Check out the firms that are generating the most noise at midday:
First Republic — Shares fell 47.11% after Standard & Poor’s downgraded First Republic’s credit rating from BB+ to B+. S&P downgraded the bank to junk status just last week. CreditWatch maintains its negative rating.
New York Community Bancorp rose 31.65% after the Federal Deposit Insurance Corporation said over the weekend that the bank’s affiliate, Flagstar Bank, will take nearly all of Signature Bank’s deposits and portions of its loan portfolios, as well as all 40 of its former branches.
UBS and Credit Suisse — Credit Suisse’s U.S.-listed shares fell 52.99% after UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion. The “emergency rescue” plan struck by UBS is an attempt to reduce the risk of contagion in the global financial system. UBS shares increased by 3.3%.
US Bancorp – The stock rose 4.55% after Baird upgraded it to outperform from neutral. According to the Wall Street firm, US Bancorp could benefit as depositors shift their funds to larger regional banks as a result of the financial crisis.
When First Republic’s shares fell, other regional banks rose as investors assessed the prospect of expanding deposit insurance. PacWest’s stock increased 10.78%, while Fifth Third Bancorp’s stock increased 5.05%. KeyCorp gained 1.21%.
Virgin Orbit — The stock dropped 19.5% as the rocket builder hustled to obtain money and avoid bankruptcy, which may happen as soon as this week if no agreement is reached, according to sources familiar with the situation. CNBC initially reported on Wednesday that the company halted operations last week and furloughed the majority of its employees.
Dell – The PC maker gained 3.57% after Goldman Sachs initiated coverage with a buy rating on the stock. The Wall Street business anticipates that the headwinds caused by personal computer demand trends will abate soon.
Enphase — Shares rose 4.83% after Raymond James upgraded the stock to outperform market performance, citing technical and thematic reasons to like it.
TreeHouse Foods – Shares increased 5.98% after UBS initiated covering with a buy rating on TreeHouse Foods. The food processing company, which has a diverse portfolio of store brand items, is in the “early innings of a beat and raise cycle,” according to the Wall Street firm.
Foot Locker – Shares of the footwear retailer slumped 5.68% despite the fact that the company’s earnings and revenue were above analysts’ expectations. Foot Locker reported that comparable store sales climbed 4.2% year on year, but it offered a full-year forecast that fell short of expectations.
Bed, Bath, and Beyond — The retailer’s stock dropped 21.12% after it announced on Friday that it was seeking shareholder permission for a reverse stock split. Bed Bath & Beyond stated that the action would allow businesses to replenish cash, which would aid in the execution of turnaround strategies.
Exelixis — The stock increased 4.44% after the biotech business announced a $550 million share repurchase program that will go until the end of 2023.
Fleetcor Technologies — The stock rose 6.35% after the worldwide business payments provider announced a review of its portfolio and business structure, as well as the consideration of potential strategic alternatives, which may include the separation of one or more of its businesses.
Amazon – Amazon’s stock fell 1.25% as the e-commerce giant announced plans to lose 9,000 additional positions in the coming weeks. Amazon previously announced a round of layoffs in November, affecting around 18,000 employees.