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Bank of America downgraded IndyMac Bancorp (NDE) to Sell, saying they view the results as only mildly positive. The firm says originations were stronger than expected and contributed to slightly better loan growth but it was achieved with greater reliance on the lower margin/more vulnerable correspondent channel.

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.

Source: Rob Black's Financial Market Roundup For May 9 (CMA, GDW, JKHY, NDE, UBS, WB)