Gregg stock rises following IPO

DJIA 13,844.8 -155.6 / S&P 500 1,535.3 -17.8 / NASDAQ 2,682.3 -37.8 Tonight: Clear, chilly. Low 53. Saturday: Mostly sunny, perfect. High 78. Sunday: Sun, mild. High 83.
	Friday, July 20, 2007
	Gregg stock rises following IPO Shares in Indianapolis-based appliance and electronics retailer hhgregg Inc. increased $1.09, or 8.4 percent, following its initial public offering this morning at $13. The IPO price was less than the $15 to $17 Gregg anticipated July 9. In announcing today's IPO, Gregg didn't discuss why it pared back the price. The 79-store chain said it sees long-term potential for its more than 400 U.S. stores.   Kite dangled $3 million carrot for retail project Indianapolis developer Paul Kite Co. has offered the Highland Springs Homeowners Association in McCordsville more than $3 million to support Kite's plans to build a retail center anchored by a Target store. The offer hasn't been accepted, according to the Daily Reporter of Greenfield. The association board intended to ask the neighborhood to vote whether to accept the money, but then put the vote on hold after the town council last week rebuffed the Kite
	project. The council withheld support because the project is slated for an area zoned for light residential rather than commercial use.   New use possible for Lilly's Evista Eli Lilly and Co. may have found a new use for its osteoporosis drug Evista, according to Bloomberg. The U.S. Food and Drug Administration said Evista reduced the risk of certain invasive breast cancers in post-menopausal women. Evista is a $1 billion-a-year drug, but Lilly wants to find new uses for it because analysts expect its sales to tail off gradually over the next several years.   Carmel pull-out stings Tower Financial's profit Fort Wayne-based Tower Financial Corp. said today that second-quarter profit tumbled to $217,000 from $912,000 a year earlier because of costs to build loan-loss reserves and a decision to retreat from plans to start a bank in the Indianapolis area. On June 25 the parent of Tower Bank & Trust Co. said it would put off the plans indefinitely because Indianapolis had become crowded with competition and resources were needed to focus on the Fort Wayne area.   Guidant parent to cut jobs after sales slump Job cuts are on the way at Boston Scientific Corp. after the Boston company missed analysts' profit estimates in part because of a 5.3-percent decline in sales of implantable defibrillators manufactured by Guidant Corp., the Indianapolis company that Boston Scientific acquired last year. Boston Scientific officials told analysts during a conference call this morning that the company would "reduce expenses and head count," according to Bloomberg.   From IBJ staff and Associated Press-Compiled by Norm Heikens Summer Celebration wraps up this weekend Indiana Black Expo Summer Celebration is heading into its final weekend. Tonight at 7:30 is the second annual DJ Battle and Break-dance Showcase at the Indiana Convention Center. The Celebrity Basketball Game with Reggie Wayne comes to the RCA Dome at 6 p.m. tomorrow. Also tomorrow, Erykah Badu headlines the Music Heritage Festival at Conseco Fieldhouse at 7:30 p.m. Fox 59 will have more at 10 p.m. Marion County GOP calls on assessor to resign Marion County Republican candidates for the City-County Council gathered downtown yesterday to blame County Assessor Greg Bowes for the property tax crisis and call for his resignation. They claim the Democrat should have recognized that businesses weren't being assessed properly. In another development, Marion County Treasurer Michael Rodman has extended the spring property tax payment deadline to Aug. 10.
	City-County Council committee to discuss tax hike A City-County Council committee will meet again tonight to decide whether to recommend raising the county option income tax to 1.65 percent from 1 percent and put the money toward public safety. They postponed the decision Monday night. Any recommendation must be approved by the full council. That vote is expected Monday. Police search for suspects in similar robberies Metro police are looking for two suspects accused of shooting one employee and robbing another at two Qdoba Mexican Grill restaurants. Police say the suspects shot an employee taking out the garbage at the 86th Street and Michigan Road location, then got away after an unsuccessful robbery attempt. The worker is expected to recover. Fifteen minutes later the thieves held up the Qdoba at 74th Street and Keystone Avenue and left with an undisclosed amount of money.
	Do you prefer banking at a company with its headquarters in Indiana? Ownership of First Indiana Bank is finally headed out of state. Do you prefer banking at a company with its headquarters in Indiana?  | Physical Therapy and Sports Medicine Clinics What is the best time-saver you've come up with at work?   Visit IBJ's Web site, www.ibj.com       Indianapolis Business Journal has launched a redesigned Web site with news updated throughout the business day.     At www.ibj.com you will find the latest business news from the Indianapolis area and around the state, video of IBJ events, CEO interviews from the Inside IBJ radio program, and our weekly podcast.
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