jumped after a Merrill Lynch analyst upgraded his rating on the investment firm's shares. In raising his rating to a buy, the analyst says Lazard's asset management division is showing "meaningful improvement." The analyst also says the firm's strength in global merger advisory work should continue into next year. Shares were trading up $1.65, or 3.8%, to $45.14.
Abington Community Bancorp
surged on news that the Pennsylvania lender and Abingdon Mutual Holding would merge with Abington Savings Bank. Abington Community shareholders will get an equity stake in the new publicly traded bank. Shares were up $3.30, or 20.9%, to $19.18.
Vornado Realty Trust
rose on an upgrade by an analyst at Deutsche Securities to a buy from hold. On Tuesday, the real estate investment trust announced it was buying the Manhattan Mall in New York for about $689 million. Shares were up $1.57, or 1.3%, to $125.35.
tumbled, along with other financial stocks, on renewed fears of a slowing economy. The selling in bank and brokerage stocks was spurred by an unexpected jump in jobless claims to 357,000 -- the highest in over a year -- and a bigger-than-expected decline in the Chicago purchasing managers' index. JPMorgan shares were down 49 cents, or 1.1%, to $46.18.
The Wall Street Journal
reported that the investment bank may lose its position as a top advisor on European mergers and acquisitions. To date, Goldman ranks fourth in announced European transactions this year. Shares were down $1.65 to $194.57.