IN BRIEF
NEW YORK
Investors retreat on disappointing earnings
Wall Street pulled back Friday, retreating from record levels following disappointing results from favorites Caterpillar and Google. The Dow Jones industrials fell nearly 150 points.
The drop in stocks capped a losing week for the Dow after three weeks of gains, and came a day after the blue chips finished above 14,000 for the first time. The Standard & Poor’s 500 index likewise logged a record close Thursday.
While Friday’s retrenchment might not be surprising following weeks of somewhat volatile trading and the big gains Thursday, Caterpillar has been one of the best performers among the 30 stocks that make up the Dow and a big contributor in the blue chips’ march to 14,000. The heavy equipment maker unnerved investors when its results came in well below expectations.
Community Bancorp reports rise in profits
Community Bancorp, a $1.7 billion Las Vegas-based holding company, reported net income shot up 50 percent in the second quarter late Thursday. But it wasn’t good enough for Wall Street.
Shares in the company slipped 11 cents, or 0.4 percent, Friday on the Nasdaq, as earnings missed the consensus of investors by 2 cents, excluding its credit card operations.
The bank earned $5.6 million for the quarter, up from $3.8 million a year ago. Earnings per share increased to 54 cents from 50 cents in the second quarter last year.
Ed Jamison, chairman and chief executive officer of the bank holding company, said in a statement that he was optimistic about the company’s two key markets, Las Vegas and Phoenix.
"Both of these markets are dynamic economies with population growth and an increasing employment base," he said.
Nonperforming loans fell to $1.3 million or 0.1 percent of total loans, down from $1.7 million or 0.2 percent of total loans a year ago.
ATLANTIC CITY
Atlantic City getting first hotel implosion
While old gambling halls are imploded on a seemingly regular basis in Las Vegas, this seaside resort will see its first one when the defunct Sands Casino Hotel is demolished.
Pinnacle Entertainment, which is redeveloping the Sands property, hopes to take down the 21-story hotel tower, along with its nine-story parking garage, in October.
The demolition will make way for a $1.5 billion "destination casino resort project," according to Dan Lee, Pinnacle chairman and chief executive officer.
NEW YORK
U.S. Treasury prices rise on credit concerns
Another wave of credit concerns boosted U.S. Treasury prices Friday, knocking bond yields out of their recent range, and leaving the 10-year note to settle below 5 percent.
At 5 p.m. EDT, the 10-year Treasury note was up $5.00 per $1,000 in face value, or 0.50 points, from its level at 5 p.m. Thursday. Its yield, which moves in the opposite direction, fell to 4.95 percent from 5.02 percent.
The 30-year bond rose 0.69 points. Its yield fell to 5.06 percent from 5.11 percent.
