Shares of PaineWebber Inc. rose in a down market Friday as investors speculated that the company, which had just announced an acquisition, would itself be bought soon.

PaineWebber said that it would purchase privately owned J.C. Bradford & Co. of Nashville for $620 million. The deal would add 900 brokers and $46 billion of assets. It also renewed rumors about a PaineWebber takeover.

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