IN BRIEF

Bally Technolgies Wednesday affirmed a previous announcement that the slot machine maker is now profitable. The company said that in fiscal 2007, which ended June 30, revenue was in the range of $679 million to $684 million. Also, the company said, earnings per share were between 38 cents to 42 cents, reversing a net loss of 90 cents a share in 2006.

"We are very pleased with our continued strong revenue momentum and our margin improvements," said Bally CEO Richard Haddrill.

CIBC World Markets gaming analyst David Katz said the company’s previous guidance that fiscal revenue in 2008 could be $830 million is more significant information.

"As we indicated in our recent upgrade of the shares, the fiscal year 2007 results have limited meaning, given the strong fiscal year 2008 guidance, which is reiterated in this morning’s release," Katz said in a note to investors.

 

In auction, 167 acres will go up for bid

The Bureau of Land Management will sell 31 parcels in Las Vegas Valley totaling 167 acres at a public auction Nov. 1 at Clark County Government Center, 500 S. Grand Central Parkway.

The sale will be conducted under the Southern Nevada Public Land Management Act of 1998 and Clark County Conservation of Public Land and Natural Resources Act of 2002.

All registered bidders must submit a certified check or money order for $10,000. The apparent high bidder on a parcel must pay a 20 percent deposit by 3 p.m. the day of the sale; the balance is due within 180 calendar days.

Additional information and maps of the parcels are available at www.nv.blm.gov, or by visiting the BLM’s Las Vegas field office at 4701 N. Torrey Pines Drive.

WASHINGTON

Investors dislike terms for Sallie Mae buyout

The planned $25 billion buyout of student lender Sallie Mae was thrown into jeopardy Wednesday after the investors said the terms of the deal were no longer acceptable.

Sallie Mae, officially SLM Corp., vowed to pursue legal remedies against the investor group.

The investors, led by private-equity firm J.C. Flowers & Co., told Sallie Mae they do not plan to complete the $60-a-share deal negotiated earlier this year, though they are open to discussing new terms.

SAN FRANCISCO

Major stock buyback planned by Chevron

Enriched by high oil prices, Chevron Corp. will spend up to $15 billion buying back its own stock, a commitment that pleased shareholders and rankled critics clamoring for bigger investments in projects that might help lower energy costs.

The three-year repurchase program announced Wednesday served as yet another reminder of the cash cascading into the oil industry while motorists have been trying to cope with higher gasoline bills.

Chevron Chairman David O’Reilly called the stock repurchases the "appropriate" thing to do with the oil company on pace for its fourth straight year of record profits.

WASHINGTON

Rating agency bosses accused of conflicts

Executives from major credit rating agencies on Wednesday were accused by senators of being hampered by conflicts of interest that may have contributed to the mortgage market turmoil rattling investors worldwide.

The biggest rating agencies –Standard & Poor’s, Moody’s Investors Service and Fitch Ratings — are under fire from critics who say they failed to give investors adequate warning of the risks associated with mortgage-backed securities. Those investments are now plummeting in value as home-loan defaults soar, particularly among borrowers with weak, or subprime, credit histories.

Several members of the Senate Banking Committee questioned rating agency executives about whether they provided advice to investment banks that issue complex mortgage securities tied to subprime home loans.

STOCKHOLM, Sweden

Nasdaq, Borse Dubai raise bid for exchange

Nasdaq and Borse Dubai said Wednesday they raised their bid for Sweden’s OMX exchange by 15 percent to $4.9 billion and entered agreements with key shareholders to secure nearly half of OMX shares.

They also lowered the minimum acceptance level for the offer to 50 percent from 90 percent, making it harder for Qatar Investment Authority, a major shareholder, to block the takeover.

 

Bear Stearns shares up on takeover rumors

Bear Stearns Cos., the securities firm hit hardest by the collapse of the subprime mortgage market, rose 7.7 percent in New York trading on speculation that outside investors including Warren Buffett may buy a stake.

Bank of America Corp., Wachovia Corp., and two Chinese companies, Citic Group and China Construction Bank Corp., also are among the potential bidders, The New York Times reported, citing unidentified sources.

Officials at Bear Stearns, Bank of America and Wachovia declined to comment. Jackie Wilson, a spokeswoman for Buffett, said nobody was available to comment. Officials at Citic and China Construction couldn’t be reached.

Bear Steans shares rose $8.76 to close at $123 on the New York Stock Exchange.

ATLANTIC CITY

Click this site to enter big poker tournaments

The Trump Taj Mahal has become the first casino in the country to let players sign up for popular poker tournaments online.

The casino uses "PT Seats," what inventor Fabricio Schaffrath of Miami calls "a Ticketmaster for poker tournaments."

Players visit the Web site www.ptseats.com, pick the tournament they want to enter, and reserve a spot using a credit card. There is a convenience charge ranging from 3 percent to 6 percent of the buy-in for the tournament.

So far, nearly 100 Atlantic City poker players have signed up for the service.

Schaffrath said he came up with the idea while playing in Tuesday-night tournaments at a casino in Florida.

He said other Atlantic City casinos also are interested in using the service, and he hopes Las Vegas will follow.

NEW YORK

Treasury prices higher after government sale

Treasury prices closed higher Wednesday, bolstered by investor demand in a government sale of $18 billion in new two-year Treasurys.

The benchmark 10-year Treasury note closed up 0.06 points at 101 with a 4.62 percent yield, down from 4.64 percent at Tuesday’s close. Prices and yields move in opposite directions.

The 30-year long bond rose 0.19 points to 101.68 with a 4.89 percent yield, little changed from late Tuesday.