IN BRIEF

Stocks sell off again; investors stay wary

Wall Street pulled back for the third straight day Wednesday as investors still uneasy about the economy sold off after a Federal Reserve official suggested rising inflation could prevent the central bank from making further interest rate cuts.

The Dow fell 65.03, or 0.53 percent, to 12,200.10, after rising more than 100 points in earlier trading.

Broader stock indicators also gave up gains Wednesday. The Standard & Poor’s 500 index fell 10.19, or 0.76 percent, to 1,326.45, and the Nasdaq composite index fell 30.82, or 1.33 percent, to 2,278.75.

CINCINNATI

Macy’s will cut 2,300 management jobs

Macy’s said Wednesday it will cut about 2,300 management jobs as the department store operator consolidates three regional divisions and decentralizes buying in a bid to reduce costs and boost sales.

The announcement came as Macy’s announced it had a steeper-than-expected drop in sales in January at established stores.

Macy’s said it will immediately begin consolidating its Minneapolis-based Macy’s North headquarters into its New York-based Macy’s East, its St. Louis-based Macy’s Midwest organization into its Atlanta-based Macy’s South and its Seattle-based Macy’s Northwest headquarters into its San Francisco-based Macy’s West.

SEATTLE

Boeing chief expects to deliver jets on time

Delays in Boeing Co.’s 787 program have given the company extra time to fine-tune the plane’s electronics and other systems, lowering the risk that it will encounter problems during flight testing, the head of its commercial jet division said Wednesday.

Speaking in New York at an aerospace conference, Scott Carson said Boeing has “great confidence that the airplane will be ready to go as we’ve scheduled it.”

“We have taken advantage of the delays to make sure our system level maturity is coming along at a rate that will avoid problems as we enter flight test,” Carson said.

Boeing is slated to start test flying the 787 by late June, almost a year later than originally planned. Japan’s All Nippon Airways was supposed to take delivery of its first 787 this May, but will now have to wait until early next year.

Bally Technologies shares fall 4.13 percent

Shares of slot maker Bally Technologies fell 4.13 percent in New York trading, the biggest decline in three weeks.

Bally fell $1.91 to close at $44.37 on the New York Stock Exchange. The Las Vegas-based company’s shares have fallen 11 percent this year after more than doubling in 2007.

A message left with Bally spokeswoman Laura Olson-Reyes wasn’t immediately returned.

HORSHAM, Pa.

Toll Bros. revenue dips 22 percent in quarter

Toll Bros. said Wednesday that revenues fell 22 percent during the first quarter, and the luxury-home builder is not “seeing much light at the end of the tunnel.”

Home contracts sank 38 percent, to 904 homes, and signed contracts fell 46 percent, to $573 million, compared with $1.07 billion during the first quarter last year, the homebuilder said.

The average price per home fell more than 12 percent to $634,000.

Toll Bros. said price decline resulted from its focus on more multifamily buildings, which fetch lower prices than single-family homes.

NEW YORK

Treasury prices decline on productivity news

Treasury prices fell Wednesday after a report showed workers producing at a stronger-than-forecast pace at the end of 2007.

The benchmark 10-year Treasury note fell 0.47 points to 105.16 with a yield of 3.62 percent, up from 3.56 percent late Tuesday.