Public Companies

Emmis’ quarterly profit rises on sale of station

October 11, 2012
Much of Emmis' profit stemmed from the Aug. 23 sale of KXOS-FM in Los Angeles for $85.5 million, from which the company reported a gain from discontinued operations of $32.8 million.
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Cummins shares slide on job cuts, lower forecast

October 10, 2012
Bloomberg News
Shares in Cummins Inc. saw their biggest one-day drop in three months Wednesday after the Columbus-based engine maker lowered its forecasts for revenue and profit and said it expects to cut as many as 1,500 jobs by the end of the year.
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Members sue consumer ratings site Angie's List over fees

October 9, 2012
Chris O'Malley
A federal lawsuit seeking class-action status alleges that Angie’s List automatically renews members' subscriptions at a higher rate than they’re led to believe, under what it calls a “systematic and repeated breach of its membership agreement.”
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Lilly shares rise on Alzheimer's study results

October 8, 2012
J.K. Wall
Eli Lilly and Co.’s Alzheimer’s drug slowed cognitive decline 34 percent in patients with mild forms of the disease, according to an analysis of Lilly’s clinical trial data released Monday. Lilly’s share price jumped more than 5 percent on the news.
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Celadon shares jump along with earnings expectations

October 8, 2012
Chris O'Malley
The Indianapolis trucking company expects its quarterly earnings to beat analysts' consensus forecast and last year's results, thanks to acquisitions and cost controls. Shares were up 9 percent at 1 p.m.
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Cummins shortens work week at Columbus factory

October 5, 2012
Associated Press
The engine maker says that slowing demand led to the decision to scale back hours for the 350 workers at its Columbus Fuel Systems Plant. The new four-day workweek will continue indefinitely.
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WellPoint likely to go outside for chiefRestricted Content

September 29, 2012
J.K. Wall
While WellPoint Inc. and its predecessors have a history of grooming new CEOs in-house, the next leader of the health insurance giant is likely to be an outsider, according to interviews with more than a half dozen former directors and officers of the company.
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Remy International getting prepared for another attempt at IPO

September 27, 2012
Scott Olson
The Pendleton-based auto-parts manufacturer is offering 40,000 shares to employees and immediate family members to boost its number of stockholders before a broader public offering.
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ExactTarget's stock price falls as insiders unload shares

September 18, 2012
Scott Olson
The stock fell more than 7 percent Tuesday after company insiders shed more than 7.5 million shares of the Indianapolis-based marketing software firm. The selloff follows the expiration Monday of the company's lock-up agreement.
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'80s anti-takeover law helped sow Emmis winRestricted Content

September 8, 2012
Greg Andrews
The Indiana Business Corporation Law—enacted to help Hoosier companies fight off a wave of attacks by corporate raiders—gives boards of directors unusually broad authority to exercise judgment as they see fit.
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Bounty on Braly? $1.4 billion

September 4, 2012
J.K. Wall
Investors who called strongly for the head of WellPoint Inc. CEO Angela Braly got what they wanted last week. In response, they bid up WellPoint's share price by $1.4 billion on the day after she resigned.
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Rival's strong results have WellPoint playing catch-up

August 25, 2012
J.K. Wall
UnitedHealth has been enjoying healthy profits, growing customer rolls and a rising stock price—things the Indianapolis insurer has been unable to match. That tough comparison lies behind some of the investor attacks on WellPoint CEO Angela Braly.
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WellPoint dragged into Goldman Sachs suit

August 20, 2012
J.K. Wall
WellPoint Inc.’s $4.9 billion offer for Virginia-based Amerigroup Inc. apparently wasn’t the only—or even the most lucrative—offer for the Medicaid managed care company. But it was the deal surest to come to fruition before a key deadline for a big payout for Goldman Sachs & Co., according to a shareholder lawsuit filed Aug. 16 against the Amerigroup board of directors.
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Cummins cools off, but Seymour expansion still in worksRestricted Content

August 18, 2012
Dan Human
Cummins Inc.—a company that quadrupled its profits in two years—has shifted to cost-cutting mode amid a drop in global sales, but the Columbus-based engine manufacturer says it’s still on track to increase sales from $18 billion in 2011 to $30 billion in 2015.
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Steak n Shake customer traffic up in latest quarter

August 14, 2012
Biglari Holdings Inc., parent of Steak n Shake, said Friday that customer traffic to the restaurant chain grew 2.2 percent during the quarter ended July 4, boosting same-store sales 2.9 percent.
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New student-loan effort adding to ITT backlashRestricted Content

August 11, 2012
Greg Andrews
For-profit school operator ITT Educational Services Inc. told investors late last month that it had worked out a tentative deal with an outside party that would provide $100 million in loans to its students.
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Alzheimer's quest puts Lilly to test

August 11, 2012
J.K. Wall
Odds are long that Eli Lilly and Co.'s leading Alzheimer's drug will show positive results when its Phase 3 trial results are released within a few weeks, but even the smallest improvement in the cognitive impairment of test patients would be a home run for Lilly.
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Simon Property directors sued over CEO’s pay

August 8, 2012
Bloomberg News
The board of the largest U.S. shopping-mall owner wrongfully authorized a compensation package for CEO David Simon that included $120 million in special stock awards, a Louisiana pension fund claimed in the lawsuit filed Wednesday.
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Some banks beginning to raise dividendsRestricted Content

August 4, 2012
Scott Olson
Some of the most telling signs that banks finally may be recovering from the economic downturn are their decisions to begin increasing dividends.
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Baldwin & Lyons sees quarterly profit on fewer disasters

August 2, 2012
 IBJ Staff
Indianapolis-based Baldwin & Lyons Inc. on Thursday reported a profitable second quarter, a year after a series of major natural catastrophes caused a big loss for the transportation industry insurer.
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HHGregg posts quarterly loss on poor TV sales, as expected

August 2, 2012
Scott Olson
Disappointing sales at stores open at least a year dragged Indianapolis-based HHGregg Inc. to a rare quarterly loss, the appliance and electronics retail chain said on Thursday.
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Emmis shareholders fight bylaw changes on dividends

July 31, 2012
 IBJ Staff and Bloomberg News
Investors asked U.S. District Judge Sarah Evans Barker in Indianapolis for an order blocking a special meeting at which Emmis shareholders will be asked to approve bylaw changes wiping out more than $34 million in accrued and unpaid preferred stock dividends.
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Lilly braces for decline in Europe

July 30, 2012
J.K. Wall
Austerity and upheaval in Europe have not hurt Eli Lilly and Co.’s $4 billion-a-year drug business there, but the company is moving forward with plans to survive a coming swoon anyway.
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BrightPoint merger talks driven by 'deal certainty'Restricted Content

July 28, 2012
Greg Andrews
When BrightPoint officials saw conditions in the cell phone distribution business take a turn for the worse, they were quick to cash out while the going was still good.
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Angie's List shares plunge after wider quarterly loss

July 26, 2012
 IBJ Staff
Angie's List Inc. saw revenue jump 74 percent in the second quarter, but the Indianapolis-based contractor-ratings service continued to see growing losses as the result of higher marketing expenses. The company's stock fell more than 10 percent Thursday.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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