Updated with stock price moves
NEW YORK (
was among the winners of the financial sector, rising 4.5% following two separate analyst upgrades.
shares rallied after both UBS and Credit Suisse upgraded the stock to buy and outperform, respectively, from neutral. Both analysts cited Morgan Stanley's strong capital position as among the reasons for their upgrades.
Morgan Stanley shares were lately up $1.33, or 4.5%, to $30.93.
In other bank news,
began his tenure as CEO of
Bank of America
on Monday, succeeding outgoing CEO Ken Lewis. In an interview with
Monday, Moynihan said the worst of the recession is over and that the bank is finished with acquisitions.
Bank of America was rising by 53 cents, or 3.5%, to $15.59.
traded higher after
, a foreign exchange currency-trading platform, said it has reached an agreement to buy LavaFX from the bank. Terms of the acquisition weren't disclosed.
Citigroup shares were climbing 6 cents, or 1.8%, to $3.37.
Most other U.S. bank stocks were trading higher as well, With
advancing 3% to $42.87,
up 2.6% to $173.29, and
adding 0.8% to $27.21.
was also among the winners of the financial sector after the mortgage insurer said it completed two tender offers to buy money market committed preferred securities issued by custodial trusts. Radian accepted payments of $32.9 million and $44 million in the two offers that closed Dec. 30.
Radian said a third offer expired on Dec. 30 without satisfying the minimum threshold. Still, shares of Radian jumped 7.5% to $7.86.
Other mortgage insurers were on the rise as well.
rose 6.9%, and
The PMI Group
was higher by 2%.
On the downside,
began the new year with losses, slipping 0.8% and 3.4%, respectively.
-- Written by Robert Holmes in Boston
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