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Ford Motor Co. said today it lost $5.9 billion in the fourth quarter as auto sales slumped, but it has no plans to seek federal aid unless economic conditions worsen. The second-largest U.S. automaker said it burned through $5.5 billion in the quarter, less than the $7.7 billion it used in the third quarter. The […]
Upscale Broad Ripple restaurant L’explorateur, which prides itself on an avant-garde menu built around locally grown food, is closing Saturday. Owner Neal Brown, who opened the restaurant in May 2006, informed customers of his decision this week on his blog. Plans for a downtown location are still in the works, however. Brown could not be […]
Starbucks Corp. plans to slash 6,700 more jobs during a new round of store closures and other cuts, the company said yesterday as it reported that its profit dropped by more than two-thirds in its fiscal first quarter. The gourmet coffee chain plans to close 300 underperforming stores around the world – including 200 in […]
So many people in Evansville are dealing with power outages that the Indiana National Guard has been called in. Vectren Energy reports about 65,000 southern Indiana customers are without power. Hoosier National Guard soldiers are helping first responders take people to warming centers. Fox 59 will have more at 10 p.m.
Even after Eli Lilly and Co. wiped out its 2008 profit to buy ImClone Systems, CEO John Lechleiter said his company still has plenty of powder for more purchases. But Lechleiter said he has no plans to do a mega-deal on par with Pfizer Inc.’s acquisition of Wyeth, announced this week. Instead, Lechleiter wants to […]
Rahal Letterman Racing has pulled out of the 2009 IndyCar Series because it cannot find a sponsor to support its program. RLR becomes the latest racing team to be affected by the reeling economy. The team won the Indianapolis 500 with Buddy Rice in 2004 and brought Danica Patrick to the IndyCar Series. “At this […]
Despite today’s announcement that Rahal Letterman Racing—the team that gave Danica Patrick her start—is leaving the Indy Racing League, series officials are still “bullish” on next season.
“Bobby Rahal and Dave Letterman have been good…
At the tail end of an IBJ piece I wrote last week on Xscape, the amusement center at Lafayette Square Mall, I lamented the absence of pinball machines at the facility.
Growing up in the boardwalk town of Wildwood, NJ,…
Orthopedic implant maker Zimmer Holdings Inc. today said its fourth-quarter profit dropped 37 percent due to slowing sales and the cost of buying Abbott Spine. Warsaw-based Zimmer said its profit decreased to $167.5 million, or 75 cents per share, from $263.8 million, or $1.12 per share, in the prior-year period. Revenue fell 4 percent to […]
Indianapolis-based Duke Realty Corp. exceeded analysts’ expectations in the fourth quarter, generating funds from operations of 69 cents per share – more than a nickel better than the consensus estimate. Funds from operations is a common measure of financial performance for real estate investment trusts like Duke. Excluding one-time items, funds from operations were 71 […]
Eli Lilly and Co. posted a $3.6 billion fourth-quarter loss because of its $6.5 billion acquisition of New York-based ImClone Systems Inc. Not counting that deal, however, Lilly’s profits beat the expectations of Wall Street analysts by two cents per share. Indianapolis-based Lilly earned $1.07 per share excluding the ImClone purchase. Analysts were expecting $1.05 […]
One locally owned retailer aiming for a New York City vibe is closing and another is opening along Mass Ave downtown. The boutique shop Tantrum, which opened…
Greenwood officials are putting plans to build a new city hall on hold until they know whether the city will add an unincorporated area with about 40,000 residents. The Johnson County community just south of Indianapolis currently has about 47,000 residents. Greenwood Mayor Charles Henderson told the Daily Journal of Franklin that city leaders don’t […]
Marion County‘s Capital Improvement Board may be preparing to swallow an extra $15 million in expenses to keep the Indiana Pacers in town, but one sports business expert said the aid shouldn’t come without conditions. “They have to demand something in return from the Pacers, either more community involvement or some measures from management to […]
Until now, Mayor Greg Ballard hasn’t weighed in on the topic of financially assisting the Indiana Pacers. When last asked by the IBJ in late December, Ballard offered the following response.
“[The Pacers] haven’t…
WellPoint shares surged after it reported fourth-quarter earnings that were battered by investment losses and job cuts. Shares of the Indianapolis-based health insurer closed at $44.50 today, up more than 4 percent on the day. The broader markets also rose on President Barack Obama’s plan to create a so-called “bad bank” to remove toxic mortgage assets […]
Two more Indiana employers filed closing notices with the state Department of Workforce Development last week, disclosing plans to eliminate another 167 jobs. International Paper Co. said it will close its industrial packaging plant in Hartford City, north of Muncie, laying off 99 workers beginning March 26. The Memphis, Tenn.-based company also has operations in […]
The winter storm that walloped central Indiana this week isn’t just causing problems here. It also is dropping snow and freezing rain from Texas to New England. State road crews are fighting to keep up with slippery roads, while emergency workers clear up accidents. The storm is being blamed for at least 19 deaths across […]
WellPoint shares surged after it reported fourth-quarter earnings that were battered by investment losses and job cuts.Shares of the Indianapolis-based health insurer rose 4.3 percent in the first hour of trading, faster than the broader markets, which climbed on President Barack Obama’s plan to create a so-called “bad bank” to remove toxic mortgage assets from […]
A Philadelphia man shot with a gun owned by Colts wide receiver Marvin Harrison is headed to trial. Dwight Dixon is accused of lying to police. Dixon initially told police he was shot during a robbery, but later accused Harrison of shooting him on April 28. Three weeks ago, Philadelphia’s district attorney announced it was […]
