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Disney May Buy Rest of Infoseek; WellPoint to Replace Harnischfeger in S&P 500


(DIS) - Get The Walt Disney Company Report

said it's in talks to buy the rest of



, possibly in exchange for Internet tracking stock. Disney has a 43% stake in Infoseek, whose shares climbed to 51 in after-hours trading from a regular close of 43.

WellPoint Health Networks


will replace

Harnischfeger Industries


in the

S&P 500

after the close tomorrow. Earlier today, Harnischfeger filed a voluntary petition for reorganization under Chapter 11 bankruptcy. Separately, WellPoint filed with regulators to resell 9 million shares.

Among other changes to S&P indices:

Nabisco Group Holdings

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(NGH:NYSE), which will become a new food group following the restructuring of

RJR Nabisco Holdings


, will replace RJR Nabisco in the S&P 500 June 14.

RJR Reynolds Tobacco

(RJR:NYSE) will replace



in the

S&P MidCap 400 Index


E.W. Blanch Holdings


will replace

Daniel Industries

(DAN) - Get Dana Incorporated Report

in the

S&P SmallCap 600 Index

June 15. Daniel is being bought by

Emerson Electric

(EMR) - Get Emerson Electric Company Report


Labor Ready


will replace



in the smallcap index after Friday's close. Resound is being acquired by

GN Acquisition


Westamerica Bancorp

(WABC) - Get Westamerica Bancorporation Report

will replace

Nine West


in the midcap index June 14. Nine West is being acquired by

Jones Apparel



In other postclose news (earnings estimates from

First Call

; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews


(HOV) - Get Hovnanian Enterprises Inc. Class A Report

reported second-quarter earnings of 35 cents a share, topping the four-analyst prediction for 26 cents and moving ahead of the year-ago 23 cents. The company also said it sees its full-year 1999 earnings growing around 20% to $1.35 to $1.40. Analysts are calling for $1.35.



reported a first-quarter loss of 60 cents a share vs. the year-ago loss of 53 cents. First Call didn't have estimates for the company.

Tech Data

(TECD) - Get Tech Data Corporation Report

posted first-quarter earnings of 53 cents a share, a penny ahead of the 14-analyst estimate and above the year-ago 46 cents.



said it sees second-quarter earnings of 6 cents a share due to a continuation of problems identified in the first quarter, including the transition to a new enterprise resource planning system at its Intermec Technologies subsidiary, right-sizing activities at the Cincinnati Machine division, and new product introduction issues at the German Honsberg Lamb division. The five-analyst outlook called for earnings of 14 cents vs. the year-ago 17 cents.

Mergers, acquisitions and joint ventures

Advantica Restaurant Group


said it hired

Donaldson Lufkin & Jenrette

to explore the sale of its

El Pollo Loco

quick-serve restaurants.


(ORCL) - Get Oracle Corporation Report

said it will buy

Thinking Machines'

data mining unit.

Amsted Industries

reiterated its $35-a-share cash offer for



despite the company's earlier refusal.

Offerings and stock actions

Advent Software


filed for a 1.3-million-share offering.

Goldman Sachs


BackWeb Technologies'

(BWEB:Nasdaq) 5.5-million-share IPO top-range at $12 a share. The Israeli company makes Internet software.

Johns Manville


said it will buy back $166.8 million in stock from and repay $33.2 million in debt to its majority shareholder. The company said the transaction will add 31 cents to its 1999 net earnings but that it also will result in a 4-cent charge.



filed for a 8.3-million-share offering.



Deutsche Bank

, which just completed its acquisition of

Bankers Trust

, said it might seek a U.S. stock listing this year.

A federal court ruled that


(INTC) - Get Intel Corporation Report

has no license to use


(INGR) - Get Ingredion Incorporated Report

Clipper patents.


(MSFT) - Get Microsoft Corporation Report

launched its

Office 2000

upgraded suite of desktop PC software -- designed to link traditional spreadsheet programs and word processing to the Internet -- and said it has sold 15 million licenses so far. Meanwhile, Mister Softee President Steve Ballmer said Y2K concerns would slow initial sales of Office 2000.

An advisory panel to the

Food and Drug Administration


Pharmacia & Upjohn's


chemotherapy drug


for treating patients with early-stage breast cancer. But the panel said it wasn't convinced the drug was effective enough for advanced cases of the disease.