Shares of Gamco Investors ( GBL) rose after the Rye, N.Y., financial services company said an expected decline in its fourth-quarter operating profit wouldn't be as bad as anticipated because of the strong investment performance of the company's equity portfolios.

Gamco said it expects to report earnings of 58 cents to 62 cents a share in the quarter, compared with a profit of 65 cents a year ago. Shares of Gamco rose $2.30, or 5%, to $47.90.

MGIC Investment ( MTG) dropped after the Milwaukee-based mortgage insurance company reported fourth-quarter net income of $128.1 million, or $1.44 a share, compared with $134.5 million and $1.39 a share a year ago. Analysts polled by Thomson Financial were expecting a profit of $1.52 a share.

Total revenue for the fourth quarter slipped 8% to $370.9 million. Shares of MGIC were down $2.15, or 3%, at $68.85.

Commerce Bancshares ( CBSH) was lower as the Kansas City, Mo., bank holding company missed analysts' fourth-quarter expectations by a penny. The company posted earnings of 81 cents a share, compared with 71 cents a share a year ago.

Analysts were expecting earnings of 82 cents per share. Commerce Bancshares fell $1.36, or 2.6%, to $50.62.

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