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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. […]
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 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, […]
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 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…
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.
Strong demand in Latin America for pesticides and other Dow AgroSciences products caused profit for the Indianapolis-based agricultural arm of Dow Chemical Co. Inc. to spurt 29 percent in the second quarter. Much of the $208 million in earnings was driven by Brazilian soybean and corn growers as well as by sugar cane farmers who […]
Indianapolis Monthly publisher Emmis Communications Inc. has bought Orange Coast Kommunications Inc., which publishes Orange Coast magazine in Orange County, Calif., for undisclosed terms. Orange Coast has 26 full- and part-time employees and has a circulation of about 60,000, Emmis announced yesterday. Orange County is a wealthy enclave south of Los Angeles. Former owner Ruth […]
The correction underway in the Indianapolis housing market will linger until mid- to late 2008, according to an assessment released today by Metrostudy, a Houston research company with an office in Indianapolis. The study, Metrostudy’s first in Indianapolis, found an oversupply of houses and construction starts in the second quarter. The region in the second […]
Celadon Group Inc. profit fell 20 percent, to $5.1 million, in the fourth quarter, the Indianapolis long-haul trucking firm reported today. Revenue for the quarter ended June 30 rose 4 percent to $131.7 million. For the fiscal year, profit increased 9 percent, to $22.3 million. Even though the trucking business often reflects changes in the […]
Shelbyville’s planning commission has set on a back burner plans by a nearby developer to build a Rally’s hamburger restaurant close to Interstate 74. The problem, according to The Shelbyville News, is that the black Rally’s sign violates a city code banning the color on building exteriors. An attorney for developer 3 Bees Management Inc., […]
The estate of Indianapolis physician Frances T. Brown has given matching gifts of $1.4 million each to the Indianapolis Zoo and Children’s Museum of Indianapolis. The Children’s Museum donation will support its upcoming Global Perspectives exhibit. The gift to the zoo will go to the Roy Shea Fund, which finances pressing capital needs. The female […]
H. Douglas Williams, the Perry Township School superintendent who accepted a buyout early this month in a high-profile clash with the board, has joined The Mind Trust, a downtown not-for-profit that supports entrepreneurs in the field of education. Williams, who started July 23, will develop alternatives to traditional high schools in an effort to curb […]
Investors whacked WellPoint Inc. stock this morning after the Indianapolis-based health insurer tamped down expectations for customer growth. WellPoint said in its second-quarter earnings report that it lost 108,000 customers in the three months ended June 30 and now expects to add 400,000 fewer customers than it predicted in April. Its shares dropped more than […]
By popular demand, here’s the other rendering of West Merrill Tower. You can also see it here. This is the side of the building that would face downtown:
An auto parts plant in Morocco in northwest Indiana is being closed by its Palatine, Ill., parent, Intec Group Inc. The work will be spread among Intec plants in Palatine, Mexico and China in order to cut costs, according to the Journal & Courier of Lafayette. The Morocco plant mainly supplied Delphi Corp., which is […]
David Boncosky has been named director of Indiana Economic Development Corp.’s life sciences initiative. Boncosky has been in the real estate industry for several years and is developing Georgetown at the Crossing-16 upscale townhouses near 86th Street and Keystone Avenue, where a Whole Foods Market is slated to go up. He begins his new duties Aug. […]
WellPoint Inc. reported today that second-quarter profit rose 11 percent, to $835.2 million, meeting analysts’ expectations of $1.35 per share. The Indianapolis-based health insurance giant also boosted its full-year profit forecast to $5.55 per share. WellPoint pushed revenue past $15 billion for the three months ended June 30, slightly below analysts’ expectations, according to a survey by Thomson […]
Marsh Supermarkets has withdrawn a request for a five-year tax abatement for renovation of the downtown O’Malia’s store. Marsh officials notified the city Tuesday, shortly after Property Lines reported on the…
OneAmerica Financial Partners, the Indianapolis-based insurance and financial services company, said today it has acquired a block of fixed annuity business from Transamerica Life Insurance Co. of Cedar Rapids, Iowa. The price was not disclosed, but the addition will boost OneAmerica’s asset base by about $700 million, pushing the total above $19 billion. The new […]
