Donald Trump’s casino empire is in bankruptcy after months of negotiations with bondholders over a crushing $1.8 billion debt. Trump Hotels &Casino Resorts Inc. – mainly consisting of three Atlantic City properties and a riverboat casino in Indiana sought a Chapter 11 restructuring on Sunday after reaching agreement with most of its creditors on a new financial structure for the business.
T-bill rates rise in Monday auction
The Treasury Department sold three-month bills at a discount rate of 2.155 percent, up from 2.075 percent last week. Six-month bills sold at a rate of 2.365 percent, up from 2.28 percent. The rates understate the actual return to investors – 2.197 percent for three-month bills with a $10,000 bill selling for $9,946.13 and 2.427 percent for a six-month bill selling for $9,881.09. In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, a popular index for changing adjustable rate mortgages, rose to 2.53 percent last week from 2.47 percent the previous week.
Toys ‘R’ Us loss narrows in quarter
Toys “R” Us Inc., the nation’s second biggest toy retailer, reported a narrower third-quarter loss as a gain on the sale of Kids “R” Us stores boosted results despite a sales decline. Company officials, meanwhile, said Monday that the company expects to separate its Toys “R” Us business from its fast-growing Babies “R” Us operations in the first half of 2005.
Apple stock jumps to four-year high
Apple Computer Inc. stock jumped to a four-year high Monday after a major Wall Street firm nearly doubled its price target on the stock, saying that customer satisfaction with its iPod music player is creating “wildfire word-of-mouth marketing” for its Mac computers and other products. Shares of Apple closed the day at $61.35, up $6.18, or 11 percent, on the Nasdaq Stock Market. Apple shares traded as high as $64, besting the 52-week high of $56.91 set Friday. This is the highest the stock has been since September 2000. The year-low of $19.25 was set Dec. 22.
From Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
