DLJ Takes Direct Action for Online Broker Unit
Seeking to cash in on the Internet stock frenzy, Donaldson Lufkin & Jenrette (DLJ Quote) filed to sell shares that will track the performance of its highly regarded online brokerage unit, DLJdirect.
In documents filed Wednesday with the Securities and Exchange Commission, DLJ said it will issue shares linked to the performance of DLJdirect, which Piper Jaffray recently ranked as the No. 7 online broker by trades. The shares, to trade on the New York Stock Exchange under symbol DIR, won't give holders voting rights at DLJdirect, which was rated the No. 1 online broker in the latest issue of Barron's.
DLJ is underwriting the offering, which will cut DLJ's current 100% stake in the unit by an undetermined amount, and DLJdirect is performing the Internet distribution. The New York-based company didn't specify the offering size, price range or other details of the plan. A call to DLJ seeking comment wasn't immediately returned. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,499.16 | 1,114.49 | 2,214.12 | 35.73 |
Oil *
73.52
|
|
UP
47.16
|
UP
6.56
|
UP
13.07
|
DOWN
0.30
|
10 Yr
3.57%
SPDR Gold
111.52
|
|
+0.45%
|
+0.59%
|
+0.59%
|
-0.83%
|
Data delayed 20 minutes |
Connect with TheStreet