Kite Realty Group Trust has joined local peers Duke Realty Corp. and Lauth Group Inc. in laying off employees as it copes
with dried-up credit and a soft retail market.
The millions of dollars they plunked down to buy stock in local companies over the past two years have shriveled in value,
leaving them way, way below break-even.
investors looking at business valuations likely will conclude there are companies selling at
prices less than their intrinsic values.
The unprecedented plunge on Wall Street the last three months has spurred a couple of dozen executives and directors at Indiana
public companies to scoop up shares in their own companies.
The Steak n Shake Co. has dropped plans to build 20 new restaurants, is cutting overhead expenses by about $20 million,
and closed 14 locations. The Indianapolis-based restaurant chain found $16 million in tax savings dating
back to 2006 and is working on a new, simple menu built around burgers, fries and milkshakes–all part of
a turnaround plan orchestrated by the chain’s new CEO, Sardar Biglari.
For more than two years, Smulyan, 61, has been unflaggingly optimistic during quarterly conference calls. But since early 2007, Emmis’ stock has fallen 84 percent, shrinking the company’s stock market value from $307 million to $48 million. The troubles have cast uncertainty over one of Indianapolis’ highest-profile businesses.
Interactive Intelligence Inc. is enduring a serious stock slump. Its battered shares are trading around $10, about $20
off their 52-week peak. Yet CEO Don Brown remains so bullish on the software maker that he’s authorized a $10 million stock
Most public companies say they tie executive compensation to performance, but an IBJ review of pay data from 65 Indiana-based
firms shows otherwise. Last year, more than two-thirds of Indiana-based public companies saw their share prices decline, yet
many continued to award eye-popping compensation to their executives.
Angela Braly, Wayne DeVeydt and the rest of the top brass at WellPoint Inc. face wrath over the company’s recent stock swoon
from a new group: ex-employees. Four former WellPoint workers have filed lawsuits against the Indianapolis-based health insurance
giant over the losses its 401(k) retirement plan suffered in March when the company slashed its profit forecast for the year.
The Indianapolis Indians are rewarding stockholders in the franchise following a season in which revenue and profit grew,
thanks to significant increases in ticket, concession and merchandise sales. The higher profit fueled a 75-percent dividend
increase this year and an increase of more than $6,500 in the franchise’s standing offer to repurchase shares.
The July 21 announcement by Lilly Endowment Inc. that it will reduce its holdings in Eli Lilly and Co. by $2 billion will have enormous repercussions. It’s meant to decrease volatility in the endowment’s assets, but it also erodes one of Lilly’s key antitakeover provisions.