First Republic, UBS, Virgin Orbit, Dell, And More Stocks Moving Midday

‍First Republic

In a move that has the potential to have a negative impact on First Republic's stock price and its reputation, Standard & Poor's has lowered the bank's credit rating to B+ from BB+. The rating remains on CreditWatch Negative after it was first lowered to junk status early last week.

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New York Community Bancorp

Over the weekend, the stock of New York Community Bancorp jumped by about 32 percent after the Federal Deposit Insurance Corporation announced that Flagstar Bank would be assumed by its subsidiary, New York Community Bancorp, as well as all 40 of Signature Bank's former branches, which included nearly all of Signature Bank's deposits and some of its loan portfolios.

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UBS, Credit Suisse

In response to UBS's agreement to buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion, Credit Suisse shares fell 50.5% after they were listed on the New York Stock Exchange. UBS gained 4.7% after UBS's "emergency rescue" plan was announced.

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US Bancorp

After Baird upgraded US Bancorp (USB) to outperform from neutral, the stock rose 5.6% following the news that the bank crisis is forcing depositors to move assets to larger regional banks, facing a growing risk of financial distress.

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Regional banks 

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First Republic's stock plunged, while the shares of other regional banks rose as investors assessed the prospects of expanded deposit insurance. PacWest's stock rose 8%, Fifth Third's gained 6.4%, and KeyCorp moved up 1.6% as investors assessed the potential for expanded deposit insurance.

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Virgin Orbit

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As the rocket builder sought funding and avoided bankruptcy, the stock dropped more than 22%, according to people familiar with the matter, which could happen as early as this week. According to CNBC, the company stopped operations last week and furloughed most of its employees.

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Dell

A buy rating was initiated by Goldman Sachs on the computer maker's stock. Goldman Sachs said it expects the headwinds caused by PC demand trends to abate soon.

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Enphase

Raymond James upgraded the shares from market performance to outperform after noticing technical and thematic reasons to favor the stock, resulting in a 4.7% advance in the stock price.

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TreeHouse Foods

It is the early stages of a beat and raises cycle for TreeHouse Foods, which has a wide portfolio of store brands. TreeHouse Foods shares jumped 7% after UBS initiated coverage with a buy rating.

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Foot Locker

After Foot Locker reported earnings above analysts' expectations and revenue above projections, its shares declined by 3.9%. However, Foot Locker's guidance for full-year sales misses analysts' estimates.

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Bed Bath & Beyond

A reverse stock split would help Bed Bath & Beyond regain liquidity, and that would help them execute turnaround plans, Bed Bath & Beyond said. The stock dropped 20.2% after it announced Friday it would seek shareholder approval.

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Exelixis

Biotech company announced the repurchase of $550 million worth of shares through 2023, which led to a 3.9% rise in the share price.

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Fleetcor Technologies

There has been a 6% gain in the stock price recently after the global business payments company said it is undertaking a review of its business structure and portfolio, as well as considering a variety of different strategic options, which may increase its possibility of separating one or more of its businesses in the future.

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Amazon

The stock of Amazon dropped 2.3% on Wednesday afternoon following news the company had plans to slash 9,000 more jobs over the next few weeks. Amazon was already laying off 18,000 people in November, so this latest round of eliminations will affect a larger number of workers.