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 DJIA 13,541.3 -243.8 / S&P 500 1,486.2 -31.9 / NASDAQ 2,598.6 -49.6
 |  |  Tonight: A few showers, mild, fog. Low 68. Friday: Afternoon storms likely, some strong. High 88.
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|  Thursday, July 26, 2007 |
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Broad Ripple developer lands Crane tenant
Broad Ripple developer Westgate @ Crane Development Co. has broken ground on a technology building in a fledgling industrial park near Naval Surface Warfare Center at Crane in southwest Indiana. The 37,800-square-foot facility will be occupied by Science Applications International Corp., a Fortune 500 company that is one of the largest civilian contractors at Crane, Westgate @ Crane Development Co. said today. 
Technology slams brakes on Celadon earnings
Celadon Group Inc. profit was down 20 percent, to $5.1 million, in the fourth quarter compared to a year ago, the Indianapolis long-haul trucking firm reported yesterday. New technology allows squeezing inventories to half the levels of just a couple of years ago, which means a temporary lull for trucking firms. "It's very healthy for America, but it's a one-time hit for the trucking business," said Celadon Chairman Steve Russell.
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Cummins profit dips, but sales remain strong
A one-time tax consideration caused Cummins Inc.'s profit to slip 3 percent in the second quarter, but net income was still a robust $214 million, and quarterly revenue set a record, the Columbus diesel engine maker reported today. The income was generated by $3.3 billion in revenue, an increase of 18 percent over last year's second quarter. Cummins officials called the quarter "tremendous" because the increases came during a stretch of soft heavy-truck sales.
Emmis adds Orange Coast to magazine stable
Indianapolis Monthly publisher Emmis Communications Inc. has bought Orange Coast Kommunications Inc., which publishes Orange Coast magazine in Orange County, Calif., for undisclosed terms. Orange Coast has 26 full- and part-time employees and a circulation of about 60,000, Emmis announced yesterday. Emmis also owns Los Angeles magazine and Tu Ciudad Los Angeles, an English-language bimonthly publication catering to wealthy Latinos that was launched in 2005.
Appliance retailer completes IPO and debt restructuring
Indianapolis-based electronics and appliance retailer hhgregg Inc. said Wednesday it closed its initial public offering of 9.4 million shares of common stock and completed a debt refinancing. Gregg said it will use the cash raised by the stock offering along with cash on hand to fund part of a tender offer for debt notes by its Gregg Appliances Inc. subsidiary.
Stocks plunge on earnings report, financing costs
Lower-than-expected earnings at Exxon Mobile Corp. and ongoing questions about debt defaults and a slowing in the takeover frenzy combined to clobber stocks this morning. The Dow Jones industrial average fell 243.8 points, to 13,541.3, and the Standard & Poor's index was down nearly 32, to 1,486.2.
Dow AgroSciences profit surges on Latin American gains
Strong demand in Latin America for pesticides and other Dow AgroSciences products caused profit for the Indianapolis-based agricultural arm of Dow Chemical Co. Inc. to spurt 29 percent in the second quarter. Much of the $208 million in earnings was driven by Brazilian soybean and corn growers as well as by sugar cane farmers who ramped up production to feed ethanol plants. Dow AgroSciences also benefited from rising sales of trans-free fats purchased by Hardee's and other restaurants for use in cooking. Dow Chemical is headquartered in Midland, Mich.
Rally's sign too much to stomach for Shelbyville officials
Shelbyville's planning commission has set on a back burner plans by a nearby developer to build a Rally's hamburger restaurant near Interstate 74. The problem, according to The Shelbyville News, is that the black Rally's sign violates a city code banning the color on building exteriors. An attorney for developer 3 Bees Management Inc., of Flat Rock, told the commission the black checkered pattern is a trademark, thus is protected by federal law. Commissioners decided to meet Aug. 6 to give themselves time to consult an attorney.
From IBJ staff and Associated Press - Compiled by Norm Heikens | | | |
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California murder suspect arrested in Shelbyville
A man suspected of strangling an Anaheim, Calif., woman in 1985 has been arrested at Freudenberg NOK factory in Shelbyville where he worked. Anaheim police say DNA evidence links Wendall Lemond to the killing. He's being held in the Marion County Jail on $2 million bond. Fox 59 will have more at 10 p.m.
Teen trampled by steer at Monroe County Fair
A 19-year-old is in a medically-induced coma at Bloomington Hospital after being trampled by a steer Wednesday while leading it from a barn at the Monroe County Fair. Emergency crews arrived on the scene to find him unconscious due to severe head injuries. The victim's identity hasn't been released. |  | | | |
| Daniels: More reassessments to come
Indiana Gov. Mitch Daniels says there will not be a statewide reassessment, but more counties will be reassessed. Most of Indiana's 92 counties haven't filed reassessment reports with the state. On Wednesday, Daniels announced that Delaware, Gibson and Posey counties would be reassessed along with Marion County.
Prep underway for Allstate 400
The 14th running of the Allstate 400 at the Brickyard is almost here. Race cars are scheduled to arrive at the track tomorrow, and the track officially opens Friday at 8 a.m. Qualifying starts Saturday at 10 a.m., and the race gets under way Sunday at 2 p.m.
Batesville Casket ends $58M acquisition plans
A nearly two-year battle among three casket and funeral service companies has ended with Batesville Casket Co. giving up its bid for one. Batesville Casket, a unit of Batesville-based Hillenbrand Industries Inc. , said in September 2005 it planned to buy Yorktowne Casket Co. of Pennsylvania for $58 million. 
Is Indianapolis International Airport well managed?
The long-time private contractor that ran Indianapolis International has quietly turned over responsibilities to local government. What are your impressions of the airport? Will public management of it be good or bad?  | 
Medical Device and Product Manufacturers 
What is the best time-saver you've come up with at work? 
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