Here is a look at more of Thursday's top business stories:
GE combining appliance and lighting units
FAIRFIELD, Conn., Aug. 29 (UPI) -- General Electric Co. said it is combining its consumer appliances and lighting units in a consolidation move that will cut costs and streamline management.
The combined unit, GE Consumer Products, which will have more than $8 billion in annual revenues, will have headquarters in Louisville, Ky., while keeping substantial operations in Cleveland, GE said.
The company said James P. Campbell, currently chief executive officer of GE appliances, will be president and chief executive officer of the new unit.
Matthew Espe, chief executive officer of GE Lighting, is leaving the company to become head of IKON Office Solutions, GE said.
The changes are effective immediately.
GE Chairman and Chief Executive Officer Jeff Immelt said, "GE has a rich heritage of providing customers with essential, inventive home products," he said.
"This reorganization will enable lighting and appliances to provide more cost-effective and pointed approaches to supporting all of our customers' needs," Immelt said.
"We want to create a simpler, more efficient business that will be competitive across all product lines. By taking out administrative costs, we will be able to put that money back into investing in new technologies and building greater brand awareness," he said.
GE also said it will consolidate lighting and appliance operations around the world, especially in areas of administrative and retail services, when it makes sense.
Harrah's buys Louisiana Downs racetrack
LAS VEGAS, Aug. 29 (UPI) -- Casino operator Harrah's Entertainment Inc. said it has signed a letter of intent to acquire a 95 percent stake in Louisiana Downs racetrack for $157 million, including installation of slot machines and other renovations.
Harrah's said it is negotiating a "definitive documentation" for the acquisition of the thoroughbred racetrack in Bossier City, La.
Under the letter of intent, Harrah's and local investor group Downs Entertainment Group Inc. will form a new company that will own Louisiana Downs and a Harrah's riverboat casino and hotel complex in nearby Shreveport.
Initially, Harrah's will own 95 percent of the new company and DEG will own 5 percent.
Once the deal is completed, Harrah's will manage both the racetrack and the hotel-casino, with operations at the expanded complex expected to start next summer.
Opened in 1974, Louisiana Downs quickly became one of the premier racetracks in the South. Its racing season consists of approximately 80 days per year of live events that are simulcast to more than 160 locations.
Anthony Sanfilippo, president of Harrah's Central Division, said, "The Louisiana Downs acquisition signifies Harrah's further commitment to the market. We are excited about introducing our loyal guests from Louisiana, Texas and Arkansas and across the country to this exciting combination of racing and casino entertainment."
Harrah's said it expects to spend approximately $157 million for the acquisition, slot installation and other renovations.
Dillard's reports second quarter profit
LITTLE ROCK, Ark., Aug. 29 (UPI) -- Department store retailer Dillard's Inc. said it posted a second quarter net profit of $6.7 million, or 8 cents a diluted share, compared with a net loss of $18.6 million, or 22 cents a share during the same period last year.
Dillard's, which has department stores in 29 states, said excluding costs for early retirement of debt, the company had earnings of 15 cents in the latest quarter.
Analysts on Wall Street had expected the retailer to report a net income of 14 cents a share, according to Thomson First Call.
Sales dipped to $1.82 billion from $1.83 billion a year ago. Sales at stores open for at least a year, or same-store sales, were flat.
Dillard's also restated its first quarter earnings to record a $530.3 million charge for impairment of goodwill related to its acquisition of Mercantile Stores, in accordance with a new national accounting standard related to acquisitions.
The company also said it expects capital expenditures for all of fiscal 2002 to be $225 million, down from $271 million a year ago.
Stewart & Stevenson posts loss
HOUSTON, Aug. 29 (UPI) -- Industrial equipment maker Stewart & Stevenson Services Inc. said it posted a second quarter net loss of $6.4 million, or 22 cents a share, compared with a net income of $13 million, or 45 cents a share during the same period last year.
Results from continuing operations were $4.6 million, or 16 cents a share, compared with $12.3 million, or 42 cents, a year earlier.
Revenue declined to $278.8 million from $373 million in the same period a year ago, hurt by fewer power projects.
