Wachovia added to lawsuit over brokerage sweeps

(Reuters) - NEW YORK, June 15 - Wachovia Corp. , which agreed last month to buy A.G. Edwards Inc. for $6.8 billion, has been added to a federal lawsuit accusing large U.S. brokerages of moving customers' idle cash into low-yielding accounts to boost profits.



The lawsuit, which seeks class-action status, says Wachovia, Citigroup Inc. , Merrill Lynch & Co. , Morgan Stanley and Charles Schwab Corp. automatically sweep cash into bank accounts that pay low rates, rather than money market or savings accounts yielding 4 percent to 5 percent.


Read more at Reuters.com Mergers News

Dendreon, Jo-Ann Stores, Navteq, Red Hat, Stifel: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 11:40 a.m. New York time.

A.G. Edwards Inc. (AGE US) jumped $10.55, or 14 percent, to
$87.70 and traded as high as $90.44. Wachovia Corp. (WB US), the
fourth-largest U.S. bank, agreed to buy the biggest full-service
brokerage based outside New York for about $6.8 billion in cash
and stock. The $89.50-a-share price tag is about 16 percent more
than A.G. Edwards's last close.


Read more at Bloomberg Stocks News

US STOCKS-Futures edge up after Wachovia deal; GDP ahead

(Reuters) - NEW YORK, May 31 - U.S. stock futures rose on
Thursday after banking company Wachovia Corp. . After the initial 1.3 percent estimated rise,
economists on average expect the annual growth rate to be put
even lower at 0.8 percent.


Read more at Reuters.com Bonds News