TD Banknorth (BNK) surged nearly 6% after TD Bank Financial (TD) - Get Report said it was taking the Northeast regional lender private in a deal valued at $3.2 billion. TD Bank currently owns 57% of TD Banknorth's shares. Toronto-based TD Financial will pay $32.33 a share -- a 6.5% premium -- for the shares it does not own. TD Banknorth's shares were up 1.7% to $32.08.
jumped on an upgrade by an analyst at RBC Capital Markets to outperform from sector perform. Shares were up $2.20, or 3.6%, to $63.47.
gained after the Omaha-based broker announced it would buy back an additional 20 million shares, boosting the size of its previously announced share-repurchase plan to 32 million shares. As of Nov. 15, the company said it had repurchased about 9.7 million shares. Shares were up 32 cents, or 1.9%, to $16.89.
jumped after the broker said it would sell its wealth management subsidiary, U.S. Trust, to
Bank of America
for $3.3 billion. Schwab said the sale will net about $1.9 billion before taxes, with after-tax proceeds totaling about $2.5 billion. The transaction is expected to close in the second quarter of 2007. Shares were up 35 cents, or 1.9%, to $18.91.
dropped after an analyst at CIBC World Markets began coverage of the insurer with an underperform rating. Shares were down $1.68, or 6.4%, to $24.57.
( LAB) shares fell in the wake of a
front page story that predicted floor trading on the
New York Stock Exchange
was fast on its way to becoming irrelevant. LaBranche is one of the Big Board's largest specialist firms, which historically have driven trading in NYSE stocks. In recent years specialist firms such as LaBranche have lost market share to electronic trading. Shares were down 16 cents, or 1.5%, to $10.08.