Business news in brief

Lockheed Martin Corp. said its board had approved a share buyback plan of up to $3 billion. Lockheed has major operations with 13,000 employees in the Philadelphia area. The Bethesda, Md., company has about 360 million shares outstanding. Because of the new repurchase plan, the board is canceling a 2002 buyback program that is mostly completed. Lockheed Martin had repurchased 169 million of the 178 million shares authorized under that program. - AP

Toll Bros. Inc. secured a two-year $885 million bank credit facility to replace the Horsham company's $1.89 billion revolving credit facility that was to expire in March, Toll Bros. said. The home builder also said it used cash to repay a $331.7 million term loan that was part of the $1.89 billion facility. Toll said the new loan can be expanded to as much as $2 billion, subject to certain conditions and the availability of money at the participating banks. The lending group includes 12 banks from the United States, Canada, Europe, and Japan. - Harold Brubaker

A Philadelphia in-patient facility operated by Psychiatric Solutions Inc., Franklin, Tenn., received a subpoena last week from the U.S. Department of Justice requesting documents, the company said in a report filed with the Securities and Exchange Commission. Psychiatric Solutions did not say what kind of documents were requested or name the facility, but it said it would comply. The company owns Friends Hospital in Philadelphia, Brooke Glen Behavioral Hospital in Fort Washington and Summit Oaks Hospital in Summit, N.J. The company agreed to be purchased by King of Prussia-based Universal Health Services Inc. in May. -Stacey Burling

FirstEnergy Corp. agreed to limit job cuts and apply $11 million in credits for electric service to some customers in Pennsylvania in exchange for support by some state officials and customers for its $8.4 billion takeover of Allegheny Energy Inc. Parties to the settlement, which will be presented to the Pennsylvania Public Utility Commission for approval, include the state's official consumer advocate, unions for electrical workers, and Citizens for Pennsylvania's Future, a consumer and environmental group, FirstEnergy said in a statement. The settlement comes less than two weeks after Gov. Rendell called on state utility regulators to reject the takeover, saying it would eliminate jobs and raise prices. - Bloomberg News

A Bucks County investment group says it made a killing from the Oct. 11 sale of mineral rights in a Texas shale-gas play. Jeffrey Price, president of First Keystone Energy Group of Wycombe, says its two investment funds will receive about $30 million in proceeds as part of a $1.3 billion sale of oil and gas properties from Enduring Resources of Denver to Talisman Energy Inc. and Norway's Statoil ASA. The sale will close in December. Price said the First Keystone funds have paid investors more than twice their initial investments in less than five years. - Inquirer staff

Unisys Corp., Blue Bell, said it won a contract worth an initial $29 million for a system to identify people and vehicles crossing the U.S. land borders with Mexico and Canada. The information technology company said the contract could be extended and expanded over five years, with a "ceiling value" of $350 million "allowing for additional scope to be added at the government's discretion." The contract is with U.S. Customs and Border Protection. - Reid Kanaley

American International Group Inc. said chief executive officer Robert Benmosche had been diagnosed with cancer and is undergoing "aggressive" chemotherapy. "The good news is that I feel fine, and I continue to work according to my normal schedule," Benmosche, 66, said in a statement. "As for my long-term prognosis - I will have a better idea over the next couple of months of what that will look like as I continue to undergo treatment and my doctors refine their diagnosis." AIG didn't disclose in the statement what type of cancer Benmosche was diagnosed with. - Bloomberg News

Texas Instruments Inc. said third-quarter income soared 60 percent as it continued to satisfy pent-up demand after the recession. It also supported analyst projections of a slowdown in the current quarter. Texas Instruments said it earned $859 million, or 71 cents per share, for the quarter. In the same period last year, TI earned $538 million, or 42 cents per share. Revenue rose 30 percent to $3.74 billion. For the fourth quarter, TI is forecasting net income of 59 cents to 67 cents per share. Analysts had been expecting 63 cents. TI said revenue should be $3.36 billion to $3.64 billion. Analysts put it at $3.51 billion. - AP

Large trucks in the United States must cut emissions as much as 20 percent by 2018 under the first standards proposed for work vehicles, the Obama administration said. Tractor-trailer trucks will have to meet the 20 percent target, while heavy-duty pickup trucks and vans must reduce emissions 10 percent for gas vehicles and 15 percent for those that are diesel-powered, the Environmental Protection Agency and National Highway Traffic Safety Administration said in a statement. Buses, motor homes and garbage trucks must cut emissions 10 percent. - Bloomberg News

Interest rates on short-term Treasury bills were mixed in Monday's auction. The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.130 percent, down from 0.135 percent last week. Another $28 billion was auctioned in six-month bills at a discount rate of 0.170 percent, unchanged from 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 $9,996.71, while a six-month bill sold for $9,991.41. - AP

The Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, was 0.22 percent last week, the same as the previous week. - AP