Buy rating sends Boyd stock bouncing back

Boyd Gaming Corp., whose stock plunged 14 percent yesterday amid concern that the Illinois governor would approve a plan to raise taxes on riverboat casinos, recouped some of its losses today after receiving an upgrade from Credit Suisse First Boston Corp.

The Las Vegas-based casino operator, which operates daily charters to Nevada from Honolulu, was boosted to "buy" from "hold" but had its 12-month price target reduced to $16 from $17 and its 2002 and 2003 earnings forecasts reduced by analyst Brian Egger.

Boyd, whose mainland operations include the riverboat Par-A-Dice Hotel and Casino in East Peoria, Ill., has been one of the top performing stocks this year with a 97.9 percent gain. Its shares, which hit a 52-week high of $16.49 on April 18, closed up 36 cents today to $12.86.

The stock's $2.11drop yesterday came after the Illinois General Assembly passed a proposal to raise taxes on riverboat casinos by as much as 50 percent starting July 1.

Long recovery projected for Japanese travel to U.S.

It will be three more years before Japanese visitor arrivals to the United States are expected to reach levels recorded in 2000, according to a travel report released yesterday.

Japanese visitor arrivals dropped 19 percent in 2001, but is expected to gain 23 percent by 2005, according to the International Trade Administration Office of Tourism Industries.

The projected Japanese visitor arrivals to the United States in 2005 is 5,064,000, compared with 5,061,000 in 2000.

Visitors from the United Kingdom overtook Japan as the largest source of overseas arrivals to the United States, the report said.

Visitor arrivals to United States should see strong growth through 2005 from other Asian markets, including China (41 percent), Korea (36 percent), Taiwan (33 percent) and Hong Kong (28 percent), the office said.

Ford, GM report sales gains during May

DETROIT >> The two biggest U.S. automakers, General Motors Corp. and Ford Motor Co., each reported double-digit percentage sales declines in May while the Chrysler Group of DaimlerChrysler AG showed a 4 percent rise for its second consecutive monthly sales gain.

GM said yesterday its May sales were down 12.4 percent from a year ago, reflecting a 12 percent decline in trucks and a 13 percent drop in passenger cars. For the year, GM sales are up 3 percent compared with the first five months of 2001.

Microsoft settles allegations with SEC

WASHINGTON >> Microsoft Corp. settled allegations of misrepresenting its financial performance by agreeing to refrain from improper accounting procedures, the government and the company said yesterday.

Under a settlement with the Securities and Exchange Commission, the software giant neither admitted nor denied wrongdoing. No fine was imposed.

The SEC claimed that Microsoft's accounting practices from July 1994 through June 1998 overstated its income in some quarters and understated it elsewhere. The agency did not specify the amount of the alleged misstatements.

Adelphia stock dropped from Nasdaq market

PHILADELPHIA >> Adelphia Communications stock was dropped yesterday from the Nasdaq Stock Market, tightening the financial tangle ensnaring the sixth largest cable television company since it divulged billions of dollars in off-the-books debt in March.

Nasdaq notified Adelphia last week the stock was being delisted because of the company's failure to file financial statements. Adelphia officials didn't immediately return calls yesterday for comment. The stock has plunged 95 percent from $20.39 since Adelphia began divulging information about liabilities involving the family of founder John J. Rigas.