Commerce Bancorp ( CBH) said it earned $77.3 million, or 41 cents a share, in the first quarter, compared with $77.1 million, or 45 cents a share, a year ago. The company's average share count rose to 190 million in the most recent quarter from 176 million a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 40 cents a share in the latest quarter. Shares of Commerce Bancorp were down 84 cents, or 2.2%, to $37.16. MCG Capital ( MCGC) was gaining more than 4% after its shares were upgraded. A.G. Edwards lifted its rating on MCG to buy from hold. Shares of MCG, a commercial finance company, were up 60 cents to $14.45. IntercontinentalExchange ( ICE) said ICE Futures, its futures business segment, achieved a daily volume record in its West Texas Intermediate crude oil futures contract. On April 11, volume in the contract reached 100,787, surpassing by 14.9% the April 5 record of 87,730 contracts. Open interest in the WTI contract stood at 150,861. ICE Futures, which introduced the fully electronic WTI futures contract on Feb. 3, is also the home of the Brent crude futures contract. Shares of IntercontinentalExchange were lower by 49 cents, or 0.9%, at $56.12. Insurance provider Progressive ( PGR) said first-quarter net income rose to $436.6 million, or $2.21 a share, from $412.7 million, or $2.04 a share, a year ago. Analysts expected a profit of $1.96. Progressive's net premiums written were up 2% to $3.7 billion, and net premiums earned grew 4% to $3.5 billion. Shares of Progressive were gaining $2.47, or 2.4%, to $104.70. The Nasdaq Stock Market ( NDAQ) might buy more of the London Stock Exchange in the not-too-distant future, Reuters reported, citing people who had knowledge of the matter. Nasdaq said Tuesday that it holds nearly 15% of the LSE.
Just last month, the Nasdaq withdrew a $4.2 billion offer for all of the LSE. However, at the time, the Nasdaq said it reserved the right to renew the offer. Shares of Nasdaq were gaining $1.35, or 3.3%, to $42.20. Intervest Bancshares ( IBCA) saw its stock gain 3% after the company posted first-quarter earnings of $6.4 million, or 77 cents a share. Analysts were calling for 69 cents. Intervest gained $3.2 million and 48 cents a share in the first quarter of 2005. Total assets at March 31 rose 5% to $1.79 billion. Shares of Intervest added $1.07 to $36. Commerce Bancshares ( CBSH) had net income of $52.9 million and 78 cents a share in the first quarter, topping estimates by 3 cents. The company earned $49.8 million, or 69 cents a share, in the same quarter a year ago. Shares of Commerce edged down 10 cents, or 0.2%, to $51.30.