S&P to Include Yahoo! in S&P 500 Index, Bumping Laidlaw

Plus, United Technologies named Sanford Weill, chairman and co-CEO of Citigroup, to its board of directors.
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Standard & Poor's

said it will add

Yahoo!

(YHOO)

to the

S&P 500

index at the close of trading on Tuesday, Dec. 7, reflecting the growing influence of Internet companies. Yahoo!, with a weighty market capitalization of $56 billion, will bump Canadian school bus company

Laidlaw

(LDW)

which Standard & Poor's said was being removed.

In after-hours trading on

Island ECN

, shares of Yahoo! jumped 21 1/16 to 234. Inclusion in the influential S&P 500 usually translates into strong demand for a stock, because index funds must buy the stock to match the returns of the index.

After-Hours Trading

Yahoo!

(YHOO)

was going bananas on news that it was added to the

S&P 500

. It was the second-most active on

MarketXT

and No. 7 on the

Island ECN

most-actives list, soaring more than 23 points on both trading venues.

In other news,

Datawatch

(DWCH) - Get Report

took the top spot from

V-One

(VONE) - Get Report

on Island in the last hour of trading. Both issues cracked the seven-digit barrier, which is absolutely mammoth volume in after-hours trading.

V-One moved after trying to beat 'em, while Datawatch jumped on joining 'em. Today, V-One introduced its SmartGate software, which runs on Linux, an alternative to

Microsoft's

(MSFT) - Get Report

Windows operating system. Meanwhile, Datawatch moved on news that it was a Microsoft Data Warehousing Alliance 2000 Partner.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.

.

MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online 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, 4:30 p.m. to 8 p.m. EST Monday through Thursday.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.

--

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

Cable Design Technologies

(CDT)

posted first-quarter earnings of 45 cents a share, beating the six-analyst estimate of 42 cents and the year-ago 41 cents a share. The company said it sees second-quarter revenue in the range of $170 million to $178 million and second-quarter earnings per share in the low-to-mid 30 cents a share range. The current three-analyst estimate calls for earnings of 36 cents a share in the second quarter.

Comverse Technology

(CMVT)

reported third-quarter earnings of 56 cents a share, beating the 15-analyst estimate of 53 cents and the year-ago 41 cents a share.

The

World Wrestling Federation

(WWFE)

posted second-quarter earnings of 24 cents a share excluding charges, beating the two-analyst estimate of 22 cents and the year-ago 22 cents a share.

Mergers, acquisitions and joint ventures

Carey Diversified

(CDC) - Get Report

said it will merge with its adviser,

WP Carey

, a private real estate investment firm. Carey would buy W.P. Carey for 8 million shares of the newly formed company. Carey Diversified said it expects the deal to add to per-share funds from operations in the first year and said the merger could increase assets to $2.5 billion from $750 million.

Lockheed Martin

(LMT) - Get Report

said it would sell its

Hanford

subsidiary, a

U.S. Department of Energy

environmental management contractor, to

CH2M HILL

. Terms were not disclosed, though Lockheed said today's sale is the first in a series of possible divestitures aimed at sharpening Lockheed's focus on its core business.

Offerings and stock actions

Labtec

(LABT)

said its stockholders approved a 1-for-2 reverse stock split.

USinternetworking

(USIX)

said its board approved a 3-for-2 stock split.

Miscellany

Fresh Del Monte

(FDP) - Get Report

said it set up a distribution and sales network in Korea, giving it the capability to directly market all of its products to the Korean market. The company also said it signed leasing agreements for four major shipping ports in Japan.

Nissan North America

(NSANY)

said it will restructure and consolidate some of its U.S. operations and cut about 1,000 jobs by March 31, 2001, as part of its effort to boost efficiency and profitability.

Ryder

(R) - Get Report

said it will realign and refocus its organization on customer solutions. The company said it will combine its transport and logistics units and create a finance subsidiary. Ryder also said it would cut 200 of 30,000 jobs over six months due to the reorganization.

United Technologies

said it named Sanford Weill, chairman and co-chief executive officer of

Citigroup

(C) - Get Report

to its board of directors.