Net Firms Too New for S&P;’s List Update

Internet stocks may be popular with many investors, but Standard & Poor’s Corp. is once again passing them over as it makes changes to its benchmark blue-chip index, the S&P; 500.

In its latest selections Thursday, S&P; chose firms with longer track records than the Net-related companies that have been among this year’s top performers.

The changes:

* Firstar Corp., a bank holding company created by Star Banc Corp.’s purchase of Firstar, will replace Amoco Corp., which is being acquired by British Petroleum Co.

* S&P; also said cruise-line operator Carnival Corp. will replace General Re Corp. Berkshire Hathaway Inc. is buying General Re, the largest U.S. reinsurer.

* And Compuware Corp., a maker of computer diagnostic and testing software, will move to the S&P; 500 from the S&P; 400 mid-cap index, replacing life insurer SunAmerica Inc., which is being acquired by American International Group Inc.

S&P; said it hasn’t determined when it will make the changes.

America Online Inc., with a market capitalization of $41 billion, and Yahoo Inc., with a market cap of $19 billion, aren’t in the S&P; 500. By comparison, the market values of Carnival and Firstar are $22.7 billion and $15.7 billion, respectively.

Companies typically see their shares rise when they join the S&P; 500 because mutual funds that try to imitate the index’s performance must buy shares.