Lilly stock jumps on news of strong profit

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	Tuesday, July 24, 2007
	Lilly stock jumps on news of strong profit Investors embraced Eli Lilly and Co. stock this morning after the company's second-quarter profit beat analysts' expectations. Shares of the Indianapolis-based drugmaker jumped as much as $1.50, or 2.6 percent. Lilly enjoyed strong growth by its antidepressant Cymbalta and its Cialis impotence treatment. Also, two drugs whose sales have slipped in recent years-the antipsychotic Zyprexa and Humalog insulin-both posted gains for the quarter.   Grants enable Damar to add 250 jobs Damar Services, which treats people with developmental disabilities, said today it has received $4.3 million in gifts from Lilly Endowment, Nina Mason Pulliam Charitable Trust and The Indianapolis Foundation. The gifts are expected to result in 250 additional jobs at the not-for-profit, which already employs about 600 at 6324 Kentucky Ave. Damar also plans to construct three residential buildings, a gymnasium and conference center, administration building and a school building for Damar Academy.
	Promex Technologies to add 40 jobs in Franklin Biopsy needle maker Promex Technologies said today it will create 40 jobs as part of an expansion of its production and office facilities in Franklin. The company has about 50 full-time-equivalent workers. It will add new injection molding, grinding and welding equipment to its plant, and double the size of its building at 3049 Hudson St. to more than 35,000 square feet. Escalade draws new CEO from outside Disston Tool Co. President Robert J. Keller has been named president of Escalade Inc., the Evansville-based sporting goods manufacturer. Keller replaces Terry Frandsen, Escalade's CFO, who operated as interim CEO after the sudden death April 9 of CEO Daniel Messmer. Keller held positions at Coca-Cola Co. before arriving at Disston, a Philadelphia maker of saw blades, valve components and other parts. Indiana considered for gassification plant St. Louis-based Peabody Energy has joined with ConocoPhillips on a proposal to construct a $3 billion plant to turn coal into gas, possibly in Indiana, Illinois or Kentucky. Duke Energy Corp. and Vectren Corp. also want to build a plant near Edwardsport in southwestern Indiana.   VeraSun buying Linden ethanol plant VeraSun Energy Corp. said yesterday it is buying three ethanol plants as it moves toward its goal of 1 billion gallons of annual production capacity by the end of 2008. The Brookings, S.D., company, one the nation's largest ethanol producers, is buying plants in Linden, Ind.; Albion, Neb.; and Bloomingburg, Ohio, from Dallas-based ASAlliances Biofuels LLC for $725 million.   Lilly, other drugmakers shelter millions in taxes, report says Indianapolis-based Eli Lilly and Co. and other multinational companies are socking away profits in overseas tax shelters and ultimately stripping the U.S. Treasury of about $50 billion annually, according to The New York Times. Last year, Lilly paid only 6 percent of its $3.4 billion in global profits in taxes, the newspaper said. That's a far cry from the intent of Congress when it passed tax breaks in 2004 to persuade drugmakers and other corporations to stop hiding profits in offshore shelters and create more jobs in the U.S.   Correction A story in yesterday's IBJ Daily should have said that the acquisition of Atlanta-based Cumulus Media Inc. is not expected to affect WFMS-FM 95.5, WJJK-FM 104.5, or WWFT-FM 93.9. The local stations are owned by Cumulus Media Partners, a private company owned partly by Cumulus Media.
	Council approves income tax hike In a highly emotional City-County Council meeting last night, members voted to raise the local option income tax. The increase, which takes affect Oct. 1, will generate about $90 million a year to add 100 police officers and pay for police and fire department pensions. Some of the revenue will help stem property tax growth. Fox 59 will have more at 10 p.m. Tax commission hears from angry homeowners A legislative commission in charge of fixing the property tax situation is expected to hold another public hearing on the matter next week. Monday, hundreds of angry homeowners told lawmakers they didn't know how they were going to pay their taxes and day-to-day expenses. The next meeting in the series takes place Monday at the Statehouse. Investigators call westside fire "suspicious" Investigators believe a fire at Lakeside at the Brickyard Apartments in Speedway last night might have been set. Crews contained the blaze in about 30 minutes, but not before the fire forced at least three families from their homes. The fire may have started on the balcony of a vacant unit.
	Vigil marks anniversary of Franklin double murder A prayer vigil is scheduled at 7 p.m. in front of the Johnson County Courthouse in Franklin to mark the one-year anniversary of the murder of Blake Dickus, 10, and his stepmother, Chynna Dickus. Police say they've followed almost 300 leads and turned in 1,000 items for DNA and fingerprint testing, but still don't know who did the killings. Hitting the bottle to build business Brugge Brasserie's owner Ted Miller is set to start producing a line of 10 bottled beers that will be sold by local retailers.   Butler class putting $1M to the test A group of Butler University senior finance students are taking part in a pilot program by investing $1 million from the university's endowment in the stock market.   Benicorp halts new sales to fix system woes Problems with a claims-processing system have prompted Benicorp Insurance Co. to temporarily stop seeking new business.   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?   Sign up today for IBJ's Health Care Weekly E-mail Alert. This once-a week e-mail is delivered every Wednesday. Readers will find news about local hospitals, medical practices and health care companies as well as updates of stories that first appear in Indianapolis Business Journal. They'll also get people and event news and public policy changes that affect the health care industry. Sign up today for your free subscription.
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