 million, or 53 cents per share, a year earlier.

Total revenue fell 16.3 percent to $93.7 million from $112 million.

The company's shares rose 25 cents, or 1.35 percent, Tuesday to close at $18.75 on the New York Stock Exchange.

SAN FRANCISCO

Billionaire Icahn said to snap up Yahoo shares

Billionaire investor Carl Icahn is reportedly loading up on Yahoo's stock in preparation for a possible attempt to shove aside the Internet icon's board and bring the company's disillusioned suitor, Microsoft Corp., back to the bargaining table.

As he mulls whether to lead a rebellion, Icahn has accumulated about 50 million Yahoo shares, a stake of roughly 3.6 percent in the Sunnyvale-based company, both CNBC and The Wall Street Journal reported Tuesday. Both media outlets cited unnamed people familiar with the matter.

Icahn hadn't returned messages seeking comment as of late Tuesday. He faces a Thursday deadline to submit an alternate slate of directors to oppose Yahoo's board at the company's July 3 annual meeting.

NEW YORK

Treasury prices decline on spending news

Treasury prices fell Tuesday as signs of modestly better-than-expected consumer spending made safe government securities less attractive to investors.

The benchmark 10-year Treasury note fell 0.75 points to 99.988 and its yield rose to 3.91 percent from 3.80 percent late Monday according to BGCantor Market Data.