A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023.
Mike Segar | Reuters
Check out the companies making the biggest moves midday:
First Republic — Shares tanked nearly 30% after Standard & Poor’s cut First Republic’s credit rating to B+ from BB+. S&P first lowered the bank’s rating to junk status just last week. The rating remains on CreditWatch Negative.
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New York Community Bancorp — New York Community Bancorp jumped about 32% after the Federal Deposit Insurance Corporation announced over the weekend that the bank’s subsidiary, Flagstar Bank, will assume nearly all of Signature Bank’s deposits and some of its loan portfolios, as well as all 40 of its former branches.
UBS, Credit Suisse — U.S.-listed shares of Credit Suisse tanked 50.5% after UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion. UBS’s “emergency rescue” deal is an attempt to stem the risk of contagion in the global banking system. UBS shares gained 4.7%.
US Bancorp — The stock popped 5.6% following an upgrade by Baird to outperform from neutral. The Wall Street firm said US Bancorp could be a beneficiary as the bank crisis pushes depositors to move holdings to larger regional banks.
Regional banks — While First Republic’s stock tumbled, other regional banks rallied as investors appraised the likelihood of expanded deposit insurance. PacWest’s stock jumped more than 8%, while Fifth Third Bancorp gained 6.4%. KeyCorp both advanced 1.6%
Virgin Orbit— The stock fell more than 22% as the the rocket builder scrambled to secure funding and avoid bankruptcy, which could come as early as this week without a deal, according to people familiar with the matter. The company paused operations last week and furloughed most of the company, CNBC first reported on Wednesday.
Dell — The PC maker added 3% after Goldman Sachs initiated coverage of the stock with a buy rating. The Wall Street firm…
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