Update: DLJ Up for Grabs

Updated from 1:28 p.m. ET

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

Bloomberg, meanwhile, reported that Axa (AXF), 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).

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) 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) 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.

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