Tuesday's Financial Winners & Losers

CME falls on downgrade, while Calamos climbs.
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Chicago Mercantile Exchange (CME) - Get Report slipped after a Raymond James analyst downgraded shares of the futures exchange to market perform from outperform. Shares were trading down $17.96, or 3.4%, to $503.53.

Merrill Lynch

(MER)

gained after the brokerage said it was taking a minority stake in

DiMaio Ahmad Capital

, a hedge fund that specializes in credit products.

The fund was co-founded by former

Credit Suisse

(CS) - Get Report

bond specialist Jack DiMaio. The terms of the deal were not disclosed. DiMaio Ahmad Capital manages $2 billion in hedge fund assets and $1 billion in various structured vehicles. Merrill shares were trading up 97 cents, or 1.2%, to $82.93

Calamos Asset Management

(CLMS)

climbed after the Naperville, Ill.-based investment manager reported assets under management of $44.8 billion as of Sept. 30, compared with $44.4 billion one month ago and $42.2 billion one year ago. Shares gained 55 cents, or 1.8%, to $30.86.

Franklin Resources

(BEN) - Get Report

fell after the mutual fund company was downgraded by a Prudential analyst to neutral from overweight. Shares were trading down $1.39, or 1.3%, to $106.63.

MarketAxess

(MKTX) - Get Report

fell after the electronic bond-trading platform said the dollar volume of September trades rose 6% over the year ago period. The firm says total monthly trading volume for September 2006 was $29.2 billion, compared with $27.4 billion a year ago. Shares dropped 13 cents, or 1.3%, to $10.27.