Each Commercial Capital share will be acquired for $16 in cash. Shares of Commercial Capital rose $1.55, or 11%, to $15.70, while Washington Mutual was down 39 cents, or 0.9%, at $44.62. The companies should close the transaction in the third quarter, provided Commercial Capital shareholders and regulators approve the plan.
Separately, Commercial Capital reported earnings of $13.8 million, or 24 cents a share, for the first quarter. The company earned $23.1 million and 40 cents a share in the year-ago period. Total assets were $5.7 billion at the end of March.
TD Ameritrade (AMTD - Get Report) said its first-quarter profit rose to $172.8 million, or 30 cents a share, from $77.4 million, or 19 cents a share, last year. Earnings in the latest quarter included a gain of 8 cents a share from the sale of an investment.Wall Street was expecting earnings of 21 cents a share, which the company topped, excluding the gain. The company posted revenue of $497.2 million, beating analysts' estimate of $481.8 million. For this year, TD Ameritrade forecast earnings of about 94 cents a share, up from a midpoint of 91 cents a share offered previously. For 2007, the company projected earnings of $1.06 a share, down 9 cents from its prior guiance. On average, analysts are calling for earnings of 89 cents a share this year and $1.24 a share in 2007. Shares of TD Ameritrade were sinking $2.03, or 9.4%, to $19.47. American Express (AXP - Get Report) posted first-quarter earnings of $873 million, or 69 cents a share, compared with $946 million, or 75 cents a share, in the year-ago period. Revenue rose 12% to $6.33 billion. The year-ago results include income from American Express' former financial planning arm, which was spun off last year. Adjusted for that transaction, American Express' first-quarter earnings rose 18% from last year to $876 million, or 70 cents a share.