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 DJIA 12,505 -120.1 / S&P 500 1,378.2 -16.1 / NASDAQ 2,439.1 -25.5
 |  |  Tonight: A few clouds, cool. Low 50. Tomorrow: Sunny. High 75. Sunday: Mostly sunny, warmer. High 84. Memorial Day: Storms. High 85.
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|  Friday, May 23, 2008 |
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Hurco stock dives after earnings report
Shares of Hurco Cos. Inc. plunged 17.2 percent this morning after the Indianapolis-based machine tool maker reported profit that missed analysts' expectations. Hurco said it earned 85 cents per share in net profit, 3 cents less than analysts surveyed by Thomson Financial. The drubbing came despite Hurco's reporting strong European sales fueled a 17-percent increase in profit during its second fiscal quarter ended April 30. 
IMS planning centennial celebration
Indianapolis Motor Speedway will celebrate its 100th anniversary with events starting next year and wrapping up in 2011. The festivities include a gala and balloon festival next year. Speedway officials say a new highway interchange will create a new entrance to the town of Speedway, while a redevelopment project there will encourage growth in the area. The speedway also plans to create a "Centennial Era" logo that will be used at the IMS from 2009 to 2011.
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Kite, Notre Dame close on land deal
Indianapolis-based Kite Realty Group Trust and the University of Notre Dame have closed on the sale and lease of 24 acres that will be used for a project that will include retail stores, offices and housing south of the northwest Indiana campus. The deal closed on Tuesday. The first phase of the Eddy Street Commons project calls for retail stores, restaurants, office space, apartments and a parking garage. Future phases of the project include two proposed hotels and housing, including condominiums and townhomes.
Lafayette Caterpillar plant to add 50 workers
The Lafayette Redevelopment Commission approved providing $50,000 to the Caterpillar Large Engine Center to train 50 new workers, reports the Journal & Courier. The funds will come from the city's tax increment financing and economic development income tax funds. Caterpillar employs nearly 1,800 at the site now; the additional 50 workers will fill production jobs that will pay an average of $33.62 an hour.
American Axle local OKs contract, ending strike
Workers at American Axle and Manufacturing Holdings Inc. have voted to end their nearly three-month-old strike, overwhelmingly ratifying a new contract with the company despite steep pay cuts and other concessions. The vote, finalized yesterday, means workers likely will return to their jobs next week, ending a walkout that has crippled General Motors Corp.'s production of large sport utility vehicles and pickup trucks. GM was forced to partially or fully close more than 30 factories - including some in Indiana as well as a Hummer plant run by AM General LLC in Mishawaka - and lay off thousands of workers because of parts shortages during the strike.
Former head of NE Indiana bank fined $250,000
A federal agency has fined the former president and CEO of a northeast Indiana bank $250,000 over what regulators said was the misappropriation of $1.6 million. The action against Earl Ford McNaughton comes more than three years after he was ousted as head of the First National Bank of Fremont amid allegations that he and other bank officers schemed to fraudulently borrow money on McNaughton's behalf.
R.W. Armstrong asked for money back
Johnson County commissioners have asked for a $22,531 reimbursement from the Indianapolis engineering and consulting firm R.W. Armstrong for unexpected additional work the county says it had to undertake on a road project. The commissioners blame Armstrong for leaving out drawings for a storm sewer and other work needed to upgrade the intersection of Stone's Crossing and Morgantown roads in the Center Grove area, according to the Daily Journal of Franklin. Armstrong Vice President Scott Hornsby told the newspaper the company would reimburse the county if it made a mistake.
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Empty sidepods show IRL has challenges
Fourteen of 33 Indy 500 cars have little to no sponsorship. The Score
From IBJ staff - Compiled by Norm Heikens
The green flag drops on Carb Day
Gates opened this morning for Carb Day at the Indianapolis Motor Speedway. A final practice this morning will be followed by the "Freedom 100" this afternoon. Live music starts at 1:30 p.m. with DJ Orion, before the Stone Temple Pilots hit the Miller Lite stage at 3:30 p.m. Admission is $10. Children 5 and younger get in free. The track closes at 6 p.m. Fox 59 will have more at 10 p.m.
500 Festival Parade kicks off tomorrow
Preparations are underway for tomorrow's 51st annual 500 Festival Parade featuring all 33 Indianapolis 500 drivers and a few celebrities. Patricia Heaton of "Everybody Loves Raymond" will serve as grand marshal. Other celebrities scheduled to appear include Academy Award-winning actress Marlee Matlin, dance pro/country singer Julianne Hough and Danny Granger and Jeff Foster of the Indiana Pacers. The "Fuel The Dream"-themed parade begins at noon at North and Pennsylvania streets and ends at 11th and Meridian streets.
Man robs Applebee's with AK-47
A man wearing a heavy, black coat and brandishing an AK-47 automatic rifle robbed the Applebee's restaurant at 7435 E. Washington St. early this morning. The robber forced the manager to open a safe, then got away with an undisclosed amount of money. Anyone with information should call (317)262-TIPS.
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