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Federated Investors (FII Quote) climbed after the money manager saw its shares upgraded to outperform from peer-perform by Bear Stearns. Federated Investors advanced $1.40, or 3.7%, to $38.85.
Center Bancorp (CNBC Quote) edged higher on news the company has restructured its balance sheet and received board approval to increase its current share buyback to 5% of its stock. The total buyback authorization now stands at 671,802 shares.
As part of the restructuring, the bank sold $88 million of securities, which will result in an after-tax charge of around $2.4 million. Center said it expects to record a loss in the first quarter. Shares of Center gained 14 cents, or 1.2%, to $11.49. ...
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