Credit Suisse, UBS, First Republic, New York Community and others

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Shares of Credit Suisse fell on Monday after the Swiss bank was bought by larger competitor UBS.

Fabrice Coffrini/AFP via Getty Images

Equity futures tumbled on Monday after UBS’s deal to acquire Credit Suisse and central bank moves to improve dollar liquidity failed to boost investor confidence in the global banking system.

These stocks were ready for change on Monday:

American Depository Receipts of a Swiss Bank

Credit Suisse

(CS) fell more than 58% to about 84 cents, following a larger competitor.

UBS

(UBS) agreed to buy Credit Suisse in a deal worth about $3.2 billion. The merger of two of Switzerland’s largest banks, orchestrated by the Swiss authorities over the weekend, comes amid turmoil in the industry. UBS listed in the US fell 7.4%.

Bank of the First Republic

(FRC) was down 15.5% in premarket trading. S&P Global has downgraded the rating of the regional creditor to the level of garbage territory. Last Wednesday, S&P Global downgraded the bank’s credit rating to speculative. Stocks plunge as the collapse of Silicon Valley Bank and two other US banks raised concerns about the health of the US banking system.

JPMorgan Chase

(JPM) and other major banks stepped in last week to support First Republic Bank with $30 billion.

Flagstar Bank, subsidiary

New York Community Bank

(NYCB) on Sunday agreed to acquire most of what was once Signature Bank. Starting Monday, 40 branches of Signature Bank will be operated by Flagstar Bank. Signature Bank collapsed just over a week ago, days after the same fate befell Silicon Valley Bank. New York Community Bancorp shares were also upgraded to Outperform with Market Perform in Keefe Bruyette. Shares rose 10.7%.

Dell Technologies

(DELL) rose slightly in premarket trading after Goldman Sachs initiated coverage with a Buy recommendation. Both

Hewlett Packard Enterprise

(HPE) and

HP Inc.

(HPQ) were initiated at a neutral level.

enphase energy

(ENPH), a manufacturer of batteries used in solar systems, rose 1.3% after shares in Raymond James were upgraded to outperform to outperform.

Foot locker

(FL) is due to report its fiscal fourth quarter earnings before the stock market opens on Monday.

Earnings reports coming later this week from companies like

Nike

(NKE),

game stop

(GME),

Chewing

(CHWY)

Main page of KB

(CBH) and

General Mills

(GIS).

Email Joe Woelfel at [email protected]

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