My Yahoo!Wachovia Eyes Pru Unit
NEW YORK - Making headlines this morning, Wachovia could be back in talks with Prudential Financial--this time to buy Prudential's securities unit.
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Media reports say Prudential (nyse: PRU - news - people ) would sell the under-performing division in a non-cash transaction, and keep a minority stake in the division. Merger talks between the two firms failed last year, when Wachovia (nyse: WB - news - people ) wanted to control the combined firm. The merged company would rival in size the broker staff of Merrill Lynch (nyse: MER - news - people ), which numbers 14,600.At the start of trading, U.S. stocks and the dollar were under pressure, following the release of a disappointing December jobs report. For the month, non-farm payrolls slumped 101,000--reportedly the biggest one-month decline since February 2002. The unemployment rate was in line with expectations at 6%, while average hourly earnings grew 0.3%.
Stocks on the move include Schering-Plough (nyse: SGP - news - people ), which lowered its 2002 profit expectations due to slumping sales of its prescription allergy medicine Claritin. Aventis (nyse: AVE - news - people ), which makes rival Allegra, was down in sympathy. Elsewhere, FleetBoston Financial (nyse: FBF - news - people ) says it will take a $450 million charge in the quarter, to cover losses from Enron (otc: ENRNQ - news - people ).
Outside the U.S., the yen is being hurt today, following news that North Korea pulled out of the global nuclear arms control treaty. The yen touched a low against the euro that it hasn't hit since July 1999.
In other news, Sony Music head Tommy Mottola is reportedly leaving Sony (nyse: SNE - news - people ) to launch his own music label. Mottola has been at Sony for 14 years, and was responsible for launching the careers of Jennifer Lopez and Celine Dion.
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