Among the solid winners, however, was State Street ( STT), despite announcing it will take a big charge . The Boston bank established a $618 million reserve for anticipated legal costs to defend against customers with "concerns as to whether the execution" of some battered mortgage-backed investments at State Street Global Advisors "was consistent with the customers' investment intent."

State Street also said it will let go of Global Advisors CEO William Hunt. Executive VP James Phalen will replace him in the interim as a permanent successor is sought.

After taxes, the reserve will slice $279 million, or 71 cents a share, off State Street's income. But, stripping that out, 2007 earnings should come to between $4.54 and $4.57 a share against Wall Street's $4.19 consensus, according to Thomson Financial. Shares were jumping 8.2% at $85.38.

Also on the uptick, Netherlands-based biotechnology company Crucell ( CRXL) announced a commercialization agreement with the vaccines division of Sanofi Aventis ( SNY), sanofi pasteur. The collaboration and agreement cover Crucell's monoclonal antibodies to be used for rabies vaccines. The company expects to enter phase II clinical trials in the first half of 2008.

Crucell will develop and manufacture the product with exclusive distribution rights in Europe and shared rights in China. The company will receive about $14.7 million upfront and milestone payments of up to $97.98 million. Peak sales for the antibody cocktail are expected to surpass $300 million, according to the company.

Crucell's shares climbed $2.27, or 13.6%, to $18.98, while Sanofi Aventis was trading down 44 cents, or 0.9%, at $45.23.

On the other hand, Thomas Weisel Partners ( TWPG) slid 9.4% to $11.83 after saying it will see a one-off charge of some $23.2 million, or 50 cents a share, due to an early payout of 2008 mid-year bonuses. These will be tucked into 2007 year-end bonuses, and, thereafter, the asset manager plans on halting the mid-year-bonus practice. Analysts, who typically exclude one-time items, are looking for full-year earnings of 72 cents a share.

IT products distributor Ingram Micro ( IM) saw shares jump 6.6% following an upgrade from Goldman Sachs to a buy from hold. Goldman Sachs added the company to its Americas Buy List on the belief that the recent weakness in the shares, which were down about 9% in December, offers investors a good entry point into the stock. Ingram Micro was up $1.17 to $18.97.

Business software maker Netsuite's ( N) volatile stock fell 7.5%. Shares of the company that made its debut on Wall Street two weeks ago were off $2.79 to $34.64.

Sciele Pharma ( SCRX) gained $3.11, or 15.7%, on news that the Food and Drug Administration approved all four dose strengths of its new Sular formulation for high blood pressure. The formulation uses SkyePharma's Geomatrix technology to provide a lower dose of the drug for each of its already available doses. The company will launch the new formulations in the first quarter.
This article was written by a staff member of TheStreet.com.