IN BRIEF
ELKO
Plans started to build Elko geothermal plant
Plans are under way to build a $125 million geothermal plant in Elko County north of Tuscarora, officials for an Alabama-based power developer said Friday.
The Hot Sulpher Springs Geothermal Power Plant, which would be the first such plant in the county, would produce an estimated 32 to 48 megawatts of electricity -- enough to serve as many as 30,000 homes, the developer said.
It marks the second announcement this month of the intention to build an alternative energy power plant in northeast Nevada after Sierra Pacific Resources and Renewable Energy Systems Americas confirmed in mid-November it is working on an agreement to jointly develop and operate a large wind-energy project in Elko County and southern Idaho.
The final developer for the geothermal project, TG Power LLC of Trussville, Ala., has a contract to provide much of the electricity to Nevada Power Co., which will resell it to Sierra Pacific, the Elko Daily Free Press reported on its Web site Friday.
The project is on 15,000 acres, largely on land leased from Ellison Ranching Co.'s Spanish Ranch, but will use only about 3,000 acres of that to start, TG Power owner Martin Buckley said.
NEW YORK
Tiffany earnings more than triple in quarter
Jewelry and luxury goods retailer Tiffany & Co.'s third-quarter earnings more than tripled on strong sales growth and a hefty gain on the sale and leaseback of its Tokyo flagship store.
The New York-based retailer said Friday that net income climbed to $98.9 million, or 71 cents per share, in the three months ended Oct. 31 from $29.1 million, or 21 cents per share, a year ago.
Sales rose 18 percent to $627.3 million from $531.8 million, helped by a 9 percent rise in global sales at stores open at least one year.
Tiffany shares fell $2.32, or 4.76 percent, Friday to close at $46.43 on the New York Stock Exchange.
CHICAGO
Motorola chief exec says he will resign
Ed Zander is out as Motorola's chief executive after a roller-coaster four years that saw him oversee the cell-phone maker's Razr-led resurgence but ultimately bear blame for strategic gaffes and product whiffs that led to its steep decline.
The company's announcement Friday that Zander is resigning as CEO and that President and Chief Operating Officer Greg Brown will succeed him Jan. 1 produced little surprise and a muted reaction on Wall Street. Industry experts voiced skepticism the change will produce a turnaround unless accompanied by a new wave of top-selling phones and other mobile devices.
NEW YORK
Treasurys drop; traders hope for rate cut
Treasury prices slid Friday after comments about a possible rate cut from Federal Reserve Chairman Ben Bernanke emboldened investors to pour more money into stocks.
The benchmark 10-year Treasury note fell 0.38 points to 102.28 with a yield of 3.97 percent, up from 3.93 percent late Thursday.
The 30-year long bond dropped 0.28 points to 109.81 with a yield of 4.40 percent, up from 4.35 percent late Thursday. The 2-year note rose 0.03 points to 100.16 with a yield of 3.04 percent, unchanged from Thursday.
