Midday movers: First Republic, N.Y. Community Bancorp, Bed Bath&Beyond and more
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By Liz Moyer
Investing.com -- Stocks were rising on Monday after the regulator-backed $3.2 billion tie-up of Swiss banking giants UBS and Credit Suisse. Here are the midday movers for March 20.
- First Republic Bank (NYSE: FRC) shares were down 29% after a ratings cut from S&P Global sparked more fear about the bank's position despite a $30B deposit infusion last week by 11 big banks as a show of confidence. Credit Suisse Group (NYSE: CS) shares were down 51% after the UBS (NYSE: UBS) merger announcement.
- New York Community Bancorp Inc (NYSE: NYCB) shares were up 35% after the Federal Deposit Insurance Corp. announced its Flagstar Bank unit acquired most of Signature Bank's deposits and some loans, excluding $4B of digital deposits. Signature Bank was taken over by regulators a week ago.
Bed Bath&Beyond Inc (NASDAQ: BBBY) stock fell 19% on Monday after the home goods retailer said Friday it was seeking shareholder approval for a reverse stock split.
- Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) shares dipped 1.3% after the cruise operator said its CEO Frank J. Del Rio would retire and step down on June 30. Del Rio will stay as a consultant and senior advisor to the board through 2025, and Harry J. Sommer, the CEO of operating company NCL since 2020, will succeed Del Rio.
Amazon.com Inc (NASDAQ: AMZN) shares fell 2.1% after the e-commerce giant announced plans to cut 9,000 more jobs. The cuts mostly affect Amazon Web Services, advertising and human resources, and the Twitch businesses.
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