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 DJIA 11,503.1 -129.3 / S&P 500 1,267.9 -14.3 / NASDAQ 2,302.2 -23.7
 |  |  Tonight: Becoming partly cloudy, warmer. Low 64. Tomorrow: Scattered showers, storms. High 85.
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|  Thursday, July 24, 2008 |
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Rising Lilly sales, profit meet expectations
Second-quarter sales and profits rose by double digits for Eli Lilly and Co., but overhead increased just as fast as the company worked feverishly to find new revenue sources before key patents expire. Investors yawned today after the Indianapolis-based drugmaker met Wall Street expectations of 99 cents per share. Lilly shares inched up 68 cents, to $48.30 apiece. Lilly executives spent much of their conference call with Wall Street analysts talking about progress and problems in the company's development pipeline. 
Davis Homes chief to start again
The collapse of Davis Homes doesn't mean the Davis family will stop building houses altogether. Davis Homes CEO Brad Davis said yesterday he plans to begin building custom and semi-custom houses in the Indianapolis area before the end of the year. Davis said he plans to start on his native north side by tapping relationships with real estate agents who know of people looking to build. "I thoroughly love homebuilding," Davis said.
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Children's Museum plans $15.7M expansion
The Children's Museum of Indianapolis has filed plans to build a $15.7 million expansion that will add 37,500 square feet of space including a new welcome center, bus driveway and bike port. The project is slated to begin in the next few months and finish in time for the arrival of a blockbuster King Tut exhibit scheduled to open in June 2009. A preliminary rendering shows a towering glass entryway with a large dinosaur statue, mirroring the dinosaurs outside the existing Dinosphere exhibit.
ITT Educational profit shatters expectations
ITT Educational Services Inc., the Carmel-based for-profit technical education company, said today that growth in student enrollment boosted second-quarter profit 31 percent, topping Wall Street expectations. Profit rose to $47.1 million, or $1.20 per share, from $35.9 million, or 87 cents per share, a year earlier. The company also hiked its 2008 profit outlook.
Barge crash closes Mississippi River
A barge owned by Jeffersonville-based American Commercial Lines Inc. collided with a tanker yesterday on the Mississippi River near New Orleans, resulting in an oil slick that could close a stretch of the river for days. Heavy, almost tar-like fuel oil spilled from the barge, forming the 12-mile slick and closing about 29 miles of the river, the U.S. Coast Guard said. The barge "was T-boned and split in half," a Coast Guard spokeswoman said.
Dow AgroSciences profit, sales hit records
Rising prices and strong demand around the world fueled record profit and sales for Dow AgroSciences in the second quarter. Dow AgroSciences, the Indianapolis-based agricultural arm of Dow Chemical Co. Inc. of Midland, Mich., reported $1.4 billion in sales, a 25-percent increase from a year earlier. Profit soared to $335 million from $208 million. The unit raised prices an average of 12 percent, and volume was up 13 percent. Dow AgroSciences employs about 1,000 on the far-northwest side.
Former general named president of AM General
A retired Army general will take over as president and chief operating officer of AM General, a South Bend-based company that produces the Humvee for the military and its civilian version, the Hummer H2. The company announced yesterday that retired Gen. Paul Kern will replace James Armour as president on Aug. 1. Armour will remain as the company's chairman and CEO.
Fed says economy was sluggish in June
The Chicago region experienced a sluggish economy last month, according to the latest Beige Book report by the Federal Reserve Bank of Chicago.
Mixed consumer spending was influenced by federal tax rebates and increased retail discounting as well as by slowing auto sales. Tourism and agriculture was hurt by wet weather, and discretionary spending on clothing, electronics and furniture slumped.
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Brightpoint makes S&P growth list
Standard & Poor's Inc. included Plainfield-based Brightpoint Inc. and a dozen other information technology companies among 73 domestic firms on its Global Challengers list of mid-sized companies showing the "highest growth characteristics." The 2008 version of the annual list includes companies from 33 countries. China had the most entries, with 76; the United States was hot on its heels.
Gubernatorial camps, parties feuding over money
The state's major political parties and the gubernatorial campaigns of Gov. Mitch Daniels and Democratic nominee Jill Long Thompson are sparring over campaign contributions, with a top Democrat accusing Republicans of being hypocritical for accepting big donations from out-of-state contributors. Thompson accepted contributions from two Washington-based political action committees, but Daniels received a donation from the Republican Governors Association, also based in Washington, D.C.
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Ads infiltrate fringe fest
Is Indy Fringe in danger of being sullied by advertising? Lou Harry's A&E
Schellinger looks back
Jim Schellinger says the governor's race is being obscured. NewsTalk
Suit challenges Pan Am move
A lawyer confronts the city on behalf of taxpayers. Property Lines
No free tickets for VIP event at Colts home
Tickets for the Lucas Oil Stadium grand opening will cost $250. The Score
From IBJ staff - Compiled by Norm Heikens
Arrest made in city's latest homicide
Police have arrested a 17-year-old male in connection with the Tuesday death of David Flannery, 67, the city's latest homicide victim. Flannery's car, which was found miles from the scene in a Southport apartment complex, led to the arrest. Police believe the motive was robbery; formal charges could come as early as tomorrow. Fox 59 News will have more at 10 p.m.
Traffic stop leads to suspect search
Police have nabbed a male suspect and are still searching for a woman who may be an accomplice in connection with an armed robbery this week on Shelburne Avenue. The man was captured after he bolted during a traffic stop, turned into a gated apartment complex and ran. His female companion escaped.
Fires called suspicious
Investigators are calling two early morning house fires suspicious because they occurred within 200 feet of each other. The first started in an abandoned house at 1731 Thaddeus St., southeast of downtown. As firefighters doused the blaze, neighbors noticed the second abandoned house on fire at 1406 E. Minnesota St. No one was hurt.
Life sciences venture deals dry up
The flow of venture capital has slowed markedly this year from last - not surprising since financial houses on Wall Street are taking a prolonged bath. In Indiana, only two life sciences companies closed a funding round in the first six months of 2008, down from five companies in the same period last year. That's according to the latest tally from BioEnterprise, a Cleveland-based promoter of the life sciences industry. Indiana ranked No. 4 out of 12 Midwest states included in the survey. 
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