Economy

The Fed said output at factories, mines and utili ties fell 0.5 percent last month, after revised de clines of 1.7 percent in March and 1 percent in February. Analysts had ex pected a 0.6 percent drop.

Kirk stake

MGM Mirage under writers reserved 10 per cent of this week’s 143 million share sale for controlling investor Kirk Kerkorian’s Tracinda Corp., whose stake would fall to 39 percent from about 54 percent if he purchased all the shares set aside.

Citi sale

Citigroup sold $2 billion of 8.5 percent notes in its first benchmark offering without a US government guarantee since August.

Icahn stake

Billionaire Carl Icahn more than tripled his stake in video-game maker Take-Two Interac tive Software Inc., sending the shares up 7.6 percent, 62 cents to $8.81 on the Nasdaq. Icahn raised his stake to 2.01 million shares, or 2.6 percent, from 541,000 previously, according to a filing.

Bringing suit

More than 30 members of Congress are asking Treasury Secretary Tim othy Geithner to pres sure Wells Fargo to en tertain bids for the bankrupt Hartmarx, the 122-year-old clothing company that has made suits for President Bar ack Obama, instead of closing it down.

J.C. Penney

J.C. Penney said first- quarter profit tumbled 79 percent to $25 million, or 11 cents per share from $120 million, or 54 cents per share, a year ago.