IN BRIEF

MELBOURNE, Australia

BHP Billiton confirms bid for Rio Tinto

Shares in global miner Rio Tinto PLC soared Friday, matching a move in London after world's largest miner, BHP Billiton PLC, confirmed it made an all-stock takeover offer that could be worth more than $100 billion.

Despite London-based Rio Tinto's rejection of BHP Billiton's 3-for-1 share offer, the share price gains suggest that investors expect BHP Billiton to continue pursuing its rival or that another bidder will emerge.

By midday, shares of Rio Tinto were up 16 percent at 131.35 Australian dollars ($121.91), and BHP Billiton shares were down 0.9 percent at 42.87 Australian dollars ($39.78) on the Australian stock exchange in Sydney.

Landry's Restaurants narrows quarterly loss

Restaurant chain operator Landry's Restaurants, which operates the Golden Nugget hotel-casinos in Las Vegas and Laughlin, on Thursday said its third-quarter loss narrowed, even as it recorded expenses related to a boost in the interest rate it pays on some of its debt.

Landry's said its quarterly loss narrowed to $4.3 million, or 25 cents per share, from $30 million, or $1.36 per share, a year earlier. Results include 22 cents in expenses from increasing interest rates on some senior notes and refinancing its Golden Nugget hotel and casino chain.

Results also include 46 cents per share related to changing the interest rate on its senior notes, and other interest-related items, and 11 cents per share from the decrease in the fair market value of the agreements on the notes.

Revenue rose 5.1 percent to $301.9 million from $287.2 million.

DEARBORN, Mich.

Ford hopes speeding Bullitt attracts buyers

Forty years after the legendary on-screen car chase, there's a new Mustang Bullitt ripping up the roadways.

Ford Motor Co. will debut the latest variant of the growling, retro-styled Mustang at the Los Angeles Auto Show, which opens to the public after two days of media previews. The 2008 Ford Mustang Bullitt, an update of the iconic 1968 pony car driven by Steve McQueen in the movie "Bullitt," goes on sale in January.

Ford will produce just 7,700 Bullitts, many of which likely will be snapped up by the car's legions of fans. The starting price is $31,075.

Citadel Broadcasting posts big profit plunge

Citadel Broadcasting Corp., a Las Vegas-based operator of AM and FM radio stations, on Friday reported a quarterly loss of more than $400 million, as asset impairment and disposal charges more than outpaced revenue growth. The results sent Citadel shares to their all-time low.

The company reported a third-quarter loss of $447.8 million, or $1.71 a share, compared with a net income of $18.4 million, or 16 cents a share, a year earlier.

Net revenue, however, more than doubled to $240.2 million.

Citadel shares fell $1.46, or 37.82 percent, Friday to close at $2.40 on the New York Stock Exchange. They were one of the day's top losers on the NYSE.

Housing slump hurts Ready Mix's quarter

The decline in Las Vegas home construction weighed heavily on Ready Mix in the third quarter. The Las Vegas-base ready-mix construction company's earnings fell sharply from a year earlier.

In a statement late Thursday, the company said it earned $57,748, or 2 cents per diluted share, for the three months ended Sept. 30, down from $680,088, or 18 cents per diluted share, a year earlier.

Revenue fell 7.3 percent to $19.1 million from $20.6 million.

Cubic yards of concrete sold decreased 8.4 percent for the quarter, primarily due to the decline in residential construction in Phoenix and Las Vegas, the company said.

NEW YORK

Treasury prices rally amid credit worries

Treasury prices rallied yet again Friday on amplified worries that global banks may take more massive writedowns for their exposure to shaky credit markets.

The benchmark 10-year Treasury note rose 0.53 points to 100.22 with a yield of 4.22 percent, down from 4.28 percent in late trade Thursday.

The 30-year note advanced 1.09 to 106.34 with a yield of 4.63 percent, down from 4.66 percent.