Sputtering public firms scoop up small-biz PPP loans
Eight Indiana-based public companies have disclosed that they qualified for more than $61 million in relief loans from a federal program designed to help small businesses.
Public Companies
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Finance vets angle for control of Protective Insurance
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.
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Allison Transmission sees first-quarter profit, revenue decline
The Indianapolis-based manufacturer took a blow in the first quarter due to the pandemic, but still turned in results that exceeded analyst expectations.
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Kite Realty Group sells off 14 properties for $415 million
The divestitures are part of what the company calls Project Focus, a previously-announced project to sell off non-core assets and pay down debt.
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Articles
Under pressure, Calumet returns $31.4M in federal COVID-19 relief loans
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Allegion announces $30M in cost-cutting actions at non-U.S. locations
Ireland-based Allegion said it will take actions to streamline its business and cut costs. The company’s North American headquarters is in Carmel.
Executives without answers try to salve jittery investors
Many of Indiana’s 54 public companies have withdrawn their earnings guidance for the year, even as executives emphasize their belief that they are positioned well for the long term.
New public media company draws on savvy of hedge fund manager
Industry veteran Jeff Smulyan is pairing with a low-profile New York hedge fund manager once described as “the most important, least known man in TV.”
IAC considers giving up control of ANGI Homeservices, Match Group
Shares of ANGI Homeservices Inc., the parent of Indianapolis-based Angie’s List, fell as much as 30 percent Thursday after the company’s quarterly results missed Wall Street expectations.
Indiana stocks rocket higher to open year
More than two dozen of the state’s 51 public companies posting double-digit percentage gains in the first quarter.
Carmel-based CNO says new CFO will work in Chicago
The insurance company’s executive team is split between three cities that house its major brands. Chicago-bound CFO Paul McDonough will replace Erik Helding, who was based in Carmel.
Kite Realty to unload up to $500M in properties
The Indianapolis-based retail real estate firm hopes to pay down debt, improve the quality of its assets and focus on preferred markets. Its shares fell on Wednesday after it revealed the plan and underwhelming quarterly results.
Activist investor cuts DowDuPont expectations ahead of split into three companies
One of the three breakaway companies—ag division Corteva—has significant operations in Indianapolis. Corteva will be separately traded starting June 1.
Lilly shares dip due to drug failure, lowered forecast
The Indianapolis-based pharmaceutical giant on Wednesday tempered expectations for its earnings in 2019 after a promising cancer drug failed to pan out and the firm prepared for big acquisition.
Lilly execs: $8B acquisition feeds into cancer drug strategy
Drug industry analysts on Monday applauded Eli Lilly and Co.’s pending $8 billion cash deal to buy a startup that focuses on oncology, which has become a prime focus for the pharma giant in the last year.
FedEx to offer buyouts to U.S. employees as part of cost-cutting plans
The Memphis, Tennessee-based company did not say how many positions it wants to eliminate or from what locations. But its Indianapolis International Airport hub is part of the Express division that will be targeted for the buyouts.
Jim Rogers, former CEO of Duke and PSI Indiana, dies at 71
Rogers’ path to building the nation’s largest electric utility began in 1988, when he took over struggling PSI Energy in Indiana.
Carmel-based Orbis Education to be acquired for $362.5M by public company
Orbis was founded in 2003 by Daniel Briggs, who now serves as the company’s chief growth officer. The firm markets and manages health care programs for academic institutions and health care systems.
Carmel-based Merchants Bancorp to acquire Florida-based lender
NattyMac, which was established in 2004, has a historical connection with Indianapolis and was sold to its current owner in 2017 for $211 million.
Infosys kicks off huge construction project, brings in clients for show and tell
Local dignitaries and regional clients were expected to be on hand as India-based tech giant Infosys kicked-off construction of its $245 million educational campus. The first phase is scheduled to be done by the end of 2020.
Endocyte’s $2.1B deal with Novartis comes after years of setbacks
The West Lafayette biotech firm’s stock traded as low as $1.41 last fall, following multiple setbacks and restructurings. But the stock had soared to $24 Thursday morning after news that it would be acquired by Novartis.
Novartis to acquire West Lafayette-based Endocyte for $2.1B
The deal represents a huge breakthrough for tiny Endocyte, which has about 90 employees in Indiana but has not yet launched a single product.
Calumet Specialty’s new CEO giving it second lease on life
Calumet shares now trade around $6.65, nearly double their October 2016 low but way down from October 2015, when they fetched around $27.