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Volume 24 No. 114

Finance

          UBS Securities analyst Ed Hatch lowered his earnings
     estimate for Disney stock from $3.15 to $2.96.  Merrill
     Lynch's Jessica Reif cut her profit forecast from $3.10 to
     $3.  The analysts' "shift" has pushed Disney's stock price
     down $5 since last week.  The stock closed yesterday up $1
     to $109.75.  In N.Y., Phyllis Furman writes, "Despite the
     downgrades, analysts said yesterday that Disney remains one
     of the premier entertainment companies whose earnings should
     grow by at least 16% this year" (N.Y. DAILY NEWS, 6/24).
     ...SportSite.com, an online sporting goods store, has closed
     a $5M financing round with venture capital firms J.H.
     Whitney and Draper Fisher Jurvetson (SportSite.com).

          CO-based Schwinn Holdings Corp. announced plans to
     acquire CA-based GT Bicycles in a deal valued at "about"
     $180M.  Schwinn, a privately-owned company, said it will pay
     $8 a share for GT's 10 million shares of outstanding common
     stock, as well as assume $100M of GT's debt.  On Monday, GT
     shares were up $2.375, closing at $7.125 per share on the
     NASDAQ.  GT makes off-road mountain bikes and BMX bikes for
     young adults (DENVER POST, 6/23).  Together, Schwinn and GT
     "will rival Trek as the largest U.S. bike maker to sell
     through independent dealers" (DENVER POST, 6/23).