In Brief

SEATTLE

Apple becomes world's largest tech company by market cap

Apple has surpassed Microsoft as the largest technology company in the world by market capitalization.

Apple's move comes as the company's iPhone, and now its iPad tablet computer, have taken on more of the personal computing tasks once handled by computers running Microsoft's Windows operating system and other programs.

Market cap is the dollar value of a company's outstanding shares. On Wednesday, Apple Inc.'s shares slipped $1.11 to close at $244.11, making its market cap about $222 billion.

But Microsoft Corp.'s stock fell $1.06, or 4.1 percent, to close at $25.01, for market cap of about $219 billion.

The only U.S. business with a higher market value is Exxon Mobil Corp. The oil company's market cap is about $279 billion, based on Wednesday's closing price of $59.31.

Golden Nugget owner agrees to increased bid from chairman

Golden Nugget owner Landry's Restaurants of Houston has agreed to an increased offer from Chairman and Chief Executive Officer Tilman Fertitta, who has been trying to take the company private since last year.

Company stockholders still have to sign-off on the $24-per-share bid, the company said in a statement. A Landry's special committee also has 45 days to seek a better offer.

The deal is now worth $1.4 billion. Landry's is traded on the New York Stock Exchange.

Fertitta, a cousin of Station Casinos founding Fertitta family, already owns 55 percent of Landry's, which operates several restaurant brands and owns the Golden Nuggets in Las Vegas and Laughlin.

In November, Fertitta offered $14.75 per share to take Landry's private, but shareholders resisted the offer. One of the shareholders who opposed the bid was Pershing Square Capital Management, Landry's second-largest shareholder, which has about 10 percent of the company.

Last month, Fertitta raised his bid to $21 a share. He increased the proposal by another $3 a share earlier this week.

Order forces credit unions to reveal lack of federal backing

Debbie Matz, chairman of the National Credit Union Administration, on Wednesday welcomed a Federal Trade Commission decision requiring privately insured credit unions to disclose that they have no federal deposit backing.

The FTC order on Tuesday affects 170 credit unions including some of the largest in Nevada, which rely on American Share Insurance to back up deposits. They include Silver State Schools Credit Union, Clark County Credit Union, Boulder Dam Credit Union and Plus Credit Union.

The order directs the privately insured credit unions to disclose that the federal government doesn't guarantee deposits if the institution fails.

"In these uncertain and difficult economic times, consumers should know more about how their money is insured," Matz said in a statement.

Federal deposit insurance from the National Credit Union Share Insurance Fund, she said, "is the best option for credit union members."

WASHINGTON

Factory orders, new-home sales head higher in April, data show

The economic recovery got a lift in April as orders for large manufactured goods surged while sales of new homes benefited from homebuyer tax credits.

Manufacturing is helping drive the rebound. But some economists worry about the threat posed to U.S. exports from the widening debt crisis in Europe.

Demand for commercial aircraft lifted orders for durable goods 2.9 percent last month. That was the best showing in three months. Excluding transportation, orders fell 1 percent in April. But that came after the March figures were revised to show a 4.8 percent jump.

A separate report showed sales of new single-family homes jumped 14.8 percent in April. That gain followed a 29.8 percent surge in March, which was the biggest monthly increase in 47 years.

Home sales have surged this spring as buyers rushed to sign sales contracts before tax credits expired on April 30.