Update: DLJ Up for Grabs

Updated from 1:28 p.m. ET

Donaldson Lufkin & Jenrette (DLJ Quote) is in "serious" talks to be acquired by Credit Suisse First Boston, according to Dow Jones.

Bloomberg, meanwhile, reported that Axa (AXF Quote), the insurance company that owns a majority of DLJ, was in talks to sell the firm to Credit Suisse First Boston or Lehman Brothers (LEH Quote).

The reports came on a day when investment bank DLJ already was climbing. At midday, the stock was up 12%, or $7.88, to $73.69 on volume of 1.6 million shares, well over its average daily volume of 463,000. After the Dow Jones report, the stock hit $80.25.

DLJ unit DJLdirect (DIR Quote) also was soaring. The online broker was up about 32%, or $2.56, at $10.50.

DLJ didn't immediately return a call seeking a comment. Credit Suisse First Boston and Lehman declined to comment.

Among the major New York securities firms, DLJ, Lehman and Bear Stearns (BSC Quote) are regarded as the last top-flight independent firms and thus, prime targets for suitors.

DLJ is a major investment-banking player, ranking in the top 10 in U.S. equity underwriting and in mergers and acquisitions advisory. It's also among the largest correspondent clearing firms, and has a large high-net-worth private client group.