Skip to main content

PaineWebber to Replace Bankers Trust in S&P 500



will replace

Bankers Trust


in the

S&P 500

after the closing bell June 4.

Deutsche Bank

is acquiring Bankers Trust.

Sylvan Learning Systems


, meanwhile, will take PaineWebber's spot in the

S&P MidCap 400


Outflow from U.S. equity funds for the week ended yesterday totaled $1.4 billion, with small-cap growth funds accounting for 54% of the outflow, according to

Scroll to Continue

TheStreet Recommends

AMG Data Services

. International funds reported outflow from all regions, and Europe experienced redemptions in 11 of the last 12 weeks. Among other funds, $409 million flowed out of taxable bond funds, $1.35 billion flowed out of money-market funds and $129 million flowed out of municipal bond funds.

Long Term Capital Management


John Meriwether's

allegedly new and improved hedge fund, is for sale,

The Economist

reported. LTCM, of course, was rescued from bankruptcy by a coalition of banks last September. We'll pass for now, thanks.

America Online


filed a shelf registration with the

Securities and Exchange Commission

to sell $5 billion worth of securities. The company says it will sell debt, stock, preferred stock and other securities from time to time in one or more offerings. "Big companies like to have financial flexibility to have these kinds of resources," said Internet analyst Lanny Baker of

Salomon Smith Barney

, which hasn't done recent underwriting for AOL. The company already had $2.7 billion in cash and cash equivalents at the end of its March quarter.


George Mannes

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews


(ADSK) - Get Autodesk Inc. Report

reported first-quarter earnings of 15 cents a share, 2 cents higher than the eight-analyst view but below the year-ago 56 cents.

Cable Design Technologies


posted third-quarter earnings of 31 cents a share, 4 cents above the five-analyst forecast but below the year-ago 34 cents.

Computer Associates

(CA) - Get CA, Inc. Report

recorded fourth-quarter earnings of 83 cents a share, a penny above the 24-analyst estimate and above the year-ago 75 cents.


(MDT) - Get Medtronic plc. Report

recorded fourth-quarter earnings of 41 cents a share, matching the 39-analyst estimate and moving ahead of the year-ago 38 cents.

NCI Building

(NCS) - Get Cornerstone Building Brands Inc Report

reported second-quarter earnings of 47 cents a share, beating the eight-analyst forecast for 43 cents and moving ahead of the year-ago 37 cents.



said the SEC is investigating its 1997 restatement of earnings.



announced a first-quarter loss of 33 cents a share, much wider than the three-analyst prediction of a loss of 6 cents and the year-ago loss of 8 cents.


(SBUX) - Get Starbucks Corporation Report

said its same-store sales for May rose 6%.

Mergers, acquisitions and joint ventures

As part of their previously announced merger,

First Union


said it would issue a number of its shares at $31 each in exchange for each

Everen Capital

(EVR) - Get Evercore Inc. Class A Report

share. In March, First Union said it would give 0.56 of a share for each Everen share. The merger price remains $1.1 billion. Shares of Everen climbed 4 5/8 to 29 1/4 in after-hours trading while First Union shares rose 1 1/8 to 46 in after-market activity.

Offerings and stock actions

High-speed communications provider

Network Plus

filed with regulators for a $125 million IPO.


International financier

George Soros

told reporters that Argentina's peso is overvalued but that a devaluation isn't an option because of the currency's 1-to-1 peg to the dollar.


(ALC) - Get Alcon Inc. Report

plans to close its South Whitley, Ind., facility and move production of thermoformed recreational vehicle components to its Triangle Plastics site.

CCC Information


said its president, Githesh Ramamurthy, will become CEO July 1.



said its Coastal Power unit will build a 265-megawatt gas-fired power plant northeast of Denver to be owned and operated by its Fulton Cogeneration Associates affiliate.