Business Briefing
AUTOS
Hummer is generating interest
General Motors Co. is considering interest from several potential buyers for its Hummer brand after the planned sale to a Chinese company collapsed, five people briefed on the discussions said.
GM may still wind down Hummer because most of those interested have done little or no due diligence on the unit, said the people, who asked not to be identified because the talks aren’t public. The Detroit-based automaker expects some of the parties to drop out soon, the people said.
“It’s a brand that could be something viable,” said consultant James N. Hall of 2953 Analytics Inc. in Birmingham, Mich. “But the buyer has to have the constitution to see it through.”
EARNINGS
Wynn Resorts’ profit falls short
Wynn Resorts Ltd., the casino company founded by Steve Wynn, reported fourth-quarter earnings that missed analysts’ estimates.
Excluding some items, profit of 8 cents a share fell short of the 14-cent average of analysts’ estimates compiled by Bloomberg. The Las Vegas company reported a net loss of $5.22 million, or 4 cents a share, compared with a loss of $159.6 million, or $1.49, a year earlier, which included additional tax costs.
Revenue rose 32% to $809.3 million. Analysts on average projected $791.3 million. Wynn is opening a second casino in Macau, China, where gambling revenue jumped to a high last year, while a record two-year slump lingers in its home U.S. market.
Net income falls at H.J. Heinz
H.J. Heinz Co., the world’s biggest ketchup maker, said third-quarter profit fell 5.7% on increased marketing costs to promote products including baby food and frozen potatoes.
Net income fell to $228.5 million, or 72 cents a share, from $242.3 million, or 76 cents, a year earlier, the Pittsburgh-based company said. Revenue rose 13% to $2.68 billion.
GAMBLING
Hawaii kills bid to allow casino
Lawmakers in Hawaii have decided not to allow gambling on the state’s sunny isles. Legislators killed a bill that would have allowed a casino in Waikiki. A second measure allowing gambling on Hawaiian homelands won’t get a vote.
Public testimony on the gambling measures was overwhelmingly negative, leading the House Finance Committee to scuttle the idea. Hawaii and Utah are the only states that don’t permit gambling.
Gambling interests pitched casinos as a way to help rejuvenate the state’s tourism industry and to bring $86 million a year in tax revenue to a state facing a projected $1.2-billion deficit.
But opponents argued a casino would eat up tourist money, tarnish the state’s family-friendly image and increase crime.
ENVIRONMENT
Apple investors reject proposals
Apple Inc. shareholders have rejected two proposals that sought to force the computer company to do more to analyze its effect on the environment.
One proposal would have asked Apple to produce a detailed environmental sustainability report. The other called for a board panel focused on sustainability. Apple had opposed the measures and said at its annual meeting that investors had rejected the proposals.
-- times wire reports
