By Daniel Kelley and Sagarika Jaisinghani
(Reuters) – Billionaire investor Carl Icahn offered $20
million in financing on Thursday to keep the Trump Taj Mahal
from becoming the fifth casino to close this year in New
Jersey’s troubled Atlantic City, was once the only major
destination for gamblers on the U.S. East Coast.
The Taj, owned by bankrupt Trump Entertainment Resorts Inc.,
is slated to close on Saturday. It is not clear how long the
additional financing from Icahn, who holds the mortgage to the
property, could keep the Taj operating.
NEW YORK (Reuters) – General Electric Co gave a 2015 profit forecast range on Tuesday that barely included Wall Street’s target as the U.S. conglomerate braced for a “sluggish” oil and gas sector due to plunging crude prices.
GE said it expects earnings from its aviation, power & water and other industrial units to rise at least 10 percent next year as it focuses on increasing its profit share from these businesses to 75 percent by 2016 from 55 percent in 2013. The switch is aimed at reducing GE’s exposure to its finance business.
NEW YORK (Reuters) – General Electric Co said it expects profit from its industrial units to rise by at least 10 percent in 2015, helped by its power and water, aviation and energy management businesses.
The company is reducing its exposure to its finance business, including through its split-off of Synchrony Financial. Earlier this year, it struck a $16.9 billion deal to buy the power business of France’s Alstom SA.
(Reuters) – Logistics services provider UTi Worldwide Inc (UTIW.O: Quote, Profile, Research, Stock Buzz) faces a fresh snag in its attempt to return to growth with the sudden resignation of its chief executive on Monday.
UTi shares posted their largest percentage fall in 10 months on Tuesday after the company reported its eighth straight quarterly loss and said Eric Kirchner, its CEO of six years, had resigned.
(Reuters) – Homebuilders with a presence in the U.S. south and west are set to gain next year as more Americans swap the frozen north for warmer climes, drawn by some of the country’s highest job growth rates.
New home construction is projected to rise 24 percent on average next year in eight states along the west and south coasts, compared with the 8 percent forecast for this year, according to the National Association of Home Builders.
(Reuters) – Logistics services provider C.H. Robinson Worldwide Inc (CHRW.O: Quote, Profile, Research, Stock Buzz) said it would buy online shipping provider Freightquote.com Inc for $365 million in cash.
Freightquote.com is one of the largest internet-based freight brokers in the United States and makes more than 1 million shipments across North America every year.
(Reuters) – Deere & Co (DE.N: Quote, Profile, Research, Stock Buzz) said it expected equipment sales to fall further as lower grain prices discourage farmers from buying tractors, harvesters and other machinery.
Shares of the world’s largest farm equipment maker fell as much as 4 percent in premarket trading.
(Reuters) – Many U.S. home buyers are returning to the market after almost a year as interest rates stabilize and regulators propose more relaxed rules on mortgage lending.
U.S. homebuilders D.R. Horton Inc and Toll Brothers Inc reported jumps in orders this week at rates not seen since last year.
Nov 6 (Reuters) – Orbitz Worldwide Inc cut the top
end of its 2014 revenue forecast as a strong U.S. dollar weighs
on returns from its international business, sending the online
travel operator’s shares down as much as 12 percent.
The operator of the Orbitz and CheapTickets websites also
reported a lower-than-expected third-quarter profit, hit by a
jump in marketing costs related to a new loyalty program. (bit.ly/1onKYU7)