IN BRIEF
ATLANTIC CITY
Implosion scheduled to bring down Sands
Superior Court Judge William Nugent on Thursday rejected a hotel owner's last-ditch effort to halt the implosion of the Sands. The implosion was to go as planned at 9:30 p.m.
Officials estimated it would take less than 20 seconds for the 21-story, 500-room tower where Frank Sinatra once held court to crash to the ground.
Vincent Barth, who owns the Park Lane Apartment Hotel across the street from the Sands, sued late Wednesday to stop the implosion, citing fears of airborne asbestos and pollutants.
The demolition was to make way for a new $1.5 billion to $2 billion megacasino that Pinnacle Entertainment will build on the Sands site. The as-yet unnamed resort is to open in late 2011 or early 2012.
Harrah's deal gets OK from Mississippi
Las Vegas-based Harrah's Entertainment said Thursday that the Mississippi Gaming Commission approved the $17.1 billion buyout of the company by private equity firms Apollo Management and Texas Pacific Group.
Harrah's chief executive Gary Loveman cheered the decision and said Mississippi remains a key part of the company's development plans, including the more than $700 million Margaritaville Casino Resort it is building in Biloxi, and which is set to open in 2010.
Casino regulators in New Jersey approved the deal Wednesday.
At a hearing in Atlantic City, Apollo partner Eric Press said the firms had confidence in Loveman and did not intend to change any of the plans of management.
The companies still need approval from nine other states' regulators, including that of Nevada, before the deal can go through.
DALLAS
Pair of airlines report stronger earnings
The summer vacation season was very good to Southwest Airlines Co. and Continental Airlines, which reported record passenger loads and higher profits despite rising fuel prices.
Houston-based Continental said it earned $241 million, or $2.15 per share, in the three months ended Sept. 30. That compared with $237 million, or $2.17 per share, a year earlier.
Revenue rose nearly 9 percent to $3.82 billion.
Dallas-based Southwest, the nation's biggest discount carrier, said it earned $162 million, or 22 cents per share, in the third quarter, up from $48 million, or 6 cents per share, a year earlier.
Revenue rose 11 percent, to $2.59 billion.
UnitedHealth earnings increase 15 percent
Health insurer UnitedHealth Group, which is acquiring Las Vegas-based Sierra Health, said third-quarter profit rose 15 percent as government-sponsored medical plans grew more profitable.
Net income rose to $1.28 billion, or 95 cents a share, from $1.11 billion, or 80 cents, a year earlier, the Minnetonka, Minn.-based company said. The profit beat the 92-cents-per-share forecast of analysts polled by Bloomberg.
UnitedHealth raised its earnings forecast for the year to $3.49 to $3.50 a share. That compares with the analysts' consensus of $3.48. The forecast of $3.95 to $4 for 2008 compares with the $3.95 average of 17 analysts surveyed by Bloomberg.
Sheryl Skolnick, an analyst with CRT Capital Group in Stamford, Conn., said share buybacks and the $2.6 billion acquisition of Sierra Health Services, a Las Vegas-based health plan with 860,000 customers, will help earnings in 2008.
Quarterly revenue rose 3.9 percent to $18.7 billion.
PlayStation 3 prices cut 17 percent by Sony
Sony Corp., the world's biggest maker of video-game consoles, cut the U.S. price of a PlayStation 3 model by 17 percent and introduced a less- expensive version to spur holiday sales.
The PlayStation 3 with an 80-gigabyte hard drive was cut to $499 from $599, effective immediately, Sony said. A $399 model with 40 gigabytes of storage goes on sale Nov. 2, Jack Tretton, head of Tokyo-based Sony's U.S. video-game unit, said.
NEW YORK
Wall Street finishes flat after bank earnings
Wall Street pared its losses to finish mostly flat Thursday but remained uneasy after disappointing results from Bank of America Corp. provided further evidence that the credit crisis is hurting the economy.
Investors were spooked after BofA -- considered a bellwether for the banking industry because it has branches across the country -- said "significant dislocations" in the capital markets sent third-quarter profits down 31.7 percent.
The Dow Jones industrial average fell 3.58, or 0.03 percent, to 13,888.96. The Standard & Poor's index fell 1.16, or 0.08 percent, to 1,540.08, while the technology-heavy Nasdaq composite index added 6.64, or 0.24 percent, to 2,799.31.
NEW YORK
Oil prices briefly top $90 per barrel
Oil prices surpassed $90 a barrel for the first time Thursday as the falling dollar drew new foreign investors and speculators to dollar-denominated energy futures.
Light, sweet crude for November delivery hit $90.02 in electronic trading Thursday evening before returning to around $89.60. Earlier, prices had risen $2.07 to settle at a record $89.47 on the New York Mercantile Exchange.
Although oil prices have risen sharply in dollar terms in recent days, the steadily weakening dollar means oil futures seem a bargain overseas. Recent data shows speculative buying of oil futures is rising.
Northwest chief open to selling off units
Northwest Airlines Corp. Chief Executive Officer Doug Steenland said he's open to selling units such as the WorldPerks mileage program, as investors prod carriers to boost share prices.
"We have a responsibility to our shareholders to make sure our assets are fully deployed and properly valued," Steenland said Thursday at Northwest's Minneapolis airport hub.
Selling Northwest's nonairline divisions --including the frequent-flier program and maintenance unit, might fetch $5 billion to $12 billion, Bear Stearns & Co. analyst Frank Boroch estimated this month.
NEW YORK
Treasury prices rally for fourth session
Treasury prices rallied for a fourth straight session Thursday.
The benchmark 10-year note rose 0.41 points from its opening level to 101.94 with a yield of 4.50 percent, down from 4.55 percent at Wednesday's close. Prices and yields move in opposite directions.
The 30-year long bond gained 0.84 points to 103.53 with a yield of 4.77 percent, down from 4.81 percent late Wednesday.
