WellPoint board declares 25-cent dividend
WellPoint Inc. became the latest health insurer to reward shareholders with a quarterly payout after piling up cash from a string of strong financial performances.
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LEADING QUESTIONS: Real estate maven keeps swinging
How does the owner of F.C. Tucker Co. rally the troops during the home-sales slump? How did his tour in Vietnam reset his course? Why is his desk always so clean? Talk to Jim Litten; he has answers.
Indiana Senate OKs contentious immigration bill
The Republican-ruled Senate voted 31-18 Tuesday for the bill, which contains penalties for businesses that hire illegal immigrants and allows police officers to ask someone for proof of immigration status if they have a reasonable suspicion the person is in the country illegally.
Democratic lawmakers leave Indiana, block labor bill
Indiana House Democrats took a page from the playbook of their counterparts in Wisconsin on Tuesday, refusing to show up and at least temporarily blocking a Republican-backed labor bill.
Company news
It’s no secret Wall Street analysts take a dim view of Eli Lilly and Co.’s future profit potential. Only two out of 22 analysts recommend buying the Indianapolis-based company’s stock. And here’s why: Lilly ranks last among nine pharmaceutical companies in pipeline sales potential by the year 2015, according to an analysis by Dr. Tim Anderson, a pharmaceutical analyst at Bernstein Research. Anderson adds up the five-year sales forecasts for all drugs under development by the nine drugmakers. Pharmaceutical journalist Jim Edwards noted that such predictions are notoriously unreliable, but it’s the best investors have to go on for predicting the pharma future. At the top of Anderson’s ranking is Switzerland-based Novartis AG, estimated to generate $4.5 billion in sales from pipeline drugs by 2015. Lilly brings up the rear with $1 billion in projected sales. Smack in the middle of the list is New York-based Bristol-Myers Squibb Co., which is roughly equal in size to Lilly and is projected to pull in $3.2 billion from pipeline drugs.
CNO Financial Group Inc. boosted its operating profits 62 percent in the fourth quarter, besting analysts’ estimates by 2 cents per share. The Carmel-based life and health insurer on Tuesday said it earned $168.2 million in the final three months of last year, a big jump from the $18.2 million profit it posted in the same quarter the prior year. Most of the increase in the most recent quarter came from investment gains. Excluding those, as well as special accounting and debt charges, CNO had a quarterly operating profit of $51.7 million, or 18 cents per common share. On that same basis, Wall Street analysts were expecting the company to earn 16 cents per share, according to a survey by Thomson Reuters. A year ago, CNO’s operating profit was $32 million, or 15 cents per share. Revenue for the quarter rose nearly 2 percent to $1.08 billion. The main improvement came on policies that CNO still holds but is no longer actively selling. That division, called “Other CNO Business,” recorded a fourth-quarter profit of $6 million, compared with a nearly $30 million loss in the same quarter last year. That helped mask a drop in profit at CNO’s main Bankers Life unit, based in Chicago. It earned $71.4 million in the quarter, a fall of 16 percent.
UPDATE: CNO shares soar after quarterly profit rises
The Carmel-based life and health insurer, in an after-markets announcement, said it earned $168.2 million in the final three months of last year, a big jump from the $18.2 million profit it posted in the same quarter the prior year.
General Assembly approves fix for bankrupt jobless fund
The Indiana Senate has given final legislative approval to a bill to fix the state's bankrupt unemployment insurance fund. The measure now moves to Republican Gov. Mitch Daniels for his signature.
People
Community Health Network appointed registered nurse Cindy Adams its chief nursing officer, overseeing 3,000 nurses. On Feb. 26, Adams will replace Jan Bingle, who is retiring after 27 years at Community. Adams holds degrees from Ball State and Indiana universities. She resides in Shelbyville.
Dr. Marc Overhage is leaving Indianapolis-based Indiana Health Information Exchange Inc. to become chief medical informatics officer of Siemens, a German company with its U.S. health services business unit based in Pennsylvania. Until earlier this year, Overhage was CEO of the exchange, but stepped down and was replaced by local software entrepreneur Harold Apple.
