TAKEOVER SPECULATION LIFTS HUTTON <EFH> SHARES E.F. Hutton Group Inc shares rose on speculation the company would receive a takeover offer, traders said. Hutton's stock also was affected by a newspaper report that First Boston Corp <FBC> accumulated almost five pct of Hutton's stock on behalf of an outside client, traders said. Traders said the story, which appeared in USA Today, added speculation which began on the street last week. They said there were rumors the stock was under accumulation and speculation abounded the company would soon receive an offer. A Hutton official declined comment. Hutton's stock rose 2-1/4 to 39-3/8. Hutton several months ago rejected a buyout offer from Shearson Lehman Brothers Inc <SHE>. The newspaper story mentioned speculation American Express Co <AXP>, the parent of Shearson, was a possible buyer. But traders said the rumors today did not name buyers. First Boston officials were not immediatley available for comment. Prudential Bache analyst Larry Eckenfelder said he doubted the speculation about American Express. He said he believed Hutton, which is occassionally surrounded by rumors, moved up today as a result of the newspaper article. "Hutton is still a takeover candidate," said Eckenfelder.