Updated from 1:57 p.m. EDT
The financial sector was declining along with the broader market Tuesday, but a few names such as
Investment Technology Group
managed to collect sizable gains.
The New York-based broker-dealer surged 7.3% to $42.30 after investment firm D.E. Shaw, which has taken a 6.2% stake in the company, urged management to sell "some or all of ITG's businesses." Should this fail to generate an acceptable price, D.E. Shaw suggests an "aggressive" $600 million share buyback.
( LEH) was another winner, trading actively after it
estimates for the quarter ended May 31, earning $1.26 billion, or $2.21 a share. The stock closed up 0.5%, or 38 cents, to $76.06.
Elsewhere, the Justice Department
cleared the way
Chicago Mercantile Exchange
to buy the
Chicago Board of Trade
( BOT). CME dipped 1.5%, and CBOT closed down 0.3%.
, which has also been vying for the CBOT, said its New York Board of Trade subsidiary set a new daily volume record of 407,150 contracts, breaking the 400,000 mark for the first time. Shares tacked on 1.5% earlier in the day but closed down 21 cents, or 0.1%, at $148.98.
On the flip side,
American Capital Strategies
dropped 2.7% on word it will offer 17 million of its shares -- 12 million from the company itself and the rest from institutional investors -- with an underwriters' option for 2.55 million more to cover overallotments. Shares closed at $44.67.
was also on the losing side after the New Jersey bank scaled back its expansion plans for this year and said it will
cancel and preempt
certain deals in order to begin resolving a
first announced in January. Oppenheimer cut the bank to hold from buy. Shares shed 1.5% to $33.36.
Financial Sector Index, which contains all but one of the above stocks, lost 1.3% to 9651.24. The KBW Bank Index dropped 1.3% to 114.14.