on rumors that it may be sold. Stock in the San Francisco-based investment bank, one of the top underwriters of Silicon Valley technology companies, jumped 7.6% starting at 2:30 in the afternoon and closed the day up 5.9%, to $23.50. Trading volume of nearly 490,000 shares more than doubled the daily average. The company, whose profits fell 62% in the last quarter as the market for initial public offerings dried up, has long been the subject of takeover speculation. Interested parties include Merrill Lynch & Co. and Deutsche Bank A.G., analysts say. A spokesman for Hambrecht & Quist declined to comment on Monday's trading activity.

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