Bank of New York
gained after a report said it's close to selling its retail banking network to
J.P. Morgan Chase
. The assets could fetch as much as $4 billion,
said, citing sources close to the negotiations.
According to the report, Bank of New York would sell about 300 retail banking branches to J.P. Morgan, effectively exiting the business. The company would then focus on its core franchises of securities custodial services and institutional services. Shares advanced $1.42, or 4.1%, to $35.84.
( AGE) gained after the investment-services company said profit rose 58% in the fourth quarter, helped by higher fees from its asset-management business.
The company earned $79.5 million, or $1.04 a share, in the quarter ended Feb. 28, compared with $50.4 million, or 65 cents a share, a year ago. Adjusted for items, earnings were 95 cents a share in the most recent quarter. Analysts surveyed by Thomson First Call were expecting earnings of 76 cents a share. Fourth-quarter net revenue rose 7.4% from a year ago to $741 million, topping analysts' expectations of $704 million. Shares gained $1.92, or 4.2%, to $48.05.
slipped after announcing that the tornadoes and severe weather across six Midwest states earlier this month will cost the insurance carrier about $38 million in the first quarter. The impact on after-tax earnings for the first quarter would be about $25 million, or 14 cents a share.
Analysts are looking for the company to report earnings of 76 cents a share. The company plans to report its first-quarter results on May 3. Shares lost 54 cents, or 1.3%, to $42.71.
ended its $4.2 billion offer for the London Stock Exchange, saying simply that it no longer planned to make a bid. Nasdaq didn't give a reason, but it said it would reserve the right to renew the offer.
Shares of Nasdaq were losing $1.85, or 4.4%, to $40.