Dr. Isaac J. Myers II will become president of St. Francis Medical Group on Feb. 28. Myers was previously vice president of clinical and business integration at Wishard Health Services. From 1998 to 2006, Myers was vice president of medical affairs for Advantage Health Solutions, a health insurer in Indianapolis. A New York City native, Myers earned his medical degree from Wayne State School of Medicine and performed his residency in family medicine at Indiana University School of Medicine.
Dr. James L. Gahimer has established a practice with the newly created Center Grove Internal Medicine in Greenwood, which is part of the St. Francis Medical Group. Gahimer previously worked as a drug safety consultant with T.L. Care Corp in Beech Grove, and before that was a medical adviser in global product safety at Eli Lilly and Co.
Senate OKs parts of Daniels’ education agenda
The Republican-led Indiana Senate approved several key pieces of GOP Gov. Mitch Daniels' aggressive education agenda Tuesday, including a bill to limit teachers' collective bargaining rights and a bill linking teacher pay to student performance.
Franciscan’s electronic records rollout shows industry growth
Franciscan Alliance will spend more than $100 million over the next two years to install a common electronic medical record system at its 13 hospitals and more than 165 physician practices. It’s a sign of the growth of the health information technology industry in Indiana, which a new BioCrossroads report says generates $200 million a year in sales and is growing at 8 percent annually.
Fair bankruptcy trustee hears from prospective Lampoon suitors
Fair Finance Co.’s bankruptcy trustee is getting inquiries from parties interested in buying National Lampoon Inc., the Los Angeles-based comedy business led by embattled Indianapolis businessman Tim Durham.
Lilly looks to double pipeline size again
Indianapolis-based Lilly is developing what it calls “The Mirror Portfolio,” which it expects to grow to 45 to 60 drugs in five years. This month, Lilly announced it had secured venture-capital funding for the first two drugs in this alternative pipeline.
State treasurer to challenge Lugar in 2012 primary
Indiana state Treasurer Richard Mourdock said Tuesday he will challenge longtime U.S. Sen. Richard Lugar in next year's Republican primary.
Indy 500 will begin earlier
There will be an earlier-than-normal start time for the 100th anniversary of the Indianapolis 500. The Indianapolis Motor Speedway has announced that the signature race will be moved up from 1 p.m. to noon on May 29. The 1 p.m. start time was believed to hinder some stock car drivers who wanted to compete in both the 500 and NASCAR Sprint Cup’s Coca-Cola 600 in Charlotte, N.C., later in the day.
Police investigate baby’s injuries
Indianapolis Metropolitan police are investigating how a 5-month-old girl suffered serious injuries to her body, including burns and broken bones. The baby was first taken to St. Francis Hospital in Beech Grove on Saturday night, but her injuries were so severe that she was transferred to Riley Hospital for Children. Residents in the Southgreen Apartments complex on the south side were told that the abuse appeared to have happened between Feb. 16-19 while the child was in the care of one of the residents. The baby’s 19-year-old mother declined an interview request from Fox59.
Court OKs reorganization plan for Hoosier Park owner
Hoosier Park Racing & Casino owner Centaur LLC last week won court approval of its plan to cut debt by about $636 million and exit bankruptcy.
House GOP budget spares bank insurance fund
Indiana bankers are relieved House Republicans decided to spare a bank insurance fund from being raided to plug holes elsewhere in the state’s finances, but they’re not done lobbying against the idea.
Carjacker makes off with Jaguar
Two suspects fled with cash and a vehicle following a carjacking on the near-northwest side of Indianapolis early Tuesday morning. Police say the victim had parked in front of the Bayhead Village apartment complex at 38th Street and Eagle Creek Parkway when someone pulled a gun on him and told him to lie down outside his car. Another suspect asked if the victim had any cash. One suspect left with the victim’s black Jaguar, and the other ran off with more than $60.
Democrats delay state House action amid union protests
Democratic legislators are staying away from the Indiana House chamber, blocking the Republican majority from conducting business while hundreds of union members crowd the adjourning hallways in protest of a contentious labor bill.
Water playground proposed for far-east side park
Splash zone is among several improvements slated for German Church and 30th Park, a few of which will be considered Thursday by the Metropolitan Development Commission’s hearing examiner.