Wachovia (WB-OLD) defended its $24.22 billion deal to buy Golden West (GDW). Investors and analysts questioned the 14% premium being paid and the companies' differences in history, culture and strategy.
Jack Henry (NASDAQ:JKHY) reported earnings of $0.25 per share which is in-line with the consensus of $0.25. Revenues rose 8.3% year/year to $145.5 million versus the $152.5 million consensus.
Ryan Beck upgrades Comerica (NYSE:CMA) to Outperform from Market Perform saying with the stock back at the low end of this range, they think it is time to step up to the plate.
UBS (NYSE:UBS) agreed to buy Brazilian financial-services co Banco Pactual for as much as $2.6 billion, part of the Swiss bank's strategy of boosting exposure to faster-growing emerging markets. Europe's second-largest bank by market cap said it will pay $1 billion upfront, with a further payment of up to $1.6 billion in five years, depending on performance.