First Republic, Credit Suisse, UPS, New York Community, Bed Bath and many other movers

Swiss bank Credit Suisse (ticker: CS ) U.S. depositary receipts fell about 55% to 90 cents after larger rival UBS ( UBS ) agreed to buy Credit Suisse in a deal valued at about $3.2 billion. The merger of Switzerland’s two biggest banks – hammered out by Swiss authorities over the weekend – comes against a backdrop of industry turmoil. U.S.-listed shares of UBS rose 2.7%.

First Republic Bank (FRC) fell 36.7%. The regional lender was downgraded deep into junk territory by S&P Global. Last Wednesday, S&P Global downgraded the bank’s credit rating to speculative-grade territory. Stocks are falling as the collapse of Silicon Valley Bank and two other US banks stoked concerns about the health of the US banking system. JPMorgan Chase ( JPM ) and other big banks last week tried to raise First Republic Bank for $30 billion.

Flagstar Bank is a subsidiary New York Community Bancorp (NYCB), on Sunday agreed to buy what had been Signature Bank. From Monday, 40 branches of Signature Bank will operate under Flagstar Bank. Signature Bank collapsed a week ago, days after Silicon Valley Bank faced the same fate. Shares of New York Community Bancorp were also upgraded by analysts at Wedbush from neutral to outperform. Shares rose 31.8%.

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PacWest Bancorp ( PACW ) rose 8.3%, leading shares of regional banks higher after last week’s volatile trading.

Bed Bath & Beyond ( BBBY ) fell 18.9%, continuing its slide on Friday after the retailer unveiled plans for a reverse stock split.

U.S. Depository Receipts of PDD Holdings, or Pinduoduo ( PDD ), fell 12.9% after the Chinese e-commerce company posted fiscal fourth-quarter earnings that missed analysts’ expectations.

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Shares of Franchise Group

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Vitamin Shoppe, owned by American Freight and Pet Supplies Plus ( FRG ), rose 10.7% after receiving a “. An unsolicited non-binding proposal” to be purchased for $30 per share in cash.

Enphase Energy ( ENPH ), a maker of cells used in solar systems, rose 5.3% after the stock was upgraded from market perform to outperform at Raymond James.

Shares of Dell Technologies ( DELL ) rose 3.8% after analysts at Goldman Sachs began coverage of the stock with a buy recommendation. Hewlett Packard Enterprise (HPE) and HP Inc. ( HPQ ) both opened neutral, with shares rising 2.3% and 1.9%, respectively.

Shares of online retailer and technology giant ( AMZN ) fell 2.2% after it said it plans to cut another 9,000 jobs, following 18,000 layoffs announced in January.

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Shares of Foot Locker ( FL ) fell 2%. The shoe retailer’s profit forecast came in lower than expected, but management expects strong long-term growth as new CEO Mary Dillon moves to reposition the business.

Write to Joe Woelfel at [email protected]

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