Intuit Seeks New Blood; Adaptec, ADI to Join S&P 500; After-Hours Trading Update

Plus, AMG reports $720 million in outflows from equity mutual funds in the week ended Wednesday.
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Personal finance software maker

Intuit

(INTU) - Get Report

said CEO Bill Harris resigned after he and the board decided the company needed a more seasoned manager to take the helm as its revenue edges up towards $1 billion. Investors, who have watched shares of Intuit double since Harris became CEO in 1998, frowned on the news, sending the stock down 4 1/16 to 96 1/2 in after-hours trading, according to

Reuters

.

Harris joined the company in 1993 as executive vice president for its tax business, and was put in charge of Internet strategy and business development in 1996. During the past six months, 20% of Intuit's revenues have come from the Internet, where the company hopes to become a one-stop shop for online financial services. "This is a good time for the company to search for someone who has deep experience running large companies," Harris told

Reuters

.

TheStreet.com

covered Harris' departure in a

story Thursday evening.

Standard & Poor's

announced further changes to the

S&P 500

index.

Adaptec

(ADPT) - Get Report

will replace

Fruit of the Loom

(FTL)

after trading closes on Sept. 30. Fruit of the Loom is getting the boot for "lack of representation," according to

Reuters

.

Analog Devices

(ADI) - Get Report

will replace

Ameritech

(AIT) - Get Report

, due to its acquisition by

SBC Communications

(SBC)

.

Outflows from equity funds totaled $720 million for the week ended Wednesday, according to

AMG Data Services

, with the bulk of the drop coming from small-cap growth funds. Strong inflows continue to large-cap equity index and technology funds, while international funds report outflows from all emerging and developed regions. Taxable bond outflows totaled $328 million, with 80% coming from high yield bond funds.

After-Hours Markets

As the sun set on a bloody day littered with fallen tech stocks, investors crept to their keyboards, putting life back into the struggling sector. Tonight, the dead walk again, rising from the red into the green. Both

Island ECN

and

Market XT

were packed with Internet providers, Web portals and boxmakers, most of which were posting gains.

eBay

(EBAY) - Get Report

and

Yahoo!

(YHOO)

rang in point-plus gains on Island, while

America Online

(AOL)

topped Market XT, trading higher on 1,650 shares.

If you've got more than a minute,

David Shabelman

covered today's tech fallout in

Nothing But Net. For the larger market perspective and insight into the

Nasdaq Composite Index's

fourth-worst point drop,

Brian Louis

scribed the

Market Roundup.

Island ECN, owned by Datek Online Holdings, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15, Island offered trading from 8 a.m. to 5:15 p.m. EDT

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Discover Brokerage and Mellon Bank's (MEL) Dreyfus Brokerage Services. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 6 p.m. to 8 p.m. EDT Monday through Thursday.

TheStreet.com

updates the most active issues on both MarketXT and Island ECN in Got a Minute? and in the Evening Update.

TSC

also reports how MarketXT's three most active Nasdaq-listed issues finished the Island ECN session

.

--

Eric Gillin

In other postclose news (earnings estimates from

First Call/Thomson Financial

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

Earnings/revenue reports and previews

Arrow International

(ARRO)

posted fourth-quarter earnings before items of 50 cents a share, in line with the five-analyst estimate, and up from the year-ago 43 cents which also excludes charges.

Delhaize America

(DZA)

posted third-quarter earnings of 47 cents a share, better than both the 12-analyst estimate and the year-ago 45 cents.

Darden Restaurants

(DRI) - Get Report

posted first-quarter earnings of 35 cents a share, beating the 13-analyst estimate of 31 cents and the year-ago 24 cents.

Drew Industries

(DW)

said it doesn't expect to meet third and fourth-quarter analyst estimates based on July and August results and trends in the manufactured housing industry.

Goodyear Tire & Rubber

(GT) - Get Report

said third-quarter earnings could come in slightly above or below analyst estimates, and would reflect workforce reductions. The stock fell on Tuesday after

J.P. Morgan

reduced its third-quarter earnings to 40 cents a share from 55 cents, and cut its rating to market performer from long-term buy. Goodyear said it expects earnings of 50 cents to 56 cents a share in the third quarter. The current seven-analyst estimate is for 51 cents a share.

National Data

(NDC)

posted first-quarter pro-forma earnings of 59 cents a share, better than the 10-analyst estimate of 54 cents, and up from a year-ago 47 cents a share.

Prime Hospitality

(PDQ)

said it expects third-quarter profits to fall about 2 cents below its prior estimate of 30 cents due to the impact of Hurricane Floyd.

Union Carbide

(UK)

said it expects third-quarter earnings to be hurt by higher prices for raw materials.

Watsco

(WSO) - Get Report

said it expects to miss third-quarter estimates of 44 cents a share, by about 5 cents due to volatile weather conditions and lower demand for air conditioning.

Mergers, acquisitions and joint ventures

Asarco

(AR) - Get Report

said its board of directors would meet this week to consider a revised $1 billion bid from rival

Phelps Dodge

(PD) - Get Report

.

Engage Technologies

(ENGA)

agreed to buy advertising tracker

Adknowledge

for $193 million in stock.

Kroll-O'Gara

(KROG)

said it is exploring strategic alternatives and has received proposals ranging from a sale of the company to a significant equity investment.

Whole Foods Market

(WFMI)

bought a $3.6 million, or 16.4% stake in

Real Goods Trading

(RGTC)

. The companies have formed an alliance covering Internet and retail initiatives.

Offerings and stock actions

Technology stocks continue to tear up the IPO landscape this week. Four more issues were priced and set to go after the market closed.

Alteon WebSystems'

(ATON)

4 million-share offering was priced top range at $19 a share, with

Lehman Brothers

as the lead underwriter.

Deutsche Banc Alex. Brown

priced 4 million shares of

Bluestone Software

(BLSW)

were priced top range at $15.

Goldman Sachs

priced 10 million shares of

NetZero

(NZRO)

at $16 a share, after the range was upped to $14 to $16 from $9 to $11 a share. The company offers free Internet and email access.

Webstakes.com's

(IWIN)

3.6 million-share IPO was priced at $14 a share by lead underwriter

Bear Stearns

, within the estimated $13 to $15 range.

Keynote Systems

, which provides performance measurement for e-commerce companies, raised the estimated price range of its IPO to $12 to $14 a share, from $10 to $ 12 a share.

Manulife Financial

(MSC) - Get Report

was priced at $12.20 by lead underwriters

Credit Suisse First Boston

and

Merrill Lynch

.

Florida Banks

(FLBK)

authorized a stock repurchase program for up to 10% of its 5.8 million outstanding common shares.

Ralston Purina

(RAL)

approved the repurchase of up to 8 million common shares. The company said it had about 312 million shares outstanding on average in the third quarter.

Miscellany

Sames

(BIN)

agreed to pay

Illinois Tool Works

(ITW) - Get Report

about $6.1 million to settle a dispute over the purchase of a product line by Illinois Tool.