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 DJIA 10.849.9 -293.3 / S&P 500 1,177.8 -46.2 / NASDAQ 2,092.2 -91.1
 |  |  Tonight: Rain and storms. Low 54. Tomorrow: Mostly cloudy, showers. High 65.
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|  Monday, September 29, 2008 |
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National City stock dives as bank crisis widens
Shares in National City Corp, the city's second-largest bank, plummeted by more than 60 percent this morning before recovering some of their losses as Wall Street began betting on which bank will fall next. Cleveland-based National City, which has 77 branches and about 1,400 employees in the Indianapolis area, traded today at $2.05, down 44.5 percent. The crisis in confidence for banks continued to spread today even as Congress appeared headed toward approving a $700 billion bailout proposal. 
Lilly's Alimta OK'd for initial cancer treatment
Indianapolis-based Eli Lilly and Co.'s Alimta cancer drug won regulatory approval for a new use, the drugmaker announced today. The U.S. Food and Drug Administration has decided that Alimta now can be used as a first-line treatment, in combination with a drug called cisplatin, against types of non-small cell lung cancer. Since 2004, Alimta has been approved to treat the disease in patients that already had received a form of chemotherapy.
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Shares of embattled Emmis sink
Stock in Emmis Communications Corp. dropped 20 percent this morning on no apparent major developments. Shares in the Indianapolis-based radio and magazine company continued their ongoing slide by falling to 94 cents, well below the $24 where they traded in mid-2005. For more about Emmis' travails, click here.
Local home sales slump in August
The number of houses sold in the Indianapolis area fell 17 percent in August from a year earlier, new figures from the Metropolitan Indianapolis Board of Realtors show. The number of units closed decreased to 26,056. The median sale price fell to $118,500, a 4-percent decline from August 2007.
Clarian deal in Bloomington hits snag
A faction of the organization that governs Bloomington Hospital has called a special meeting to try to scuttle a vote taken by the group this summer to merge with Indianapolis-based Clarian Health. The Local Council of Women voted 403 to 149 in June to link the 355-bed hospital to the state's largest health care system in order to tap financial and professional resources. Hospital attorneys say the June 16 vote was binding.
Report: Lilly may be in running for ImClone
Eli Lilly and Co. is among several drugmakers that have shown interest in buying cancer drug maker ImClone Systems Inc., The Wall Street Journal reported today. ImClone has put itself up for sale for about $6.1 billion, the newspaper said, citing sources familiar with the situation. Last week, the company rebuffed an unsolicited $5.4 billion offer from Bristol-Myers Squibb Co. Pfizer Inc. also has expressed interest, the newspaper said.
Bolser named to lead Noble of Indiana
Noble of Indiana, an Indianapolis not-for-profit that serves people with developmental disabilities, has named Clint Bolser president and CEO. Bolser replaces Michael R. Howland, who left in August to join Atlanta-based Southeastern Council of Foundations as president and CEO. Bolser was chief executive for HillCroft Services Inc., a development disabilities agency in Muncie, for the past four years. He begins work Nov. 10.
Federal regulators delay Lilly blood thinner
Federal regulators delayed a decision on a new blood thinner from Eli Lilly and Co. for a second time on Friday, raising concerns on Wall Street about the potential blockbuster medication. The drug is considered crucial to Lilly, which faces a wave of patent expirations in the next few years. Lilly said in a statement that the Food and Drug Administration has not completed its review of the drug, which was submitted in January, but didn't say when it expects to know more.
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Financial bailout bill survives procedural vote
Hotly contested legislation to bail out the reeling financial industry has survived a key test vote on the House floor. Members of the House voted 220 to 198 this morning to move the bill forward. They approved ground rules for its consideration in the chamber, including three hours of general debate and a final vote likely today. The initial action on the House floor came not long after President Bush once again urged passage of the legislation. He said that a yes vote would be "a vote to prevent economic damage to you and your community."
Fannie, Freddie disclose subpoenas, probes
A federal grand jury is investigating accounting and disclosure issues at Fannie Mae and Freddie Mac, the mortgage finance companies said today. Fannie and Freddie said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents. Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.
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You-review-it Monday
Your thoughts about weekend performances? Lou Harry's A&E Gun sales are booming
The crime wave has people snapping up guns. NewsTalk M&I sign appears atop skyscraper
The M&I sign is up, and no one dangled from ropes. Property Lines Dakich not done coaching
Former IU coach is now focusing on his new radio career. The Score
From IBJ staff - Compiled by Norm Heikens
Convicted sex offender killed during invasion
Investigators will perform an autopsy today on a registered sex offender who police say died during a home invasion early Sunday in the 3500 block of West 79th Street. Investigators believe David Meyers, 52, broke into the room of a teenage girl, wearing nothing but a mask and latex gloves, and carrying a knife, rope and condoms. After hearing a scream, the girl's father put Meyers in a headlock and wrestled him to the ground. Officers say Meyers had a heart condition and may have suffered a heart attack. Fox 59 will have more at 10 p.m.
Memorial service tonight for student killed in crash
Twin Lakes School Corp. plans to hold a memorial service tonight for four special-needs students killed in a crash Friday. The students were riding in a bus that was clipped by a dump truck, and then flipped on its side and slid into the path of a Mack truck. The accident happened west of Logansport.
New voter deadline looms
New voters have one week to register for the November elections. All registrations must be postmarked by Oct. 6. That includes updated voter information, such as address or name changes. According to the state's Election Division, nearly 4.4 million Hoosiers are registered. Almost 600,000 of them are first-time voters or people who updated their voter information this year.
Poised for a global shopping spree
With domestic opportunities limited, Simon Property Group is exploring overseas markets.
More trouble for One Call
Former insiders of One Call Communications appear to be targets of a Justice Department criminal inquiry.
Centerfield seeks next hit
Indianapolis venture capital firm Centerfield Capital Partners LP has raised nearly $116 million for its second fund.
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