Chemical Banking Corp.'s shares rose 62.5 cents, to $32.05, Monday after Oppenheimer & Co. upgraded its investment opinion on the New York bank.

The stock was one of the New York Stock Exchange's most active issues, with 1.2 million shares changing hands. Oppenheimer analyst Chris Kotowski raised his rating of Chemical to "short-term buy" from "market performer." He declined to say why he changed his opinion.

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