IN BRIEF

CHARLOTTE, N.C.

Housing-sector slump lays Lowe's lower

Lowe's Cos. cited a weak sales environment amid a continuing slump in the housing sector Monday as reasons for a 10.2 percent drop in third-quarter profit.

Mooresville, N.C.-based Lowe's said it earned $643 million, or 43 cents a share, for the three months ended Nov. 2, down from $716 million, or 46 cents a share, a year earlier.

Analysts polled by Thomson Financial had expected net income of 41 cents a share.

Revenue rose to $11.6 billion from $11.2 billion

Same-store sales, or sales in stores open at least one year, a key measure of industry performance, fell 4.3 percent.

NEW YORK

Citigroup writedowns may reach $15 billion

Citigroup's stock took another thumping Monday after Goldman Sachs estimated the bank will take as much as $15 billion in writedowns over the next two quarters and recommended selling the stock.

Goldman analyst William Tanona also said Citigroup may have to cut its dividend to save money.

When Citigroup CEO Charles Prince stepped down Nov. 4, Citigroup said it expected to write down $8 billion to $11 billion in the fourth quarter, following a writedown of more than $6 billion in the third quarter.

Executives said then that Citigroup would not lower its dividend, even though its cash-to-debt ratios have fallen.

Citigroup fell $2, or 5.88 percent, to close at $32 Monday, near the bottom of its 52-week range of $31.05 to $57.

Illinois board OKs Harrah's buyout

Casino giant Harrah's Entertainment said Monday that the Illinois Gaming Board approved its purchase for $17.1 billion by private equity buyers Apollo Management and Texas Pacific Group.

The transaction, announced last December, still requires approval by other jurisdictions in which Harrah's operates.

Harrah's owns such properties as Caesars Palace, and runs casinos with the Harrah's, Horseshoe, Harveys and Showboat brands.

WASHINGTON

Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday's auction, with rates on six-month bills falling to the lowest level in more than two years.

The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 3.39 percent, down from 3.43 percent last week. Another $19 billion in six-month bills was auctioned at a discount rate of 3.46 percent, down from 3.625 percent last week.

NEW YORK

Treasurys gain amid capital-market worries

Treasurys rallied sharply Monday, sending the 10-year note closer to the 4 percent level amid worries that the capital markets will suffer a new bout of serious mortgage-related problems.

The benchmark 10-year Treasury note rose 0.84 points to 101.41 with a yield of 4.08 percent, down from 4.18 percent late Friday. The benchmark yield has not been below 4.1 percent since early September, 2005.

The 30-year long bond rallied to 108.53 with a yield of 4.48 percent, down from 4.54 percent late Friday.