ALSO

The Municipal Securities Rulemaking Board said it elected Scott Sollers as its chairman. Sollers, a principal manager at Stone & Youngberg in San Francisco, said that during his tenure he will concentrate on an existing effort to make pricing information more readily available in the $1.3-trillion municipal bond market.

* Telecommunications giant Northern Telecom Ltd. said it plans to cut about 3,500 jobs, or about 4% of its global work force. Toronto-based NorTel, which recently acquired Santa Clara-based Bay Networks for $9 billion, said the cuts would be made in every division.

* Wet Seal Inc. said it expects to report third-quarter net income of 35 cents to 40 cents a share if current sales trends continue during the last six weeks of the quarter. The Foothill Ranch-based company said back-to-school season sales were below expectations, with same-store sales about 2.5% lower than the year-ago period. In the year-ago third quarter ended Nov. 1, the company earned $5.5 million, or 39 cents a share, on sales of $104.4 million.