Goldman Sachs ( GS) surged after the big Wall Street investment firm surpassed Wall Street's third-quarter earnings expectations.

In the quarter, the firm earned $1.59 billion, or $3.26 a share, on revenue of $7.46 billion. Analysts polled by Thomson First Call expected earnings of $2.97 a share and revenue of $7.17 billion. In weeks leading up the earnings announcements, analysts had reduced estimates for Goldman Sachs and other brokers, citing the weak stock market. Shares were trading up $4.82 to $155.82.

Infinity Property and Casualty ( IPCC) advanced after the Birmingham, Ala.-based property and casualty insurer was upgraded by Morgan Keegan to outperform from market perform. Shares were climbing $2.59, or 6.85%, to $40.40.

TD Banknorth ( BNK) slipped after the Portland, Maine-based bank warned that third-quarter profits would fall short of Wall Street expectations. The company said earnings should range between 51 cents and 54 cents in a share. Prior to the warning, analysts had been predicting earnings of 58 cents a share.

The bank says the current analyst estimate is too high "in light of the current interest rate and competitive environment." The lender says it is seeing a "leveling off'" in "commercial and consumer loans'' and a "slowdown'' in its fee-generating lines of business. Shares fell 73 cents, or 2.49%, to $28.63.

Plum Creek Timber ( PCL) stumbled after the Seattle, Wash.-based real estate investment trust was downgraded by Morgan Stanley to underweight from equal-weight. Shares fell $1.27, or 3.70%, to $33.03.

Franklin Resources ( BEN) gained as the San Mateo, Calif.-based asset management company reported preliminary month-end assets under management of $505.6 billion for the month ended August 31, compared with $494.4 billion in the preceding month. Shares gained $3.02, or 3%, to $103.52.

Calamos Asset Management ( CLMS) gained after the Naperville, Ill.-based investment firm reported that assets under management rose 7% compared to a year ago. The firm says that as of Aug. 31 it had $44.4 billion in assets, compared to $41.4 billion a year ago, and $44.2 billion at the end of July. Shares gained $1.73, or 6.62%, to $27.85.

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