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 DJIA 12,097.2 -63.1 / S&P 500 1,344.1 -6.8 / NASDAQ 2,446.4 -11.3
 |  |  Tonight: Partly cloudy. Low 55. Tomorrow: Partly cloudy. High 78.
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|  Wednesday, June 18, 2008 |
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Chromcraft CEO steps down suddenly
The chairman and CEO of Chromcraft Revington Inc. is resigning at the end of the month after a turnaround plan failed to help the West Lafayette-based furniture maker compete against excruciating foreign competition. Benjamin Anderson-Ray, who arrived at Chromcraft three years ago, shifted some production overseas and added customization to its offering. Still, profits have eluded the publicly traded company since 2006. 
Analysts: Flooding to sap barge builder
Flooding on the Mississippi River will wipe out second-quarter profit for American Commercial Lines Inc., analysts at Stifel Nicolaus said in a report yesterday. Stifel Nicolaus had anticipated profit of 10 cents a share; now, the analysts expect the company to only break even. American Commercial Lines, which is headquartered in the Ohio River town of Jeffersonville, builds barges and ships ethanol and other products.
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|  | Fitch raises Cummins ratings to 'BBB+'
Fitch Ratings today raised three of its investment-grade ratings for Cummins Inc. by a notch, citing the diesel engine maker's recent market-share gains and improving credit profile. Fitch upgraded Cummins' issuer default, senior unsecured debt and senior unsecured credit facility ratings, all to "BBB+" from "BBB." Fitch cited Cummins' market-share gains that have helped drive revenue growth, continued improvement in the company's geographic and business diversification, and strong credit metrics.
Republic Airways CEO sells shares
The chairman and CEO of Indianapolis-based air carrier Republic Airways Holdings Inc. sold 100,000 shares of common stock, according to a Securities and Exchange Commission filing yesterday. In a Form 4 filed with the SEC, Bryan K. Bedford reported he sold the shares last Thursday and Friday for $9.74 to $10.41 apiece.
Toyota cutting Tundra production again
Assembly of Tundra full-size pickup trucks will be slowed at Toyota's plant in Princeton and its new plant near San Antonio for the second time in four months. The Princeton plant will be idled for six production days until the end of August, according to Bloomberg. Eric Noble, president of the Orange, Calif., consulting firm Car Lab, told Bloomberg that Toyota's redesigned Tundra isn't enough of an improvement to distinguish itself from domestic truck makers.
State asks insurers for grace period
The Indiana Department of Insurance is asking insurance companies doing business in the state to temporarily delay canceling Hoosiers' policies due to late payments if the policy holders live in counties hit by tornados or flooding. The grace period applies for 60 days beginning May 30. The department also will allow a 60-day grace period for licenses, certificates and registrations. Penalties during the period will be waived. Fifty-six counties-more than half the state-are covered by the request. In the Indianapolis area, the counties include Boone, Hamilton, Hancock, Johnson, Madison, Marion, Morgan and Shelby.
Letter from D.C., part 2
Lou reports back from a theater critics' conference. Lou Harry's A&E
Buzzkill: IHPC kills giant keg signs
A sign proposal for the Athenaeum is stirring controversy. Property Lines
Indiana All Star game hits the skids
Marketing experts suggest changes in marketing, venue. The Score
From IBJ staff - Compiled by Norm Heikens
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INDOT to buy homes hit by flooding
The Indiana Department of Transportation this week will begin buying about two dozen Martinsville homes that were hit by flooding and will be in the path of the planned Interstate 69 extension. Spokesman Andy Dietrick says INDOT wants to give the option of a sale to residents who are trying to put their lives back together. Fox 59 will have more at 10 p.m.
Details released in cop arrests
Indianapolis Metropolitan Police Department Chief Michael Spears says he's "disgusted" after hearing accusations against three IMPD officers indicted on drug-trafficking charges. The FBI released more details about the case, including how investigators say the officers obtained the drugs and went through with the deals. Robert Long, 34, Jason Edwards, 37, and James Davis, 33, stand accused of using their authority as police officers to steal drugs and money.
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| New funds available to fight crime
Mayor Greg Ballard has announced that $1 million in new funds has become available from the U.S. Department of Justice to fight gang violence. About $500,000 will target gang members recently released from prisons.
Housing slump emboldens rental developer
Indianapolis-based Barrett & Stokely Inc. is adding 66 units to its River Ridge Apartment complex at Brandt Road and 96th Street, near Keystone at the Crossing. The complex has 202 units now. A long-lasting residential slump has created the strongest apartment market in a decade. Apartment occupancy last summer was just above 90 percent; it has since risen to 93 percent, said George Tikijian of Tikijian Associates. 
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