Legg Mason

(LM) - Get Report

rose 1.8%, as investors chose to focus on an analyst upgrade of the stock as opposed to an analyst reiterating a sell rating on the stock. A Wachovia analyst boosted the firm's rating on the stock to outperform from market-perform, noting that the revenue outlook is improving at the asset management firm. But a Merrill Lynch analyst, who slapped a sell rating on the stock a few weeks ago, issued a new report taking issue with the firm's reluctance to buy back shares. Shares were up $1.70 to $96.03.

Citigroup

(C) - Get Report

gained after it won the bid for China-based Guangdong Development Bank. A Citigroup-led consortium is paying $3.1 billion to acquire a nearly 86% equity stake in the lender, beating out a rival bid submitted by France's Societe Generale. The news follows a bout of recent Citigroup overseas acquisitions in the wake of the

Federal Reserve's

decision earlier this year to lift a moratorium on big deals by the bank. Shares were up 22 cents to $50.69.

Thornburg Mortgage

( TMA) rose after it announced that it had completed a 4 million-share preferred stock offering for $25 apiece. The Santa Fe, N.M.-based company said it raised about $96.2 million in the sale after expenses. Shares were up 36 cents, or 1.5%, to $25.26.

Reckson Associates Realty

(RA) - Get Report

, a real estate investment trust, rose on news that financier Carl Ichan is planning to top an earlier buyout offer from

SL Green Realty

(SLG) - Get Report

. Icahn is reportedly planning to make an offer to Reckson valued at $49 a share, which compares with SL Green's August offer of $43.31 a share. Reckson rose $2.94, or 6.5%, to $48. SL Green, meanwhile, fell $1.25, or 1%, to $125.89.

ABN Amro

( ABN) shares fell after an analyst at Standard & Poor's downgraded the bank to hold from a buy. The analyst cited his belief that the Dutch financial services company will "continue to lag peers," and also that future loan impairment charges will rise as a result of growth in emerging markets. Shares were down 25 cents to $29.47.