NetBank

( NTBK) climbed Wednesday as the Alpharetta, Ga.-based bank holding company was upgraded by Keefe Bruyette to outperform from market perform. Shares gained 20 cents, or 3.3%, to $6.19 in recent trading.

Franklin Resources

(BEN) - Get Report

dropped after the San Mateo, Calif., asset management company's board of trustees approved the next regular quarterly tender offer to repurchase up to 10% of outstanding shares of Franklin Mutual Recovery Fund. The repurchase-offer period will start June 1 when the notification of the repurchase offer is sent to shareholders. Shares slipped $1.75, or 2%, to $87.24 in recent trading.

Stifel Financial

(SF) - Get Report

said in a regulatory filing that Walter F. Imhoff retired from the board of directors. The St. Louis-based financial company said Imhoff did not stand for re-election due to the company's mandatory retirement age for the board of directors. Imhoff has served since 2000 as a director of Stifel Financial Corp. and senior vice president of Stifel, Nicolaus & Co.; he will continue to serve in the latter position. Shares were recently trading lower by 50 cents, or 1.3%, to $39.23.

Mellon Financial

( MEL) said it agreed to buy

Walter Scott & Partners Limited

, an Edinburgh, Scotland-based equity investment firm specializing in global and international strategies with roughly $27 billion under management. The cash-and-stock deal is expected to close by the end of the third quarter. No other terms were disclosed.

"Asset management is Mellon's largest and fastest-growing business, and the acquisition of Walter Scott & Partners adds significant global investing capabilities to our already formidable strengths," said Robert P. Kelly, Mellon's chairman and CEO, said in a statement. Shares fell 71 cents, or 1.9%, to $36.48 in recent trading.