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 DJIA 13,156.3 +114.5 / S&P 500 1,445.3 +12.9 / NASDAQ 2,527.7 +27.1
 |  |  Tonight: A few storms, mild. Low 70. Thursday: A.M. showers, breezy and cooler. High 84.
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|  Wednesday, August 29, 2007 |
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Housing slump undercuts Coachmen shares
Stock in Elkhart-based Coachmen Industries Inc. is sliding as the subprime mortgage implosion erodes opportunities for the Elkhart company to make money selling the houses it manufactures. Coachmen shares are trading at $6.86, down from $9.58 as recently as July 19. On Aug. 27, Coachmen suspended its quarterly dividend of 3 cents per share, saying it plans to conserve cash at a time of uncertainty in the industry. 
Local home prices, sales slipped in July
The average sale price of houses in the 13-county metro area fell 3 percent in July from the same month last year-to $163,612, the Metropolitan Indianapolis Board of Realtors said today. The number of sales slid 6.7 percent. However, an official of the trade group said steady inventories offered a sign of hope.
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Coal plant foes prepare for only hearing
Opponents of Duke Energy Corp.'s proposed coal gasification plant in southwestern Indiana are preparing to detail their objections to the $2 billion project during the sole public hearing on the plant planned by state regulators. Environmental and consumer groups contend the plant could result in up to a 20-percent rate increase for Duke customers and won't live up to its "clean coal" billing.
Mortgage woes spreading to expensive homes
The subprime mortgage crisis is spreading to a somewhat unexpected place: homes costing more than $500,000. As lending has rapidly gotten more restrictive for borrowers taking out large loans, sales of expensive homes have fallen sharply around the country during what should be one of the busiest seasons for buyers and sellers, mortgage bankers and real estate agents say.
Labor group alleges labor abuses by Toyota
A group tied to the United Auto Workers union is calling on Toyota Motor Corp. to rehire two workers it says were fired from the Japanese automaker's Georgetown, Ky., assembly plant for trying to organize a union. Kentucky Jobs With Justice also said Toyota should improve safety and treatment of temporary workers at the plant, according to Bloomberg. Toyota wouldn't discuss the firings and said it can deal with the other two charges. The UAW wants to organize Toyota to bolster membership at a time when domestic car companies are laying off workers.
Berm saves new Cabela's from wall of water
A 5-foot wall of water pouring through a broken levee would have wreaked havoc on the nearly completed Cabela's store in Hammond had a newly built berm not stopped it, according to the Post-Tribune of Merrillville. Also saved from the floodwaters were more than 1,000 homes. Nebraska-based Cabela's was within six weeks of opening the 185,000-square-foot store when several days of heavy rain swelled the Little Calumet River and caused the levee to break, sending water coursing through the locale in northwest Indiana. The rains also flooded the Borman Expressway that links Indiana with Illinois, causing the artery to be closed.
Clarification
Regarding an item in the Aug. 27 IBJ Daily, since economic development consultant Greg Winkler began working for Anderson in 2004, the city has landed commitments for more than 400 jobs, 119 of which now have been created. Winkler's firm is paid $108,000 annually, plus expenses.
From IBJ staff and Associated Press-Compiled by Norm Heikens | | | |
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Police nab east-side carjacker
Lawrence police are questioning Jerome Herbert after a victim identified him as the man who hijacked her sport-utility vehicle at a gas station near Shadeland Avenue and Pendleton Pike on the northeastside, then crashed the vehicle near the Pine Springs subdivision and escaped on foot. Fox 59 will have more at 10 p.m.
Man shot while unloading gun
An 18-year-old man is in good condition after being shot in the chest last night in the 3700 block of Forest Manor Avenue on the northeastside. Police say the victim was trying to unload a gun while the man's cousin attempted to take it when it went off. Investigators believe the incident was an accident. |  | | | |
| Semi crash brings morning commute to crawl
Crews on the scene are blaming a semi driver for crashing his truck into the median on southbound Interstate 465 at 5 a.m., and backing up traffic near Indianapolis International Airport for hours. The driver wasn't hurt, but a passenger suffered minor injuries.
Hoosier Lottery boasts record jackpot
An estimated $44.5 million Hoosier Lottery jackpot is drawing thousands of new players. Lottery officials say they've seen a steady increase in sales throughout the week. Tickets are on sale until 10:40 p.m. This week's Hoosier Lotto jackpot breaks the $42 million record set in 1999.
East-side corner to undergo changes
Locally based Conrad Office Properties, which owns five office buildings in the Broad Ripple and Glendale areas, is expanding eastward with its acquisition of Shadeland Business Park just north of 16th Street on Shadeland Avenue. The park comprises two multi-tenant buildings that span 43,000 square feet on 17 acres. Jake Sturman and Adam Broderick of Meridian Real Estate represented Conrad, which plans to develop 11 of the acres for industrial use; a 25,000-square-foot speculative building is on the drawing board. 
Who's greedier, the Big 10 or the cable companies
that don't want to carry the conference's new sports network?
The new Big 10 Network hasn't been picked up by local cable systems, meaning fans might miss games and university athletic directors could be out millions of dollars. Who's to blame, the conference or cable TV companies?
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Does your office/department ever do any team-building social activities? 
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