Wednesday's Financial Winners & Losers

Shares of Lehman Brothers(LEH Quote) surged Tuesday, after the big Wall Street firm said third-quarter profits rose 4%, more than Wall Street had expected.

In the quarter, Lehman earned $916 million, or $1.57 a share, up from $879 million, or $1.47 a share, in the year-ago quarter. Net revenue rose 8% to $4.2 billion. Analysts, as surveyed by Thomson Financial, had the investment firm earning $1.49 a share on revenue of $4 billion. The stock most recently was up $2.40, or 3.5%, to $70.42.

Nasdaq(NDAQ Quote) shares rose a day after the chief executive of the company that runs the Nasdaq Stock Market said the exchange will not rush into any overseas merger with a European rival.

Nasdaq CEO Robert Griefeld, in a speech to the Boston College Chief Executives' Club, says the push to cross-border consolidation of stock exchanges is a "marathon, not a sprint.'' In recent weeks, there's been lots of speculation that the Nasdaq may make another bid for the London Stock Exchange and the Scandinavia's OMX. The Nasdaq currently owns a 25% equity stake in the LSE. The stock most recently was up 84 cents, or 2.9%, to $29.42.

Shares of the InterContinental Exchange(ICE Quote) rose after a published report says the electronic commodities exchange is in merger talks with the New York Board of Trade, a rival commodities exchange.