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March 10, 2000|Bloomberg News, Times Staff

Prudential Securities Inc. agreed Thursday to pay $100,000 to settle regulators' charges that it sought to collude with a rival firm while bidding to manage a $59.5-million initial public offering. The fine is the first imposed by the National Assn. of Securities Dealers for a brokerage's competitive conduct in seeking to underwrite an IPO. The NASD alleged that Prudential unsuccessfully asked a rival firm to join in urging a company to pay a 7% underwriting fee for its IPO. . . . Shares of 99 Cents Only Stores (NDN) rose $3.63, or 12%, to $33.94 on the NYSE after the discount retailer said it plans to sell its Universal International unit to focus on its more lucrative namesake stores, and Salomon Smith Barney initiated coverage of the stock with a "buy" rating. The shares are up 36% in the last two days. After the market closed the Commerce-based firm reported fiscal fourth-quarter profit of 37 cents a share, versus 25 cents a year earlier.

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