Check out the companies making the biggest moves midday:
First RepublicStandard & 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.
New York Community BancorpFlagstar 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.
UBSCredit SuisseUBS’s “emergency rescue” deal is an attempt to stem the risk of contagion in the global banking system. UBS shares gained 3.3%.
US Bancorpupgrade 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 10.78%, while Fifth Third BancorpKeyCorp
Virgin Orbitscrambled 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.
DellGoldman Sachs initiated coverage of the stock with a buy rating. The Wall Street firm said it expects the headwinds created by personal computer demand trends to subside soon.
Enphaseupgraded the stock to outperform from market perform, noting that there were technical and thematic arguments for liking the stock.
TreeHouse Foodswide-ranging portfolio of store brand items, is in the “early innings of a beat and raise cycle.”
Exelixisannounced a $550 million share repurchase program to run through the end of 2023.
Fleetcor Technologieswill undertake a review of its portfolio and business configuration and consider various strategic alternatives, which may increase the possible separation of one or more of its businesses.
Amazonplans to cut 9,000 more jobs over the next few weeks. Amazon previously announced a round of layoffs in November that affected more than 18,000 positions.
— CNBC’s Michael Sheetz, Sam Subin, Alex Harring, Pia Singh, Yun Li and Sarah Min contributed reporting.