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 DJIA 11,517.7 +120.2 / S&P 500 1,275.4 +12.3 / NASDAQ 2,333.1 +13.5
 |  |  Tonight: Muggy, lingering showers. Low 69. Tomorrow: partly cloudy, still muggy. High 88.
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|  Wednesday, July 30, 2008 |
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Cummins stock soars on strong earnings report
Shares of Cummins Inc. jumped this morning after the Columbus diesel engine maker reported second-quarter profit shooting up 37 percent, beating Wall Street estimates as stronger sales overseas offset weakness in the United States. Shares traded at $73.64, up 11.4 percent. Cummins also lifted its full-year sales forecast. 
Finish Line to expand headquarters, warehouse
The Finish Line Inc. plans to add 180 employees over five years in an expansion of its warehouse and headquarters on the far-east side, the Indiana Economic Development Corp. announced today. Finish Line, a mall retailer specializing in athletic shoes and clothing, has 670 employees in Indianapolis and 13,000 nationally. The state offered $2.3 million in incentives based on reaching expansion goals, and the city will provide a 10-year property-tax abatement. |  | | | |
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Panel: Life sciences workers are biggest need
Producing high school and college graduates trained to work in the life sciences is one of the biggest challenges Indiana faces as it attempts to further develop its life sciences and biotech economy. That was the consensus of a panel of experts who participated yesterday in IBJ's Life Sciences Power Breakfast at the Indiana Convention Center.
Hoosier Orchid Co. closing in August
Hoosier Orchid Co., a far-northwest-side company that grew to become one of the nation's most specialized orchid growers, is going out of business at the end of August. Founder William Rhodehamel said the ornamental flowers have become a commodity now stocked even at stores like Costco. "It used to be that if you wanted orchids in Indianapolis, you had to come to us," Rhodehamel said.
City clips BW3's wings
The city is threatening to stop construction on a Buffalo Wild Wings restaurant downtown because the developers didn't submit facade changes. The new bright yellow look is "very distracting," a senior planner said. For more, go to IBJ's real estate blog, Property Lines.
Linens 'n Things closing Avon store
Only one local Linens 'n Things Inc. store will close as a result of the company's Chapter 11 bankruptcy restructuring, parent Linens Holdings Co. announced yesterday. The store slated for closing is in Avon. Linen 'n Things also has locations in Castleton, the far-south side of Indianapolis and in Noblesville. The Clifton, N.J.-based company said it will close 57 underperforming stores, fewer than the anticipated 87. The stores carry textiles, housewares and home accessories.
Bennigan's restaurants shuttered
Restaurant chains Bennigan's and Steak & Ale have filed for Chapter 7 bankruptcy protection and will shut their doors. The companies filed for bankruptcy protection in the Eastern District of Texas. Their parent company - privately held Metromedia Restaurant Group - is based in Plano, Texas. There are 27 Bennigan's locations in Indiana, according to the company's Web site.
BP green-lights Whiting refinery expansion
BP PLC announced yesterday that it is moving ahead with the planned $3.8 billion expansion of its Whiting refinery despite legal challenges to air and water permits that the state approved for the project. Dan Sajkowski, BP Whiting Refinery's business unit leader, said in a news release announcing the decision that the company is confident that its permits will withstand all legal challenges. Gov. Mitch Daniels called the project "essential" in a statement released by his office yesterday evening.
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Joblessness jumps in Elkhart area
Only one other area of the country saw its unemployment rate jump faster in June than the Elkhart and Goshen region in northern Indiana, the U.S. Bureau of Labor Statistics reported today. Elkhart's rate shot up 2.8 percentage points, to 7 percent, from June last year. The Elkhart area has been decimated with a string of layoffs in its core industries of recreational vehicle and manufactured housing.
Republic speeds elimination of small jets
Republic Airways Holdings, the Indianapolis-based parent of Chautauqua Airlines, Republic Airlines and Shuttle America, said yesterday it will accelerate its schedule to do away with a small, 37-seat jet used to carry passengers for Delta Air Lines. The 11 remaining Embraer E135 aircraft will be removed from service by Sept. 30 instead of being phased out at the rate of two a month from November until April 2009, Republic said. Delta and other big carriers are losing enthusiasm for the jets because their small size makes it difficult to dilute high fuel costs.
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IMA Great Hall to get greater
A 60-foot-tall piece of art is headed to the IMA entrance. Lou Harry's A&E
Friedman's influence on Indianapolis
Milton Friedman's foundation here has seen mixed results. NewsTalk
Popular Crawfords bakery closing
Crawfords Bakery is closing its downtown location. Property Lines
Negotiations for new IRL TV deal turn bumpy
ABC/ESPN and Fox seek Indianapolis 500 only deal. The Score
From IBJ staff - Compiled by Norm Heikens
Muncie police investigate cross burning
A 4-foot-tall wooden cross was set on fire in the back yard of a black family in Muncie on Friday, police say. The incident happened near Muncie Central High School. Mary Pointer says she's now concerned for the safety of her daughter and four grandchildren. Police are asking for the public's help in the investigation. All leads will be passed on to the FBI. Fox 59 will have more at 10 p.m.
Human bones found in Anderson
A forensic anthropologist will determine today or tomorrow if there are more remains in downtown Anderson. Workers discovered human bones yesterday while replacing an underground gas main at 12th and Brown-Delaware streets. Police don't suspect foul play, but are treating the site as a crime scene as a precaution. Work on the gas main has stopped until investigators have a better idea of the bones' origins.
Colts City hits Terre Haute
Colts City will be open from 4 to 8 p.m. tonight during the Night Practice Party in Terre Haute. Activities include a mountain slide, quarterback throw and giveaways. The MacDaddies will treat fans to a live performance from 5 p.m. to 7 p.m.
Duplex fire leaves family homeless
Five people are staying with family members after flames destroyed their home southeast of downtown early this morning. A neighbor spotted smoke in the 1500 block of East Tabor Street, called 911 and woke the family inside. No one was hurt. Investigators say the fire may have started on the empty side of the duplex. They estimate the damage at $60,000.
Shelbyville project gets annexation nod
The Shelbyville Common Council has agreed to annex 54 acres at the request of J.R. Showers, who wants to develop the parcel as part of his plans for a 200-acre tract that runs along the west side of the city. Showers' company, Showers Realty Co. LP, owns the 200 acres that stretch from State Road 44 north to Old Franklin Road. Showers plans to develop the 54 acres at the south end of the property for retail tenants. Plans likely would include residential and other uses as he continues to develop northward. Showers has said development of the initial stage would begin within 90 days of getting annexation approval. It is the first project for Showers, who was president of Indiana Cash Drawer until the company went out of business in 2006. 
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