Massive merger of pawn operators includes 18 Indy locations
The No. 1 player in the U.S. pawn shop market has agreed to buy the No. 3 firm for about $994 million in stock as a regulatory crackdown reshapes the non-bank lending industry.
Bloomberg News and IBJ Staff
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Long-struggling surfwear chain nearing bankruptcy
Pacific Sunwear of California Inc., which operates 11 stores in Indiana and three in the Indianapolis area, is preparing to file for bankruptcy, according to people with knowledge of the situation.
Republic, Delta settle lawsuit, strike deal to continue flights
Delta Air Lines Inc. had accused Indianapolis-based Republic Airways Holdings Inc. of failing to operate a full schedule of flights for a Delta regional carrier.
Indiana probing JPMorgan’s church trust practices, sources say
Indiana securities regulators are investigating how JPMorgan handled investments inside trusts that benefited churches in the state, Bloomberg News reported. The inquiry follows a lawsuit filed in 2014 by Christ Church Cathedral, which alleged the bank mismanaged trusts endowed by Eli Lilly Jr.
Tim Hortons targets Indianapolis as part of expansion plan
Coffee and doughnut chain Tim Hortons, a cult favorite in its Canadian homeland, is counting on Indianapolis as it makes a bigger push into the United States.
Anthem merger partner banned from Medicare sales for ‘widespread failures’
Cigna Corp., which has agreed to a $48 billion merger with Indianapolis-based Anthem Inc., has committed systemic violations that threatened patients’ health, U.S. regulators say.
Wal-Mart to close 269 stores amid increasing competition
Of the 154 stores being closed in the U.S., 102 will be in its Walmart Express category, which has been in a pilot program since 2011. About 10,000 U.S. employees will be affected.
With cheap gas, America’s big MPG goals in trouble
In private meetings late last year, U.S. regulators and automakers staked out preliminary—and opposing—positions in a debate about the companies’ ability to boost fuel economy 50 percent to 54.5 miles per gallon by 2025. The manufacturers’ message was simple: Improvements to gasoline engines, including direct-injection and turbocharging, clearly won’t be enough to reach the target […]
Home-rental companies to tie knot in $1.5B deal
The second-biggest market for American Homes 4 Rent and American Residential Properties will be the Indianapolis area, where the companies own more than 3,000 single-family rental houses.
UPDATE: Cummins plans 2,000 job cuts after disappointing quarter
The Columbus-based engine maker said it would lay off about 500 people in Indiana. Shares fell nearly 10 percent Tuesday after third-quarter profit trailed analyst estimates and the company reduced its annual sales forecast due to weakening demand for its heavy-duty engines.
Senior health care firm operator Trilogy sold in $1.2B deal
Trilogy Health Services LLC, which operates more than 70 senior-living facilities in Indiana, is being acquired. The company has at least 14 properties in central Indiana, including two in Indianapolis.
Google rolls out next-day delivery service in Indianapolis
Google Express users can shop online from a number of national retailers and get delivery the next day. Stores include Costco, Toys R Us, Fry’s Electronics, Kohl’s, Walgreens, Staples, Barnes & Noble, PetSmart, Ulta and others.
JPMorgan Chase settles suit over Christ Church trust accounts
The Monument Circle church suffered a setback in May after a judge threw out most of the case against the banking giant but give it a chance to refile most of its claims.
Three charged with using inside information about ExactTarget
A former JPMorgan Chase & Co. analyst has been charged with leaking insider information to his friends, including a tip about Salesforce.com’s $2.5 billion acquisition of Indianapolis-based ExactTarget Inc. in June 2013.
Bird flu pushes egg prices to record highs, USDA says
Average prices for Grade A large eggs delivered to the store in the Midwest hit a range of $2.73 to $2.81 per dozen, the USDA said in the report released Wednesday.
Cummins’ shares jump on strong quarterly performance
Shares in Cummins Inc. had their biggest intraday rise in nine months Tuesday morning after the Columbus-based maker of heavy-duty engines reported second-quarter profit and revenue that beat analyst estimates.
Reports: Blockbuster Anthem-Cigna deal for $48B imminent
Reports by the Wall Street Journal, Bloomberg News and Reuters said Indianapolis-based Anthem has offered $48 billion for Cigna Corp.—which would be the largest merger in health insurance history.
Lilly posts lackluster profit but boosts full-year forecast
Eli Lilly and Co.’s profits plunged 18 percent in the second-quarter but still easily beat the lowered expectations of Wall Street analysts.
Alzheimer’s trials offer little certainty for investors, patients
Shares of Eli Lilly and Co. stagnated in Wednesday morning trading as investors and patients wished that the effects of solanezumab were more pronounced. Rival Biogen offered muddy results from its own Alzheimer’s drug.
BorgWarner to acquire Remy International for $950M
Auburn Hills, Michigan-based BorgWarner Inc. announced plans Monday to buy Pendleton-based auto parts maker Remy International Inc.—the 12th largest public company in the Indianapolis area and the 25th largest in Indiana.