soared nearly 25% after
CB Richard Ellis
said it was buying the Dallas-based commercial real estate company for $1.8 billion.
The $49.51 a share-acquisition price represents a 25% premium to Trammell's Monday close. Shares of Trammell Crow climbed $9.55 to $48.65, while CB Richard Ellis gained $1.88, or 6.7%, to $30.10.
said third-quarter profit quadrupled because of a big gain stemming from the bank's investment in
, the asset-management firm that has combined some of its operations with
In the quarter, the Pittsburgh-based lender earned $1.5 billion, or $5.01 a share, up fourfold from $334 million, or $1.14 a share, a year ago. But much of that spike in net income came from a $1.3 billion gain from its BlackRock investment. Excluding the BlackRock gain and a series of charges, PNC posted operating earnings of $380 million, or $1.28 a share. On that basis, the bank exceeded the Thomson Financial consensus estimate of $1.23 a share. Shares climbed $1.34, or 2%, to $69.87.
slipped after the Zurich, Switzerland-based financial services company said third-quarter profit dropped 21%.The company reported earnings of 2.2 billion Swiss francs, or $1.76 billion, compared with 2.8 billion Swiss francs a year ago. Analysts were expecting the bank to report earnings of $2.64 billion francs. Looking ahead, UBS said the fourth-quarter is looking brighter following an up-tick in market activity in September. Shares were trading down $2.43, or 3.9%, $59.76.
dropped after the Chicago-based bank was downgraded by Sandler O'Neill to hold from buy. Shares were falling $1.24, or 3.3%, to $36.11.
swung to a third-quarter profit, as the year-ago period included losses from the sale of its variable life-insurance business and catastrophe losses related to Hurricane Katrina.
The Worcester, Mass.-based company earned $33.4 million, or 65 cents a share, in the quarter, compared with a loss of $562.4 million, or $10.51 a share, a year ago. Income from continuing operations was $28.5 million, or 56 cents a share. Analysts were expecting earnings of 38 cents a share. Shares rose $1.33, or 3%, to $45.38.