AP News Flash: Carnahan to make major securities announcement

This just in from the Associated Press:

ST. LOUIS (AP) -- Missouri Secretary of State Robin Carnahan plans a news conference in St. Louis to make what she calls a major announcement regarding her investigation into the sale of auction-rate securities.

The news conference is scheduled for 2 p.m. Thursday at her St. Louis office. Carnahan will be joined by Doug Ommen of the Missouri Attorney General's office.

Carnahan has been investigating and working with several financial institutions over concerns that investors have lost access to their money frozen in auction-rate securities.

Stifel Nicolaus & Co. recently agreed to buy back some auction-rate securities it sold before the market for the securities collapsed.

Her office reached earlier agreements with Wachovia Corp. and Commerce Bank.