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 DJIA 13,433.1 -118.6 / S&P 500 1,486.7 -11 / NASDAQ 2,699.5 -24.9
 |  |  Tonight: Mainly overcast, patchy fog. Low 35. Tomorrow: Cloudy with rain and gusty winds. High 41.
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|  Thursday, December 27, 2007 |
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Local Sallie Mae exec leaving
June McCormack, the top-ranking executive at Sallie Mae's Fishers operation, is leaving the student loan giant, according to the company and a filing with the Securities and Exchange Commission. The company and McCormack are negotiating a severance agreement, the company's Dec. 12 SEC filing said, but her departure date was not disclosed. Sallie Mae, which manages $160 billion in education loans, said yesterday it plans to raise $2.5 billion by selling shares of new stock and will use most of the money to buy back existing shares. Sallie Mae stock prices have suffered since a proposed $25.3-billion buyout began to fall apart in July. Shares were trading at $20.74 as of late morning, down 6.4 percent. 
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Bioanalytical Systems turns profit after four years in the red
West Lafayette-based Bioanalytical Systems Inc. had its first profitable year in four years, posting a gain of $926,000 for the 12 months ended Sept. 30. Revenue in the fiscal year increased 5 percent to $45.2 million. The company has been struggling after losing a large customer in Baltimore. Over the past year, it laid off 12 percent of its work force and reduced office space to help reverse a string of quarterly losses. Company founder Peter Kissinger and his wife, Candice, stepped down from their executive positions in the fall. The Purdue Research Park company provides contract research services and monitoring instruments to drug development companies and medical research organizations.
Blog: Finale underway for Piano Merchant
The Piano Merchant is closing after almost 22 years in business at the corner of 54th Street and College Avenue, IBJ's Property Lines blog reports. One of the three partners is ill and another is ready to retire, said Doug Lawson, the store's general manager and the third partner. The group closed its Carmel store in 2006 and plans to close the Indianapolis location by year-end. The owners intend to continue servicing the hundreds of pianos they have sold over the years. Partners Brian Spears and Bill Scharbrough own the building and expect they won't have any trouble leasing the Piano Merchant space. Both neighboring Yats and Jazz Kitchen are eager for more space, and a new Fresh Market is under construction just to the north.
Economic development news coming
State leaders are set to make separate economic-development announcements today and tomorrow. The first, scheduled for 2 p.m. today in Huntingburg, involves OFS Brands Inc., which makes office furniture in the southern Indiana town. Early this year, OFS bought Carolina Business Furniture, a North Carolina-based furniture maker. At the time, OFS said Carolina would continue operating in North Carolina, but that OFS likely would manufacture some of its products in Huntingburg. A call to the company was not immediately returned. Tomorrow, Gov. Mitch Daniels will join other state officials and representatives of an unnamed Columbus company for a 10 a.m. announcement. That news will be accompanied by a recap of jobs that have been created in Indiana this year.
Blog: Comics on screen
With "Mad TV" star Aries Spears performing this week at Morty's Comedy Joint and Chris Rock coming to the Murat, we consider actors who have successfully transitioned from the club stages to the big screen...and those who haven't. Lou Harry's A&E blog .
From IBJ staff-Compiled by Tracy Donhardt | | | |
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Teen to be sentenced for fatal interstate shootings
The Delaware County teenager who admitted killing one man and wounding another near Seymour in 2006 will be sentenced today in a Jackson County court. Zach Blanton, 18, pleaded guilty to manslaughter and criminal recklessness earlier this month. He faces up to 50 years in prison. Fox 59 will have more at 10 p.m.
IMPD to open command center at Phoenix Apartments
The Indianapolis Metropolitan Police Department is planning to set up a command center at the Phoenix Apartments, the northeast side complex where Tajanay Bailey, 3, was found beaten to death last month. IMPD hasn't said by what date the satellite office will open.
Traffic pattern changes on Interstate 465
Traffic is expected to switch to the new pavement and new bridge section at West 38th Street and Interstate 465 today, weather permitting. Indiana Department of Transportation crews will be reconnecting the westbound ramp that loops down to I-465 South. Drivers trying to exit south on the interstate will be detoured north to 56th Street, where they can exit onto 465's southbound lanes.
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| Purdue tops CMU in manic Motor City Bowl
The Boilermakers' Chris Summers hit a 40-yard field goal as time expired last night to beat the Chippewas, 51-48. Quarterback Chris Painter finished with a school record of 546 yards and three touchdowns.
Anthem, Bloomington docs prolong dispute
A large group of Bloomington doctors that has threatened to end its contract with Anthem over what it calls poor reimbursements says it must wait an extra 30 days before severing ties. Internal Medicine Associates gave a 90-day notice of termination on Sept. 28 but now has extended the separation until Jan. 26. That's because the settlement of an earlier class-action lawsuit against Anthem, which the Bloomington doctors joined, required an extra 30 days' notice before a contract cancellation. 
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