NEW YORK, Dec. 6 /PRNewswire/ -- Standard & Poor's will replace Hambrecht & Quist (NYSE: HQ) in the S&P SmallCap 600 Index with Cal Dive International (Nasdaq: CDIS) after the close of trading on Wednesday, December 8, 1999. S&P 500 component Chase Manhattan (NYSE: CMB) is acquiring Hambrecht & Quist in a transaction anticipated to close on that date.
Cal Dive International is a provider of subsea construction, maintenance and salvage services to the offshore natural gas and oil industry in the U.S. Gulf of Mexico. The company, headquartered in Houston, Texas, will be added to the S&P SmallCap 600 Oil & Gas (Drilling & Equipment) industry group.
Following is a summary of the announced changes: S&P SMALLCAP 600 INDEX -- December 8, 1999 COMPANY ECONOMIC SECTOR INDUSTRY GROUP ADDED Cal Dive Energy Oil & Gas (Drilling International & Equipment) DROPPED Hambrecht & Quist Financials Investment Banking/Brokerage
Standard & Poor's, a division of The McGraw-Hill Companies, Inc., provides financial, economic and investment information and analytical services to the global financial community. S&P calculates and maintains the S&P Global 1200 Index, which includes the S&P Euro and Euro Plus for Continental Europe, the S&P/TSE 60 for Canada, the S&P 500 for the U.S., the S&P/TOPIX 150 for Japan, the S&P Asia Pacific 100, the Latin America 40 and the United Kingdom 150. S&P also publishes the S&P MidCap 400, S&P SmallCap 600, S&P SuperComposite 1500 and S&P REIT Composite for the U.S. and the S&P/TSE Canadian MidCap and S&P/TSE Canadian SmallCap Indices. Over $750 billion is indexed to S&P indices.
Founded in 1888, The McGraw-Hill Companies is a leading information services provider meeting worldwide needs in education, business, finance, the professions and government. The corporation employs 16,500 people located in more than 400 offices in 32 countries. Sales in 1998 were $3.7 billion.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
SOURCE Cal Dive International
CONTACT: David Blitzer, V.P. & Chief Economist, 212-438-3907, or Carol Levine, Communications Manager, Index Services, 212-438-3534, both of Standard & Poor's/