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Bear Stearns'(BSC Quote) shares rose after reporting a 16% gain in third-quarter profit, making it the third Wall Street firm to exceed analyst expectations this week.
In the quarter, Bear Stearns earned $438 million, or $3.02 a share, up from $378 million, or $2.69 a share. Net revenue rose nearly 18% to $2.13 billion. Analysts were looking for earnings of $2.87 a share on revenue of $2.1 billion. The firm's shares most recently traded at $137.25, up $1.03.
TCF Financial(TCB Quote) soared after an analyst upgraded shares of the Minnesota-based bank. An analyst with Stifel Nicolaus now rates the stock a buy, up from a hold recommendation. The bank's shares were up $1.14, or 4.5%, to $26.60. ...
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