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 DJIA 11,615.3 +185.1 / S&P 500 1,289.9 +12.1 / NASDAQ 2,404.7 +24.3
 |  |  Tonight: Lingering showers, muggy. Low 72. Saturday: Warm and humid, afternoon storms. High 89. Sunday: Early showers, decreasing clouds. High 86.
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|  Friday, August 22, 2008 |
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California firm bids most for Tuchman stores
A California dry cleaning company whose own financial viability is in doubt has submitted the high bid in U.S. District Bankruptcy Court in Delaware to buy 23 Tuchman Cleaners stores in the Indianapolis area. Newport Beach-based US Dry Cleaning Corp. reported a negative cash flow of $4.8 million in the nine months ended June 30 and an accumulated deficit of $25.9 million. Court records did not indicate how much the company bid for the Tuchman stores. 
Brightpoint brass snapping up company stock
Brightpoint Inc. executives in recent days have scooped up tens of thousands of shares of company stock, a move that suggests they believe the battered shares have become a bargain. At the time of the purchases, the stock was off more than 50 percent for the year. Disclosures of the purchases this week gave Brightpoint shares a lift today. They climbed about 6 percent, to $7.89 apiece.
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Steak n Shake shares rise on analyst report
Shares in restaurant chain Steak n Shake Co. jumped today after a Stifel Nicolaus analyst said the company's new chief executive, Sardar Biglari, is "making quick strides" toward turning the company around. Shares rose 28 cents, or 3.8 percent, to $7.64. Analyst Steve West said in a note to investors that the company's "long-awaited" strategic plan is due to be released in the next few months - a move that likely will improve sentiment in the stock and make for the beginnings of a turnaround.
U.S. News ranks Notre Dame tops in Indiana
Several Indiana schools made U.S. News & World Report's latest annual university rankings, released today. The most impressive ranking goes to the University of Notre Dame, which came in 18th overall, and to Purdue University's undergraduate engineering program with a doctoral track, which tied for ninth. Other contenders in the overall rating for national universities were Purdue University at 66th and Indiana University at 71st.
Lilly's Cymbalta approved by European panel
Eli Lilly and Co. has received approval from the European Commission to market its Cymbalta anxiety drug. The thumbs-up came from the commission's European Medicine Agency Committee for Medicinal Products for Human Use, the Indianapolis company said today. The approval opens markets in 27 European Union nations as well as Iceland, Liechtenstein and Norway.
WellPoint names new executives
Indianapolis-based WellPoint Inc. said today it has hired a new chief accounting officer and appointed its acting chief information officer to the position on a long-term basis. Martin Miller, 46, will join WellPoint as chief accounting officer on Sept. 15 after working as global controller for Molson Coors Brewing Co. He also will be senior vice president and controller. Lori Beer, 41, had been acting as WellPoint's chief information officer since May, when she replaced Mark Boxer, who left to become a professor at the University of Connecticut. Beer has been at WellPoint 10 years.
Steve & Barry's may live on under new owners
Popular but troubled retailer Steve & Barry's may live on under new ownership. The company, which has Indianapolis stores in Washington Square and Lafayette Square malls, announced yesterday that BHY Holdings LLC, an affiliate of investment firms Bay Harbour Management and York Capital Management, won a bid to buy the chain for $168 million.
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Kokomo toilet maker shuts down
Kokomo Sanitary Pottery, a toilet maker that has operated in the city north of Indianapolis since 1932, will close in November due to high costs, according to the Kokomo Tribune. The company, owned by Illinois-based Gerber Plumbing Fixtures LLC, laid off 125 hourly employees last October, leaving 30 workers to operate a warehouse. However, the national economic downturn made the remaining operation unfeasible. A company official remarked last fall that competitors could make and deliver toilets at about half the cost.
Maple Leaf Farms scales back duck production
Maple Leaf Farms, one of the nation's largest duck producers, has sold a production location in Wisconsin due to high feed costs. The company, headquartered near the northern Indiana town of Milford, partly compensated for the downsizing by stepping up production at its home plant. Maple Leaf is in its third generation of family ownership of raising ducks for meat.
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| Buffett says economy's troubles will continue
Billionaire investor Warren Buffett said today the economy continues to be in a recession, by his definition, and will continue to be for at least several more months. During a live appearance on CNBC, Buffett said ripples of the credit crunch are continuing to cause problems in financial businesses and the economy. Earlier this year he said a financial crisis reveals which players have been "swimming naked," because the tide goes out. That picture has worsened along with the crisis.
Democrats' composer in residence
Debating the choice of David Amram for the convention. Lou Harry's A&E Marvin Harrison can catch, but won't pitch
Receiver's silent act has killed commercial opportunities. The Score
From IBJ staff - Compiled by Norm Heikens
Peyback time at Lucas Oil Stadium
Students from Noblesville and Fishers will play the first football game in Lucas Oil Stadium tonight. The 9th Annual Peyback Classic kicks off at 6 p.m. The double-header also features a match-up between Whiteland and New Palestine. Fox 59 will have more at 10 p.m.
Funeral today for 'the Lord's beggar'
The man who proudly called himself "the Lord's beggar" will be laid to rest this afternoon. The funeral for Rev. Lucious Newsom will be held at Sts. Peter & Paul Cathedral, 1347 N. Meridian St., at 1 p.m. Newsom, who died Monday night at age 93, was widely known for his efforts to help the city's needy. He and friend Anna Molloy joined forces to build The Lord's Pantry.
Police officer accused of rape
An Indianapolis police officer faces charges including rape and criminal deviate conduct. Investigators believe Anthony Smith, 36, followed his alleged victim on Aug. 15 before pulling her over at an Emerson Avenue gas station just south of Interstate 70. Officers say the 19-year-old woman had outstanding warrants for traffic violations. Investigators say that she said Smith gave her the option of being locked up or riding in his cruiser. He's accused of taking the woman on official police runs before intimating her into what Smith says was consensual sex. Smith has turned in his badge.
Bayh on shortlist of potential Obama running mates
Likely Democratic presidential nominee Barack Obama says he's chosen a running mate, but is staying tight-lipped about who it might be. The Illinois Senator is expected to campaign with his running mate tomorrow in Springfield, Ill. Indiana Sen. Evan Bayh has been rumored as a potential vice presidential candidate, as have Delaware Sen. Joe Biden and Virginia Gov. Tim Kaine. Likely Republican presidential nominee John McCain is expected to announce his running mate next Friday, after the Democratic National Convention concludes.
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