IN BRIEF

SCOTTSDALE, Ariz.

Vintage car auction coming to Las Vegas

A lucrative Scottsdale event often referred to as the Super Bowl of car auctions is expanding to Las Vegas.

Craig Jackson, CEO of the Barrett-Jackson car auction, announced a major new vintage car auction Las Vegas event at the House of Blues nightclub at Mandalay Bay on Monday.

The new auction, which is slated to host 600 collector cars, will take place at the casino in October 2008.

Last year, the auction attracted more than 250,000 people and brings about $100 million annually to the Scottsdale economy.

Last year, the auction attracted more than 250,000 people and brings about $100 million annually to the Scottsdale economy.

Mandalay Bay President Bill Hornbuckle said the opportunity was too good to pass up.

“If you own a casino, and there are people in the room that will spend $100 million on cars, that caught our attention,” he said.

Analyst downgrades Las Vegas Sands stock

BMO Capital Markets analyst Jeffrey Logsdon downgraded Las Vegas Sands Corp. to “market perform,” from “outperform,” saying that the casino company’s stock price surpassed his $143 per share target.

Las Vegas Sands Corp.’s stock price is up more than 61 percent for 2007 and has risen nearly 94 percent in the past 52 weeks.

With shares now trading higher than $144, Logsdon told The Associated Press he thinks the market has priced in expected proceeds from asset sales and money coming in from existing projects and announced but not-yet-opened projects.

Las Vegas Sands is expected to reported earnings after trading closes Thursday.

NEW YORK

Merrill Lynch chief out after big quarterly loss

The unfolding credit crisis has claimed its biggest corporate casualty so far: Merrill Lynch CEO Stan O’Neal.

The announcement of his departure Tuesday came after the world’s largest brokerage posted a $2.24 billion quarterly loss, its biggest since being founded 93 years ago. Merrill Lynch did not name a replacement for O’Neal, whose ouster had been expected, and who leaves the company with benefits worth $161.5 million.

Laurence Fink, the chief executive of investment manager BlackRock Inc., turned down an initial overture from Merrill’s board but is in active negotiations, said a person with knowledge of the offer who was not authorized to speak publicly. With the presumed front-runner out of contention, filling the top spot at Merrill Lynch is not expected to be easy given unknowns from the global credit crisis.

Consumer products makers post big profits

Consumer products makers Procter & Gamble Co. and Colgate-Palmolive Co. reported big jumps in quarterly profits Tuesday.

Colgate’s earnings climbed to $420.1 million, or 77 cents per share, for the quarter ended Sept. 30 from $344.1 million, or 63 cents per share, the previous year. Excluding restructuring and other charges, earnings totaled $466.4 million, or 86 cents per share, compared with $402.6 million, or 73 cents per share, a year earlier.

Revenue rose 10.2 percent to $3.53 billion from $3.14 billion.

P&G, meanwhile, said net income grew to $3.08 billion, or 92 cents per share, from $2.7 billion, or 79 cents per share, a year ago.

Sales rose 7.5 percent to $20.2 billion from $18.79 billion.

WILMINGTON, Ohio

Petitions passed to legalize gambling

Investors have begun circulating petitions in an effort to win voter approval to legalize gambling at a proposed $600 million hotel-casino near this southwest Ohio city.

Brad Pressman, of the Cleveland-based My Ohio Now, said Tuesday that he hopes to present petitions bearing 1,000 signatures to the state attorney general’s office later this week. If the petitions are certified, the group will start a 402,000-signature petition drive it hopes will put the issue on the ballot in November 2008.

Pressman said the hotel-casino would be built on 94 acres of farmland by Interstate 71 and create 5,000 jobs.

He said a casino proposal calls for the expenditure of at least $600 million and that private financing has been secured.

OVERLAND PARK, Kan.

Applebee’s investors approve IHOP buyout

Shareholders of the bar-and-grill chain Applebee’s International on Tuesday approved a $1.9 billion buyout offer from pancake house operator IHOP Corp.

More than 70 percent of the company’s shares voted to approve the agreement, which critics said shortchanged shareholders.

Under the deal, shareholders of Overland Park-based Applebee’s will be paid $25.50 per share, a 4.6 percent premium over its closing price on the day before the offer was announced.

Glendale, Calif.-based IHOP is also assuming $155 million in Applebee’s debt in the deal.

The sale is expected to close by Nov. 29.

PHILADELPHIA

Peeps maker sends production to China

The maker of Peeps — the fluffy, yellow, marshmallow chicks that have spawned a fanatical following — has tapped an overseas manufacturer to make candies for the first time in the company’s history.

Just Born is making its Spooky Friends treats for Halloween in China.

That could be a scary thought for American consumers concerned about products made in China, which has been hit by a series of recalls of substandard goods and lead-tainted toys. An August poll by The Associated Press found that most Americans believe the U.S. government is not doing enough to ensure that Chinese imports are safe.

NEW YORK

Treasury prices static ahead of Fed meeting

Treasury prices closed mostly unchanged Tuesday as investors hesitated to act ahead of the Federal Reserve’s decision today on interest rates.

The benchmark 10-year Treasury note rose 0.03 points to 102.91 with a yield of 4.38 percent, matching its late Monday level.

The 30-year long bond fell 0.16 to 105.22 with a 4.67 percent yield, also matching its late Monday standing.