In the Region

CEO to leave Pinnacle

Pinnacle Entertainment Inc. said yesterday its chairman and chief executive officer, Daniel R. Lee, would leave the company. Richard J. Goeglein was named interim nonexecutive chairman and John V. Giovenco interim CEO as Pinnacle finds a replacement for Lee. The Las Vegas gambling company bought the former Sands Hotel Casino on the Atlantic City Boardwalk and adjacent beachfront property in late 2006 for $250 million. In October 2007, it demolished the Sands to make room for a $1.5 billion mega casino. But plans have been on hold because of the credit crisis and competition from Pennsylvania slots parlors. - Suzette Parmley

Company selling common shares

Universal Health Realty Income Trust said it agreed to sell common shares worth up to $50 million in a secondary stock offering. The King of Prussia company, which invests in health-care facilities such as hospitals, said the shares would be sold at market prices through Merrill Lynch. The company's shares already are traded on the New York Stock Exchange. - Paul Schweizer

K-Tron earnings are flat

K-Tron International Inc., Pitman, said its third-quarter net income was flat at $6.8 million, or $2.34 a share, but revenue fell 21 percent to $47.3 million. It was able to maintain its profit level because of cost reductions and a $3 million pretax gain from selling its 20 percent stake in a French firm. During the quarter, which ended Oct. 3, K-Tron cut its debt by $2 million, leaving the total debt at $18 million. An additional $8 million in debt was paid off in October. K-Tron, which makes material-handling equipment, said it did not expect "significant recovery" until mid-2010 in many of its key markets. - Paul Schweizer

Resource America gets new terms

Resource America Inc., a Philadelphia asset-management company, received significantly better terms on a revolving credit facility from TD Bank while cutting its size to $20 million from $35 million. The agreement was also extended until Oct. 15, 2011, from Oct. 15, 2010. The new terms cut the interest rate on the loan to the prime rate plus 3 percent from the prime rate plus 5 percent and cut the minimum interest rate to 7 percent from 10 percent. - Harold Brubaker

StoneMor 3Q earnings up

StoneMor Partners L.P., a Levittown cemetery and funeral-home firm, said third-quarter net income rose nearly fourfold, to $1.4 million, mostly on a onetime tax break. The company said adjusted operating profit was up to $9.4 million from $7.2 million for the quarter that ended Sept. 30. Total revenues were up 1.8 percent to $46.6 million. - Christopher K. Hepp

Clean energy for N.J. facility

The New Jersey factory that produces M&M's flipped the switch on a new solar array that provides clean energy. The 18-acre Hackettstown facility is one of the state's largest and can generate 2 megawatts of solar energy. That handles about a fifth of the plant's needs. Mars Inc. provided the land next to its manufacturing facility. Public Service Enterprise Group Inc. spent more than $10 million on the 28,000-solar-panel array. - AP

Plant planned for Netherlands

Air Products & Chemicals Inc., Allentown, said it would build a hydrogen production plant in Rotterdam, the Netherlands, to supply Exxon Mobil Corp.'s refinery there and other customers in the region. No construction cost was given. The plant is expected to be operating in the second half of 2011 and will be connected to Air Products' pipeline network in the area. - Paul Schweizer

Elsewhere

Fed: GMAC to get more bailout money

The Federal Reserve said GMAC was the only one of 19 stress-tested banks that needed more capital. The Fed says the company is expected to meet its remaining needs by tapping the $700 billion financial-bailout money. GMAC expects to meet its additional capital requirements under the stress-test program, and is in "active dialogue" with Treasury about its next round of bailout money, a GMAC spokeswoman said. - AP

Sprint plans to cut up to 2,500 jobs

Sprint Nextel Corp. is planning to cut 2,000 to 2,500 jobs, mostly before the end of the year, as it keeps losing subscribers. The Overland Park, Kan., wireless carrier said it aimed to cut labor costs by at least $350 million per year. - AP

Google buys AdMob

Google Inc. agreed to pay $750 million in stock for AdMob Inc., a mobile-phone advertising start-up backed by Google investor Sequoia Capital. The company was founded in 2006 in AdMob chief executive officer Omar Hamoui's dorm room at the University of Pennsylvania's Wharton School. - Bloomberg News

Rates mixed on 3-, 6-month bills

Interest rates on short-term Treasury bills were mixed in yesterday's auction. The Treasury Department auctioned $30 billion in three-month bills at a discount rate of 0.065 percent, up from 0.060 percent last week. An additional $31 billion in six-month bills was auctioned at a discount rate of 0.165 percent, down from 0.170 percent last week. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,998.36, while a six-month bill sold for $9,991.66. - AP

Yield falls for 1-year bills

The Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 0.36 percent last week from 0.39 percent the previous week. - AP

Phila. Int'l improves on-time ranking

Philadelphia International Airport's on-time performance improved in September compared with a year ago. The airport was No. 23 in on-time departures, with 86.6 percent on-time, and ranked No. 30 in arrivals with 81.8 percent on-time in September, among the nation's 31 largest airports, the U.S. Department of Transportation said. A year earlier, the Philadelphia airport ranked No. 30 in on-time arrivals and departures. US Airways Group Inc. ranked seventh among 19 airlines, with 87.9 percent of flights arriving within 15 minutes of their scheduled time in September, compared with 84.1 percent in September 2008. - Linda Loyd