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 DJIA 11474.7 +61.8 / S&P 500 1276.5 +5 / NASDAQ 2372.8 +10.8
 |  |  Tonight: Partly cloudy, mild. Low 64. Tomorrow: Hazy sunshine, warmer. High 85.
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|  Wednesday, August 27, 2008 |
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Steelworkers vote today on strike authorization
Fourteen thousand members of the United Steelworkers union are being asked to vote today to permit a strike against domestic plants operated by ArcelorMittal, a Luxembourg-based steel giant. In Indiana, ArcelorMittal has plants in Burns Harbor, East Chicago and New Carlisle. The union is seeking authorization to strike "if it becomes necessary," according to a handbill obtained by The Times of Munster. 
Celadon makes deal with trucking firm
Indianapolis-based Celadon Trucking said it will help Farmington, N.Y.-based Priority America wind down its over-the-road trucking operations, but did not disclose the value of the agreement. Celadon will handle some of Priority America's customer loads, collect accounts receivable and assist a lender in retrieving tractors and trailers.
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Cummins shares decline, as diesel hike forecast
Shares of diesel engine maker Cummins Inc. slipped yesterday and again this morning after Wachovia Capital Markets analyst Justin B. Yagerman warned that the price of diesel fuel could rise following a six-week decline. Yagerman expects trucking stocks to fluctuate in the near future as fuel prices fall, but the economic outlook remains largely uncertain. He also expects diesel prices could rise again this fall.
Lilly reports new deaths with diabetes drug
Shares of Eli Lilly and Co. fell 19 cents today after the Indianapolis drugmaker and partner Amylin Pharmaceuticals Inc. yesterday reported four new deaths in patients taking their Byetta diabetes drug. The announcement came a week after the U.S. Food and Drug Administration said two Byetta patients died of acute pancreatitis, sinking shares of both drugmakers. A Lilly executive said the FDA was aware of the additional deaths but did not announce them because they involved a milder form of pancreatitis.
Hammond Kennedy finances company buyout
The Indianapolis private-equity firm Hammond Kennedy Whitney & Co. Inc. has financed the recapitalization of Crane Rental Corp. of Orlando, Fla. Hammond Kennedy partner Jim Snyder said the value of the deal was more than $60 million, and involved the existing president of the family-owned company remaining in the post and holding a minority equity stake. Hammond Kennedy bought the majority stake. Crane Rental is one of the country's largest crane-rental, hauling and rigging companies.
Thirfts lose near-record $5.4B in 2nd quarter
Federal regulators say U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans. Data from the U.S. Office of Thrift Supervision show federally insured savings-and-loan institutions posted their second-largest quarterly loss ever in the April-June period, after the $8.8 billion loss in the fourth quarter of last year.
Habitat builds through tough times
Smarts and hard work are sustaining Habitat for Humanity. NewsTalk
Favre star power overtaking Manning
Return from retirement has Jets QB flying high. The Score
From IBJ staff - Compiled by Norm Heikens
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Grand jury could hear claims about cop misconduct
Federal investigators might take evidence of alleged police misconduct to a federal grand jury, sources told Fox 59. Four Indianapolis police narcotics detectives are accused of corruption, and high-ranking command officers may be questioned about the operations and bankruptcy of the Russell Foundation faith-based organization. Another case involves a former Marion County sheriff's deputy who allegedly threatened a public official. Fox 59 will have more at 10 p.m.
Police use new tool to investigate gun crimes
A new tool is allowing Indianapolis police officers to gather "touch" DNA from guns used at crime scenes. The Trigger ID kit, which is equipped with swabs containing a solution to preserve integrity of DNA for an extended period of time, will be tested over the next six months. The kit could increase arrests and prosecutions of those who commit gun crimes.
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| Injured dog's owner won't face cruelty charges
A Bartholomew County woman accused of causing severe cuts to her puppy will not face charges of animal cruelty. Dana Jones told police she kept the puppy in a small, tight harness that cut into his skin as he grew, causing deep wounds around his belly. Prosecutors say Jones' actions don't fall under the state laws' definition of "neglect." A 2007 law defines neglect as failing to provide food or water to an animal, or using a rope or tether less than three times the length of an animal.
National missing person tour stops in Indiana
The Center for Missing Persons stopped in Tipton this morning as part of a tour to highlight missing persons and unsolved murder cases. Shannon Sherrill disappeared in 1986, and tour organizers hope to bring awareness to the case. The organization met at the Sherrill family restaurant and gas station in the town north of Indianapolis.
New hotel planned near Indianapolis airport
A local hotel developer plans to build an all-suite hotel near the Indianapolis International Airport. General Hotels Corp. is set to break ground early next year on a 155-room Embassy Suites at the 1,500-acre Ameriplex-Indianapolis business park on the city's southwest side near the airport. The hotel will be built as Embassy Suites' smaller "Design Option III" prototype, which requires less land and lower construction costs than the chain's typical properties, said Sean Howard, a spokeswoman for the hotel chain. 
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