Also . . .

* Shares of Calabasas-based Xylan Corp. surged 16% Wednesday amid speculation that the maker of computer-networking equipment may be acquired at a premium by a large telephone-equipment maker such as Alcatel. Xylan shares climbed $3.56 to close at $25.56 on heavy volume. The stock is up about 40% in the last week on takeover speculation.

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Securities and Exchange Commission Chairman Arthur Levitt, Wall Street’s top regulator, said Wednesday he likes the idea of the New York Stock Exchange extending trading hours next year. “I think it’s farsighted and probably a pretty good idea,” Levitt told reporters on Capitol Hill. Any extension in hours would probably require SEC approval. Tuesday, NYSE Chairman Richard Grasso said the world’s largest exchange wants to extend hours in June 2000 to boost volume as it competes with exchanges worldwide.