Financial Winners & Losers: Merrill Lynch

But it wasn't all doom and gloom for financial stocks. Regional broker SWS Group(SWS Quote - Cramer on SWS - Stock Picks) jumped 14.6% to $16.02 after reporting its fiscal third quarter. The Dallas-based firm recorded increases in net income, EPS and net revenues after the market closed on Tuesday.

Private equity firm American Capital Strategies(ACAS Quote - Cramer on ACAS - Stock Picks) also saw shares rise on a first-quarter earnings beat. Even though the quarter was a losing one, the operating earnings and revenue came in ahead of analyst estimates. The loss came as a result of accounting rules forcing American Capital to price its investments based on fair market value and not internal models. The stock gained 2.5% to $31.29.

And finally, an analyst upgrade lifted MF Global (MF Quote - Cramer on MF - Stock Picks) 2.9% to $14.53. A Lehman analyst upgraded the stock to overweight, saying its current price had taken into account the losses incurred by a rogue trader.

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