IN BRIEF

Thomson Corp., owner of the Westlaw Legal database and TradeWeb bond-trading network, agreed to buy Reuters Group Plc for 8.7 billion pounds ($17.2 billion) to become the biggest financial news and information company.

Shareholders of London-based Reuters will get 691 pence in cash and stock for each share, the companies said Tuesday. That’s 40 percent more than the price on May 3, the day before Reuters, the dominant service for trading currencies, said it was in takeover talks.

The acquisition of Reuters, the 156-year-old news organization that has grown to 2,400 journalists in 131 countries, will increase Toronto-based Thomson’s sales to $11 billion and triple its share of the financial data market to 34 percent. Reuters stock rose to 626 pence, trading below the offer price on concern that antitrust regulators will block the deal.

Gaming Partners profit drops by 95 percent

Gaming Partners International Corp., a maker of casino chips and other products, said Tuesday its fourth-quarter profit dropped 95 percent, hurt by delayed orders and higher labor costs at its GPI SAS subsidiary.

The company also said it found certain material weaknesses in its financial reporting process while it was closing its 2006 books, because it didn’t have enough personnel with knowledge of generally accepted accounting principles in its U.S. operation.

Quarterly earnings dropped to $115,000, or a penny per share, from $2.1 million, or 26 cents per share, in the prior-year period.

Analysts polled by Thomson Financial expected quarterly earnings of 11 cents per share.

Revenue fell 0.6 percent to $16.1 million from $16.2 million.

Sierra Pacific officers exercise stock options

Two officers of utility holding company Sierra Pacific Resources exercised stock options, Securities and Exchange Commission filings show. Also, a director sold shares.

All of the news came in Form 4 filings Monday with the SEC.

Filings show Jeffrey Ceccarelli, Sierra Pacific Resources’ corporate senior vice president of service delivery and operations exercised options for 9,684 shares of common stock. The filing said he exercised the options Friday for $10.05 apiece and then sold all 9,684 shares on the same day for $18.50 apiece.

Also, Mary Simmons, Sierra Pacific Resources’ vice president of external affairs exercised options for 24,159 shares of common stock. She exercised the options Friday for $10.05 to $15.58 apiece and then sold all 24,159 shares the same day for $18.49 apiece.

And director James Donnelley sold 47,111 shares of common stock Friday for $18.42 apiece.

Sierra Pacific Resources is the parent of Las Vegas-based Nevada Power Co.

Gallery of History reports narrower loss

Gallery of History, a Las Vegas seller of historical documents, on Tuesday said its second-quarter loss narrowed compared with a year earlier.

In a statement, the company said its net loss was $73,800, or 1 cent per share, for the quarter ended March 31, compared with net income of $141,040, or 3 cents per share, a year earlier.

Revenue rose 31.5 percent to $185,068 from $140,689.

Gallery of History shares fell 5 cents, or 2.33 percent, Tuesday to close at $2.10.

Wal-Mart Stores reports higher profits

Wal-Mart Stores, the world’s largest retailer, said first-quarter profit rose 8.1 percent on higher sales of food and $4 generic drugs while posting its smallest sales increase at older U.S. stores in at least a decade.

Net income climbed to $2.83 billion, or 68 cents a share, from $2.62 billion, or 63 cents, the company said in a statement.

Wal-Mart forecast second-quarter profit that may be less than analysts’ estimates after fewer customers visited stores because of rising gasoline prices and stormy weather. Chief Executive Officer H. Lee Scott promoted low prices for groceries and prescriptions after failing to lure consumers with more fashionable clothes and home goods.

First-quarter sales at the Bentonville, Ark.-based retailer rose 8.3 percent to $85.4 billion.

Home Depot earnings dip nearly 30 percent

The Home Depot posted a 29.5 percent drop in first-quarter profit Tuesday and warned the rest of the year will be challenging. The company also said it still hasn’t decided the fate of its wholesale distribution arm three months after announcing it might shed the unit.

Analysts were eager to get an update on the Atlanta-based company’s review of whether it will sell, spin off or keep its HD Supply unit. But the world’s largest home improvement store chain was mum on its plans.

Blake said he hopes the review, which was announced Feb. 12, doesn’t extend more than another three months, though he wouldn’t commit to deciding by the end of the second quarter.

MEMPHIS, Tenn.

FedEx aims to develop part for hybrid vehicles

FedEx Express is working with Azure Dynamics Corp. to develop a hybrid-electric power train for delivery vehicles, the shipping company said Tuesday.

Azure Dynamics will supply a parallel hybrid-electric test vehicle to FedEx Express for a development program using the Ford E-450 commercial delivery van, FedEx said.

After the development phase of the project, FedEx Express expects to buy at least 20 preproduction Ford E-450 delivery vans by May 2008.

NEW YORK

Bonds decline in spite of economic data

U.S. Treasury bond prices fell again Tuesday, lifting the 10-year yield to a four-week high despite several pieces of bond-friendly economic data.

At 5 p.m. EDT, the 10-year Treasury note was down 63 cents per $1,000 in face value, or 0.63 points, from its level at 5 p.m. Monday. Its yield, which moves in the opposite direction, rose to 4.71 percent from 4.70 percent.

The 30-year bond fell 0.13 points. Its yield rose to 4.88 percent from 4.87 percent.