July 23, 2024
First Republic Bank’s stock plummets and Peloton’s stock falls while New York Community Bank shares soar, and other stocks on the move

First Republic Bank’s stock plummets and Peloton’s stock falls while New York Community Bank shares soar, and other stocks on the move

Here are some of the biggest movers on Monday with banks again in focus, after Swiss authorities forced the takeover of Swiss bank Credit Suisse by its peer UBS.

Stock gainers:

  • New York Community Bancorp Inc. seems to have got a good deal in buying the assets of failed Signature Bank, as NYCB’s stock NYCB, +34.02% soared 32% in midday trading after the regional bank said it had acquired about $38 billion in Signature’s assets and was taking over all of its branches, prompting Wedbush to upgrade the stock to outperform from neutral.
  • PacWest Bancorp shares PACW, +8.84% have been volatile of late amid the anxiety over U.S. regional banks, but ran up 9.5% after the bank said late on Friday that outflows had fallen sharply in recent days.
  • Oatly Group AB’s stock OTLY, +3.25% jumped 4.1% after the oat drink producer inked a partnership deal to offer Oatly Barista Edition dinks to McDonald’s Corp.’s MCD, +1.01% McCafé locations in Austria.
  • EnPhase Energy Inc. shares ENPH, +4.78% hiked up 4.2% after the analysts at Raymond James raised their rating to the equivalent of buy, saying they are “turning positive” on the energy technology company for the first time in a decade.
  • Shares of FleetCor Technologies Inc. FLT, +5.49% climbed 6.4% after the business-payments company said it would conduct a strategic review.
  • Nurix Therapeutics Inc. shares NRIX, +4.22% advanced 2.9% after Gilead Sciences Inc. GILD, +2.33% said it exercised the option to exclusively license Nurix’s targeted protein degrader molecule, which is being considered as a tool to treat inflammatory conditions like rheumatoid arthritis.

Stock decliners:

  • First Republic Bank FRC, -38.95% plummeted 32% toward a record low after The Wall Street Journal reported that JPMorgan Chase & Co. JPM, +0.62% was working to raise additional capital for the troubled bank. The reported followed the bank having its credit rating slashed deeper into junk territory over the weekend, with S&P Global Ratings saying the $30 billion rescue package received last week doesn’t solve the “substantial liquidity and funding challenges.”
  • The U.S.-listed shares of Credit Suisse Group AG CS, -52.56% CSGN, -55.74% plunged 50% after the troubled Switzerland-based bank announced a deal to be acquired by rival UBS Group AG UBS, +4.01% UBSG, +1.26% at a steep discount.
  • Peloton Interactive Inc. shares PTON, -6.82% were off 7% after reports last week it was discounting bike prices.
  • Foot Locker Inc. shares FL, -5.87% seesawed to a 4.3% drop after the sneaker and athletic-wear retailer reported fourth-quarter results that beat expectations but forecasted a drop in sales.
  • PDD Holdings Inc.’s stock PDD, -14.01% tumbled 13% after the China-based mobile marketplace reported fourth-quarter profit and revenue that rose less than expected.

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