Allison Transmission turns quarterly profit despite 49% decline in revenue
Allison Transmission Holdings Inc. on Tuesday reported second-quarter earnings that surpassed Wall Street expectations but revenue that fell short.
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Performance Racing Industry hoping to hold December trade show
More than 940 exhibitors have already registered for the event, which could bring upwards of 67,000 people to the Indiana Convention Center and generate an economic impact of $65.2 million. But county health officials haven’t yet approved the event.
Ambrose plans $75M redevelopment of former Navistar plant property
Ambrose acquired the 90-acre property at 5655 S. Brookville Road in mid-July for $8.2 million—more than five years after Illinois-based Navistar International Corp. shuttered its foundry operations there.
Lilly to start testing experimental treatment for COVID-19 in nursing homes
The Indianapolis-based drugmaker said it will enroll about 2,400 residents and staff of nursing homes to test an antibody it is developing with a Canadian biotech. Nursing homes account for about 40% of U.S. deaths from COVID-19.
Pacers organization terminates dozens of employees in cost-cutting move
Pacers Sports & Entertainment, which owns and manages the Indiana Pacers and Indiana Fever, has cut about 16% of its full-time workforce in response to financial losses during the pandemic, a spokesman told IBJ.
Kite Realty Group bets big on hotel, even as other projects wither
A third of planned downtown hotel rooms announced before the pandemic are now on hold.
Eldorado Resorts has shaky record of horse-track management
To say Indiana’s horse racing industry had concerns about Eldorado Resorts Inc. taking over the state’s two horse-racing casinos would be putting it mildly.
Market Wagon looks to expand produce-delivery service nationwide
The 4-year-old company uses proprietary software and legions of small farmers and gig drivers to create an Amazon-like system that delivers fresh produce, meats, dairy products and other local food.
Amazon’s virus stumbles have been boon for Walmart, Target
Former and current Amazon executives who spoke on the condition of anonymity because they weren’t authorized to speak publicly say no company could fully prepare for the crush of orders stemming from a global pandemic.
IPS board delays return to classrooms until at least October
IPS struggled with the shift to remote instruction in March, but officials said they were taking steps to mitigate problems this time around.
New York-based Simplifeye moving HQ to Carmel, hiring 75
Dr. Ryan Hungate, a Kokomo native who founded the medical-practice software firm in 2014, said he plans to spend up to $10 million to shift a majority of the company’s operations to Carmel.
Councilors debate future of Blue Indy assets, reject proposal to waive buying option
A City-County Council committee this week killed a proposal requesting the mayor and his administration waive the city’s option to purchase Blue Indy’s charging stations and kiosks.
Insurer Anthem’s profit swells, helped by drop in claims
Anthem Inc.’s second-quarter profit doubled on a year-over-year basis as a pandemic-induced drop in claims and a new business pushed the Blue Cross-Blue Shield insurer’s earnings past expectations.
Lilly gets closer to first blood test for Alzheimer’s disease
An experimental blood test from Indianapolis-based Eli Lilly and Co. was highly accurate at distinguishing people with Alzheimer’s disease from those without it in several studies, boosting hopes that there soon may be a simple way to help diagnose the condition.
Noblesville approves $14M bond package for Village at Federal Hill project
The $32 million plan includes 160 apartments, more than 400 parking spaces, and 30,000 square feet of commercial space for retail or office uses.
Cummins exceeds expectations despite historic drop in quarterly revenue
Cummins said it expects sales to improve in the third quarter, although the pandemic continues to create considerable uncertainty.
Owner of vacant Anthem building on Circle now open to multiple tenants
The owner of the 213,600-square-foot office building had hoped to sign a single user for the high-profile property, but its strategy has become more flexible in the year and a half it has remained empty.
City, Kite reach deal for $550M Pan Am Plaza project—with up to 2-year delay
The city will not subsidize construction of Kite’s two hotels on the site but will ask the City-County Council to authorize a $150 million bond to finance an addition to the Indiana Convention Center.
IU researcher’s latest biotech startup raises $34.6M
Carmel-based MBX Biosciences Inc., co-founded by serial entrepreneur Richard DiMarchi, aims to develop therapeutics to treat rare endocrine disorders.
Indianapolis Symphony Orchestra cancels indoor season due to pandemic, ‘economic pressures’
A joint statement from the symphony’s management and musicians said they were working together to try to provide health insurance for furloughed orchestra members.