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 53% to about 94 cents after larger rival UBS ( UBS ) agreed to buy Credit Suisse in a deal worth 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 5.1%.

First Republic Bank (FRC) fell 47%. 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.

Meanwhile, JPMorgan CEO Jamie Dimon, The Wall Street Journal reported Monday, is talking with other banks. Raising additional capital to the First Republic.

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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 32%.

PacWest Bancorp ( PACW ) rose 10.8%, leading shares of regional banks to rally after last week’s volatile trading.

Bed Bath & Beyond ( BBBY ) fell 21%, continuing its slide on Friday after the retailer unveiled plans for a reverse stock split.

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American Depositary Receipts of PDD Holdings or Pinduoduo

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( PDD ), the Chinese e-commerce company fell 13% after posting fiscal fourth-quarter revenue that missed analysts’ expectations.

Shares of Franchise Group ( FRG ), which owns Vitamin Shoppe, American Freight and Pet Supplies Plus, rose 13%. 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 4.8% after the stock was upgraded to outperform at Raymond James.

Shares of Food Locker ( FL ) fell 5.7%. 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.

Dell Technologies ( DELL ) shares rose 3.6% after analysts at Goldman Sachs initiated coverage on the stock with a buy recommendation. Hewlett Packard Enterprise (HPE) and

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HP Inc. ( HPQ ) opened in neutral, with shares up 2.4% and 0.5%, respectively.

Shares of online retailer and technology giant ( AMZN ) fell 1.3% after it said it plans to cut another 9,000 jobs, following 18,000 layoffs announced in January.

Write to Joe Woelfel at [email protected]

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