Piper Jaffray (PJC - Get Report) fell after the Minneapolis-based asset manager was downgraded by Wachovia to market perform from outperform. Shares dropped $3.91, or 5.93%, to $62.05.

Investors Bancorp ( ISBC - Get Report) advanced after the Short Hills, N.J.-based bank said its board approved a 5.3 million-share stock buyback.

The bank, which went public nearly a year ago, says it will repurchase up to 10% of its stock. Shares were trading up 14 cents, or nearly 1%, to $15.05.

North Fork Bancorp declared its regular quarterly dividend of 25 cents a share. The dividend will be payable Nov. 15 to shareholders of record on Oct. 27. North Fork is being acquired by Capital One ( COF). North Fork was trading up five cents to $28.39.

NovaStar Financial gained after Friedman Billings Ramsey initiated coverage of the Kansas City-based mortgage lender with an outperform rating. Shares gained 63 cents, or 2.18%, to $29.50.

Alexandria Real Estate Equities ( ARE - Get Report) lost ground after the California-based REIT said it had agreed to sell 2.5 million shares of stock in a follow-on public offering.

Gross proceeds from the offering will be about $240 million. The company said it intends to use proceeds from the offering to reduce the outstanding balance on its unsecured line of credit. Shares were trading down $2.17, or 2.24%, to $94.82.