These stocks were making moves Monday:
American depositary receipts of Swiss bank
(ticker: CS) plunged more than 47% to about 83 cents after larger rival
(UBS) agreed to buy Credit Suisse in a deal valued at about $3.2 billion. The merger of Switzerland’s two largest banks—engineered over the weekend by Swiss authorities—comes against a backdrop of industry turmoil. U.S.-listed shares of UBS were up 7.7%.
First Republic Bank
(FRC) was falling 13.2%. The regional lender was downgraded deeper into junk territory by S&P Global. Last Wednesday, S&P Global cut the bank’s credit rating into speculative-grade territory. The stock has been tumbling as the collapse of Silicon Valley Bank and two other U.S banks has triggered concerns about the health of the U.S. banking system.
(JPM) and other big banks stepped in last week to shore up First Republic Bank to the tune of $30 billion.
Flagstar Bank, a subsidiary of New York Community Bancorp (NYCB), agreed on Sunday to acquire much of what was once Signature Bank. Starting Monday, Signature Bank’s 40 branches will operate under Flagstar Bank. Signature Bank collapsed just over a week ago, days after Silicon Valley Bank faced the same fate. Shares of New York Community Bancorp also were upgraded to Outperform from Neutral by analysts at Wedbush. Shares were rising 33.3%.
(PACW) gained 20.6%, leading shares of regional banks higher after last week’s volatile trading.
American depositary receipts of PDD Holdings, or
(PDD), tumbled 13.9% after the Chinese e-commerce company posted fiscal fourth-quarter revenue that missed analysts’ expectations.
(ENPH), a maker of batteries used in solar systems, rose 6.8% after the stock was upgraded to Outperform from Market Perform at Raymond James.
(FL) shares rose 4.9%. The footwear retailer’s profit forecast for the year was lower than expected, but management anticipates strong long-term growth as new CEO Mary Dillon moves to reset the business.
(DELL) shares rose 2.2% after analysts at Goldman Sachs initiated coverage on the stock with a Buy recommendation. Both
Hewlett Packard Enterprise
(HPQ) were initiated at Neutral, with shares rising 1.1% and 0.7%, respectively.
Earnings reports will be coming later in the week from companies such as
Write to Joe Woelfel at email@example.com