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BEHIND THE NEWS: Now it’s time for Hhgregg to prove itself-again

Hhgregg Inc. has been around for 52 years. Forget about all that. To Wall Street, the company is an upstart that’s yet to prove itself. Such is the reality for the Indianapolis-based retailer of consumer electronics and appliances, which staged its initial public offering July 19. It raised $48 million by selling shares at $13 apiece. Three institutional investors collected another $74 million by scaling back their holdings. Now, Hhgregg’s considerable accomplishments-including more than $1 billion in annual sales and…

Housing advocate seeing upswing: Mortgage market woes boost INHP participation

Al Smith of Chase Bank doesn’t know Patricia Wells, but he is glad he was able to help the Indianapolis mother of five, if only indirectly. Wells closed on the purchase of a house on East Washington Street three months ago, thanks in no small part to two programs of the Indianapolis Neighborhood Housing Partnership, a two-decade-old not-for-profit that has helped hundreds of families realize the American Dream of homeownership. “I’m a single mother with five kids and I didn’t…

A&E: Indianapolis public art made easy

The guitar player slumping over White River State Park and the atfirst-fun-but-now-getting-annoying electronic pedestrians downtown will both be leaving Indy Sept. 1, ending the run of the “Julian Opie: Signs” exhibition. What will be the lingering effects of such a high-profile show? Perhaps one effect will be an increased likelihood that we will notice the public art that is already here, permanently. To that end, I’d like to point you to publicartindianapolis.com, a new Web site that will, in turn,…

VOICES FROM THE INDUSTRY: When it comes to investing, women shouldn’t shy away

As a female neurologist and financial advisor, I’ve learned that women have just the right mix of caution, willingness to learn, intuition and appreciation of their overall life goals to invest money well. The puzzling thing is, that in spite of these innate abilities, women often feel uncomfortable about investing their hard-earned cash themselves. So, they delegate others, usually men, to the task. Then, they live with the results. The outcome is not always pretty, especially in a case of…

INVESTING: Don’t give up on stocks, despite talk of bear market

The S&P 500 on June 1 set a rally high of 1,540. Now, it sits at 1,507. That’s the longest stretch of no forward progress since last summer. So, does that mean anything? There is no shortage of professionals telling us the next bear market is upon us. And with more than a few industries not participating for a while, it might seem the bears have a valid point. Before you pull out the lifeboats, though, there are a few…

Here comes Spicy Pickle!

A Denver restaurant chain named for the pickles that come on every plate wants to open 10 locations in central Indiana. The 31-restaurant chain plans to begin construction on its first location…

Allison Transmission ends Japanese joint venture

Indianapolis-based Allison Transmission said today it has ended a decade-long agreement with Aisin Seiki Co. of Japan, which sold Allison transmissions and parts in Japan, according to Bloomberg. Allison parent General Motors Corp. announced June 28 that it had sold Allison to The Carlyle Group and Onex Corp. for $5.6 billion. The deal is expected […]

Local auto dealerships acquired by Texas firm

Indianapolis-based Royce Motors Inc., which operates three buy-here/pay-here car lots in its hometown, has been acquired by subsidiaries of Dallas-based Manchester Inc. for $5.3 million. Lot employees and executives will be retained, Manchester said. A recorded message at Royce said its home office is closed and operations would be transferred to a new facility. Earlier […]

Simon authorizes buying back $1B of its stock

Indianapolis-based Simon Property Group Inc. announced today that the company’s board has approved a buyback plan for up to $1 billion in common stock. The company said it may purchase the stock over the next two years on the open market or in negotiated transactions. Shares were up slightly on the news, to $87.87.

Beilouny buildings filling up

Beilouny Luxury Properties has lined up Tantrum, a new local clothing boutique, for its 757 Mass Ave building. The company also has been talking with several restaurants about taking an…

Plainfield industrial building acquired by California firm

A 321,627-square-foot industrial building in Plainfield Business Center at Airwest is one of nine buildings bought by California-based KBS Real Estate Investment Trust. The total portfolio sold for $124.5 million. The seller was Opus Corp., based in Minneapolis.

Seattle area still smarting over Lilly’s Icos deal

Emotions in the Seattle area are still raw months after Indianapolis-based Eli Lilly and Co. bought full ownership of Icos Corp. and promptly announced that it would wipe out most of Icos’ 700 jobs. Lilly acquired the Bothel, Wash., maker of the Cialis erectile dysfunction drug for $2.3 billion in December. The massive job loss […]

Marsh sells kitchen operation to Violi Foods

Marsh Supermarkets Inc. has sold its Butterfield Foods LLC central kitchen to Violi Foods LLC for an undisclosed price. Butterfield President Frank Violi is president and CEO of Violi Foods, which was incorporated in May and operates from Butterfield’s current location in Noblesville. Butterfield prepares salads and other deli foods sold in the grocers’ delicatessens, […]

UPDATE: Cummins stock surges after earnings report

Shares of Cummins Inc. are up 6.7 percent, to $117.2, after the Columbus diesel engine maker this morning reported strong sales across its market segments and raised its earnings outlook. A one-time tax gain in the second quarter last year resulted in profit slipping 3 percent in the second quarter this year, to $214 million. […]

Stocks plunge on earnings report, financing costs

Lower-than-expected earnings at Exxon Mobil Corp. and ongoing questions about debt defaults and a slowing in the takeover frenzy combined to clobber stocks this morning. The Dow Jones industrial average fell 243.8 points, to 13,541.3, and the Standard & Poor’s index was down nearly 32, to 1,486.2. Exxon reported that production fell, and homebuilders including […]

Broad Ripple developer lands Fortune 500 firm at Crane

Broad Ripple developer Westgate @ Crane Development Co. has broken ground on a technology building in a fledgling industrial park near Naval Surface Warfare Center at Crane in southwest Indiana. The 37,800-square-foot facility will be occupied by Science Applications International Corp., a Fortune 500 company that is one of the largest civilian contractors at Crane, […]

Cummins profit dips, but sales remain strong

A one-time tax consideration caused Cummins Inc.’s profit to slip 3 percent in the second quarter, but net income was still a robust $214 million, and quarterly revenue set a record, the Columbus diesel engine maker reported today. The income was generated by $3.3 billion in revenue, an increase of 18 percent over last year’s […]

Five Guys has big Indy plans

Five Guys Famous Burgers and Fries has filed plans for a new restaurant near Greenwood and is looking for 10 more locations in Marion County. The chain also is preparing to open…

Profit, revenue up for ITT

ITT Educational Services Inc. reported second-quarter profit of $35.9 million, up 49 percent from the year-ago period. Revenue in the three months ended June 30 increased 16.9 percent, to $217 million. New student enrollment rose 11 percent, to 48,873. Carmel-based ITT attributed the quarter’s gains to improved student retention and strong controls on operating costs.