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Stock in Cummins Inc. shot up as much as 24.7 percent this morning following a positive first-quarter earnings report. At noon, the shares had settled retreated from a peak of $107 to near $100—still a huge run-up compared to yesterday’s closing price of $85.99.. The Columbus, Ind., diesel engine maker said profit rose 5.9 percent, […]

Chicago south-siders are riled that the discounts they enjoy driving the Indiana Toll Road are scheduled to vanish in June, while discounts Indiana residents receive for driving on the Illinois leg of the highway will continue. The General Assembly last year gave holders of Indiana’s I-Zoom passes a 40-percent discount until 2016 when it approved […]

Pernod Ricard USA, the French owner of a 150-year-old distillery and bottling plant in the southeast Indiana city of Lawrenceburg, has notified the state that it will lay off 405 workers by June 26. Details were not immediately available. Dearborn County Commissioner Jeff Hughes said he had not heard about the layoff. The plant distills […]

Alliance for Cooperative Energy Services announced today that it will add 25 jobs to the 113 employed at its Carmel headquarters and spend $4 million to update equipment. Fifteen electric power cooperatives own the wholesale energy risk management and transaction executive firm, which was founded in 1999. The state is giving ACES up to $188,000 […]

First-quarter profit fell nearly 8 percent, to $113 million, for Indianapolis-based Simon Property Group because it no longer derives income from Mall of America, the Minnesota location it sold last year. However, funds from operations, a common measure of real estate investment trusts like Simon, increased 9.3 percent to $392.4 million.

Columbus diesel engine maker Cummins Inc. today reported a 5.9-percent increase in first-quarter profit from the same period a year ago. The $143 million in net income was driven mostly by its electrical power generation and distribution business. Sales of engines for heavy trucks declined due to trucking firms’ stocking up on trucks before new […]

Too many academic programs with too few students are diluting Indiana State University resources, its trustees believe. So, the board is following through on a plan to cut the number of programs to about 150 from the current 214, according to The Tribune-Star of Terre Haute. A review found that half of the programs attract […]

About 15 of the 44 employees at Pearson McMahon Fletcher England will lose jobs by the end of June due to a decision by the Indianapolis advertising firm not to pursue a renewal of its long-time HH Gregg account. Included in the 15 are Executive Vice President Larry Fletcher and Chief Financial Officer Terri Brown, […]

Indiana led the Midwest in venture capital received by health care startups in the first quarter, according to BioEnterprise, a Cleveland group that helps bioscience companies. Four Indiana health care companies lured $94.5 million in the period. Targanta Therapeutics Corp., an Indianapolis company developing antibacterial agents, raised $70 million of the sum. Following Indiana was […]

A long-expected announcement that IBM will locate a call center in Daleville is being scheduled for Monday. The building, formerly owned by Burlington Motor Carriers, will host as many as 500 workers, according to The Star Press of Muncie. The center is thought to handle calls from IBM business customers.

Harman International Industries Inc. has agreed to be acquired by two private equity firms for about $8 billion. Harman/Becker Automotive Systems, a car audio manufacturing unit of the Washington D.C.-based company, is located in Martinsville, where it employs about 500. The plant in February said it would cut about 84 jobs because it is moving […]

Stock in ITT Educational Services Inc. shot up 8.4 percent this morning, to $91.80 a share, after reporting today that first-quarter profit rose 35 percent. The $27.6 million in net income came on a nearly 16-percent increase in revenue, to $204.2 million. The Carmel technology-oriented post-secondary school attributed the gains partly to improved student retention.

Elevating Jim Cornelius from interim to permanent CEO of Bristol-Myers Squibb Co.  makes the drug giant more expensive for another company to buy, an analyst told Bloomberg. Michael Krensavage of Raymond James & Associates said this morning’s announcement won’t stop speculation that the New York company could be a takeover target. But Cornelius now is […]

Drug giant Bristol-Myers Squibb Co. has elevated former Guidant Corp. chairman and CEO Jim Cornelius to permanent CEO. The 63-year-old Zionsville businessman had served as interim CEO of the New York company the past eight months. He has been a Bristol-Myers director since January 2005. Bristol-Myers fired CEO Peter Dolan in September after the company […]

ITT Educational Services Inc. posted first-quarter profit of $27.6 million, up nearly 35 percent over the year-ago period. Revenue increased almost 16 percent in the quarter ended March 31 to $204.2 million. Both figures were driven partly by improved student retention. The Carmel technology-oriented post-secondary school also saw a 13-percent increase in new student enrollment.