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 DJIA 12,628.6 +39.5 / S&P 500 1,393.2 +3 / NASDAQ 2,443.1 +2.6
 |  |  Tonight: Mainly clear and cold. Low 33. Thursday: Clouds increase, evening rain showers. High 47.
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|  Wednesday, January 9, 2008 |
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Emmis stock drops on news of falling profit
Emmis Communications Corp. Chairman Jeff Smulyan suggested this morning that the radio industry has hit rock bottom, but that there is reason for optimism in 2008. Today, Emmis officials announced a $2.1 million loss on revenue of $91.7 million for the quarter ended Nov. 30. However, investors were not swayed by Smulyan's optimism, as Emmis' stock slumped 8.5 percent this morning, to $2.26 a share. 
Sassi to take over WellPoint consumer unit
WellPoint Inc. has appointed Brian A. Sassi as CEO of its consumer business unit, which includes the individual, senior and Medicaid arms of the Indianapolis-based health insurer's operations. By Feb. 1, Sassi will replace Joan Herman, who announced in October that she planned to retire by mid-2008. WellPoint also announced that Leslie Margolin would become president and general manager of Blue Cross of California on Feb. 11.
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FDA to meet on long-lasting Zyprexa
The Food and Drug Administration has scheduled a meeting next month to review the safety and effectiveness of a long-acting version of Eli Lilly and Co.'s schizophrenia drug. The agency's panel of psychiatric drug advisers will meet Feb. 6 to assess Zyprexa Adhera, an injectable version of the company's best-selling drug, which accounted for a quarter of Lilly's sales last year. FDA said it is particularly concerned about incidents of severe drowsiness among patients tested with the new formulation.
Simon tops analyst lists amid REIT troubles
The rout that real estate investment trusts suffered last year likely will last through mid-2008, analysts say, as a sluggish economy and credit disruptions continue to batter the sector. The index of the National Association of Real Estate Investment Trusts, which covers 152 REITs, lost 17.83 percent in 2007, marking the first time in eight years that the broader markets outperformed the REIT index. Despite the difficulties, Indianapolis-based Simon Property Group tops most analysts' lists because it has a modest amount of debt and a large, open credit line.
Roman art exhibit draws 103,000 to museum
Nearly 103,000 visitors took in the Indianapolis Museum of Art's recently closed exhibit "Roman Art from the Louvre," setting an attendance record for a traveling exhibit at the IMA. The collection of Roman artifacts opened Sept. 23 and closed Jan. 6, logging 102,980 visits and eclipsing the previous record-holder, "Gifts to the Tsars." That 2001 exhibit tallied 70,704 attendees. The Roman relics will be taken to the Seattle Art Museum, where the exhibit will open Feb. 21.
Nation will avoid recession, economists say
The soft economy might feel like a recession, but isn't, and conditions won't deteriorate into a recession. That's the take of 62 economists surveyed by Bloomberg from Jan. 3-8. Their median estimate showed odds of a recession materializing in the next year are 40 percent.
Education report ranks Indiana above average
A new report ranked Indiana among just 10 states where teacher salaries were equal to or higher than pay for comparable jobs and gave the state higher overall marks in education than the national average. Indiana received an overall grade of B-minus, while the nationwide score was C, according to the "Quality Counts 2008" report by Education Week and the Editorial Projects in Education Research Center. The annual report ranks states in several categories, including performance from kindergarten to 12th grade, school finances, teacher quality and education standards.
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From IBJ staff and Associated Press-Compiled by Norm Heikens
Three die in Indiana flooding
Jasper, White, Carroll and Benton counties are under states of emergency due to flooding along the Tippecanoe River. A man died in Remington when his truck was swept into flood waters from a creek. Two children drowned in Fulton County after Megihann Leininger's SUV stalled in deep water near Rochester. She was able to get three of her children out. Fox 59 will have the latest at 10 p.m.
Flood waters threaten West Lafayette hospital
The swollen Wabash River is threatening Wabash Valley Hospital in West Lafayette. Workers have moved vehicles to higher ground in anticipation of the waters rising even more, but officials don't expect the river to crest until Thursday. Hospital officials say they don't expect they'll need to evacuate.
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| Voter identification debate heads to Supreme Court
The U.S. Supreme Court will hear arguments for and against Indiana's voter identification law today. Republicans say the identification cards will help fight voter fraud. Democrats argue that the cards are nothing more than a modern poll tax that disproportionately affects poor, minority and elderly voters - who tend to back Democrats.
Committee to hold hearing on House Bill 1001
The Indiana House Ways and Means Committee is looking for input on Gov. Mitch Daniels' property-tax reform plan. House Bill 1001 would get rid of several levy funds, cut the number of assessors and increase other state taxes. The first of two public hearings took place this morning. The other will take place in South Bend tomorrow.
Carmen, Centre form joint venture for leasing
Two local real estate companies, Carmen Commercial Real Estate and Centre Properties LLC , have formed a joint venture to provide leasing and marketing services for Centre. The joint venture, Centre Leasing , will oversee leasing activity on Centre's existing retail developments and future projects, including RiverPlace, the massive mixed-use development in Fishers. The 85-acre project just northwest of East 96th Street and Allisonville Road, which is expected to cost between $350 million and $500 million, would be one of the most ambitious mixed-use developments in Fishers history. 
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