In Brief

Investment trusts report narrower losses in quarter

Real estate investment trusts Vestin Realty Mortgage I and Vestin Realty Mortgage II on Monday said their second-quarter losses narrowed from a year earlier.

In a statement, Vestin Realty Mortgage I said it had a net loss of $643,000, or 10 cents per share, for the quarter ended June 30, compared with a net loss of $3.2 million, or 49 cents per share, a year earlier.

Revenue fell 36 percent to $317,000 from $495,000.

Meanwhile, Vestin Realty Mortgage II said its net loss for the quarter was $6.1 million, or 45 cents per share, for the three months ended June 30, compared with a net loss of $14.5 million, or $1.05 per share, a year earlier.

Revenue fell 71 percent to $690,000 from $2,376,000.

Falling interest income from smaller real estate investment portfolios figured in the lower quarterly revenue for both funds.

Vestin Realty Mortgage I shares rose 9 cents, or 9.89 percent, to close Monday at $1 on the Nasdaq National Market. Vestin Realty Mortgage II shares fell 1 cent, or 0.72 percent, to close Monday at $1.36 also on the Nasdaq National Market.

NEW YORK

Sales of air conditioners, grills help boost income for Lowe's

People bought more air conditioners and grills at Lowe's Cos. in early summer, boosting second-quarter net income 10 percent, but overall spending was hurt by hot weather and the weak economy, the home-improvement retailer said Monday.

Lowe's net income rose to $832 million, or 58 cents per share, in the quarter ended July 30. That's up from $759 million, or 51 cents per share.

Revenue grew 4 percent to $14.36 billion, which fell short of the company's expectations.

Analysts were expecting a profit of 59 cents per share and $14.52 billion in revenue, according to Thomson Reuters.

The company runs 1,724 stores in the U.S., Canada and Mexico. The company operates 13 stores in the Las Vegas Valley.

SEATTLE

Storage provider 3Par bought by Dell in $1.13 billion deal

Dell Inc.'s purchase of a storage provider for $1.13 billion marks another step in the personal computer industry's quest to expand into more profitable businesses.

As PC prices have plummeted in recent years, computer manufacturers such as Dell and Hewlett-Packard Co. are moving to meet emerging demand for technology services -- hoping they'll find better profit margins there.

With the acquisition of 3Par Inc., which makes enterprise data storage equipment, Dell is boosting its ability to help companies manage information technology in new ways, through services generally referred to as "cloud computing."

Dell is offering $18 per share for 3Par, an 87 percent premium over the company's Friday closing price of $9.65. Shares of 3Par surged to close Monday at $18, while Dell's stock slipped 5 cents to $11.96. The deal is expected to close this year.

WASHINGTON

Banks ease lending standards for small-business borrowers

Banks have eased lending standards for small businesses for the first time in nearly four years, the Federal Reserve said Monday.

In its new survey of bank lending practices, the Fed found that the loosening of loan standards was occurring primarily at the country's largest domestic banks.

Banks had been reporting relaxed credit standards for big corporations. But the survey marked the first indication that credit was beginning to ease for smaller companies.

That could be welcome news for small businesses.

Many have complained since the recession hit that they were having more trouble borrowing money to keep operating.

The Fed said it was the first time it had found relaxed lending standards being imposed on small businesses since late 2006. The Fed defined small firms as those with annual sales of less than $50 million.