Standard & Poor's said Sapient (SAPE) will replace Reynolds Metals (RLM) - Get Report in the S&P 500. Reynolds is being acquired by Alcoa (AA) - Get Report.

As reported earlier,

Disney

(DIS) - Get Report

posted second-quarter earnings of 18 cents a share, excluding its retained interest in

Go.com

(GO) - Get Report

, beating the 18-analyst estimate of 14 cents and the year-ago 11 cents. The company said its latest quarter was helped by the success of the

Who Wants To Be a Millionaire

television show and the Millennium Celebration at

Walt Disney World

. The entertainment company also said its second quarter benefited from strong results in the company's Media Networks unit and improvement in the

ABC News

unit, led by higher ratings for "Good Morning America."

For more on Disney's

earnings, see coverage from

TheStreet.com/NYTimes.com

joint newsroom.

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

Microstrategy

(MSTR) - Get Report

said it revised results downward for all four quarters of 1999, to conform with certain accounting practices. The Vienna, Va.-based company said all share and per share amounts have been adjusted to reflect its 2-for-1 stock split in January.

First-quarter 1999 earnings-per-share were cut to a loss of 5 cents from a profit of 2 cents and revenues were lowered to $29.3 million from $35.8 million. Second-quarter EPS was lowered to nil from a profit of 4 cents, third-quarter to a loss of 17 cents from a profit of 4 cents and fourth-quarter to a loss of 22 cents from a profit of 4 cents.

The company had said previously that it would revise results for certain quarters in the 1997, 1998 and 1999 fiscal years mainly to address certain software arrangements it had with customers that should have been accounted for.

American Eagle Outfitters

(AEOS)

said April

same-store sales rose 5.8% over the year-ago period.

AMFM

(AFM)

posted a first-quarter loss of 75 cents a share, including items. Excluding the items, the company said after-tax cash flow was 36 cents a share compared with 22 cents a year ago. The single-analyst expected loss was 72 cents.

Acxiom

(ACXM)

posted fourth-quarter earnings of 29 cents a share, in line with the 11-analyst estimate and up from the year-ago 22 cents.

Caremark

(CMX)

posted first-quarter earnings of 9 cents a share, a penny better than the eight-analyst estimate and the year-ago 6 cents.

Chiron

(CHIR) - Get Report

posted first-quarter earnings of 21 cents a share, well above the 12-analyst estimate of 16 cents and up from the year-ago 14 cents.

Crown Castle International

(TWRS)

posted a first-quarter loss of 27 cents a share, narrower than the four-analyst expected loss of 30 cents a share, but wider than the year-ago loss of 21 cents.

Electronic Arts

(ERTS)

posted fourth-quarter earnings of 16 cents a share, better than the 14-analyst estimate of 14 cents, but down from the year-ago 37 cents.

Gap

(GPS) - Get Report

said same-store sales for April 2000 rose 7% compared to a 1% increase in the year-ago period.

Geon

(GON)

reported first-quarter earnings of 57 cents, ahead of the five-analyst estimate of 55 cents and the year-ago 50 cents.

Homestore.com

(HOMS)

posted a first-quarter pro forma loss of 14 cents a share, narrower than the eight-analyst expected loss of 16 cents and the year-ago loss of 31 cents.

Intermedia Communications

(ICIX)

reported a first-quarter loss of $2.94 a share, narrower than the seven-analyst expected loss of $3.30, but wider than the year-ago loss of $2.73.

Jupiter Communications

(JPTR)

posted first-quarter earnings of less than 1 cent a share excluding a gain. That was above the five-analyst expected loss of 8 cents a share and better than the year-ago loss of 3 cents.

Oratec

(OTEC)

posted first-quarter pro forma earnings of 1 cent a share, better than three-analyst expected loss of 5 cents, and up from the year-ago pro forma loss of 19 cents.

Panamerican Beverage

(PB) - Get Report

said it set a company-wide reorganization plan which it said should produce cost saving of up to $100 million in 2001. The plan involves laying off about 6,750 jobs, or about 14% of its total workforce. The company said it would take a one-time charge of $85.3 million before taxes in the first quarter of 2000. Panamerican also posted a first-quarter net loss of 55 cents which includes 48 cents in items. The five-analyst expected loss was for five cents a share while the year-ago loss was 31 cents.

Trigon Healthcare

(TGH) - Get Report

said it expects to post first-quarter and fiscal-year results well above forecasts. The company said it expects first-quarter earnings of about 70 cents, compared with the current 15-analyst estimate of 57 cents. For the year, Trigon said it expects earnings between $3.00 and $3.10 compared with the eighteen-analyst estimate of $2.64.

ZDNet

(ZDZ)

posted pro forma earnings of 4 cents a share, better than the five-analyst expected loss of 4 cents and the year-ago pro forma earnings of 2 cents a share.

Mergers, acquisitions and joint ventures

Spanish Internet access and portals provider

Terra Networks

(TRRA)

said it had acquired 100% of its assets in the U.S. from partner and telecom carrier

IDT

(IDTC)

.

Wesley Jessen

(WJCO)

said it received regulatory clearance for its planned merger with

Ocular Sciences

(OCLR) - Get Report

.

Offerings and stock actions

Charles Schwab

(SCH)

set a 3-for-2 split.

Miscellany

Time Warner

(TWX)

unit

Time Warner Cable

said it will seek a further review of a

Federal Communications Commission

ruling that it violated federal rules by shutting down Disney's

ABC

television programming to cable viewers on Monday.

As originally published, this story contained an error. Please see

Corrections and Clarifications.