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Wednesday's Financial Winners & Losers

JPMorgan Chase slides, while Taylor Capital surges.

Taylor Capital


climbed after the Rosemont, Ill.-based bank said third-quarter earnings more than doubled.

The company earned $18.9 million, or $1.70 a share, up from $7.4 million, or 71 cents a share, a year ago. A good chunk of the big profit gain stemmed from an income tax benefit of $11.4 million, or $1.02 a share. Still, the bank's operating earnings of 68 cents a share exceeded the Thomson Financial consensus estimate of 62 cents. Shares were trading up $3.88, or 12.8%, to $34.09.

Piper Jaffray

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gained after the Minneapolis-based financial services company posted better-than-expected third-quarter results. The company reported earnings from continuing operations of $9.5 million, or 50 cents a share, on revenue of $116.1 million. Analysts had expected earnings of 45 cents a share on revenue of $102 million. Shares were trading up $6.43, or 10%, to $68.60.

JPMorgan Chase

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lost ground after the nation's third-largest bank reported a 30.5% jump in third-quarter profit but dampened expectations during a conference call with analysts and investors. The company earned $3.3 billion, or 92 cents a share, up from $2.53 billion, or 71 cents a share, a year ago. Net revenue at the New York bank rose 8% to $15.4 billion.

The bank beat Wall Street's consensus estimate of 86 cents a share on revenue of $14.6 billion. But Jamie Dimon, JPMorgan's CEO, estimates that investment-banking fees should fall by $100 million to $200 million in the fourth quarter. Shares were trading down $1.01, or 2.1%, to $46.98.


(PGR) - Get Progressive Corporation Report

gained after the Mayfield Village, Ohio-based insurer was upgraded by HSBC Securities to overweight from neutral. Shares rose 21 cents to $25.

Compass Bancshares


slipped after the Birmingham, Ala.-based bank missed Wall Street's expectations by a penny. The company earned $118.8 million, or 90 cents a share, compared with $100.7 million, or 80 cents a share during the same period last year. Wall Street was looking for earnings of 91 cents a share. D. Paul Jones Jr., chairman and CEO, said in a statement that "we are cautiously optimistic that 2006 will represent another year of double-digit earnings per share growth." Shares fell $1.63, or 2.82%, to $56.14.