UBS, Credit Suisse — U.S.-listed shares of Credit Suisse tanked 50.5% after UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion. UBS’s “emergency rescue” deal is an attempt to stem the risk of contagion in the global banking system. UBS shares gained 4.7%.
US Bancorp — The stock popped 5.6% following an upgrade by Baird to outperform from neutral. The Wall Street firm said US Bancorp could be a beneficiary as the bank crisis pushes depositors to move holdings to larger regional banks.
Regional banks — While First Republic’s stock tumbled, other regional banks rallied as investors appraised the likelihood of expanded deposit insurance. PacWest‘s stock jumped more than 8%, while Fifth Third Bancorp gained 6.4%. KeyCorp both advanced 1.6%
Virgin Orbit— The stock fell more than 22% as the the rocket builder scrambled to secure funding and avoid bankruptcy, which could come as early as this week without a deal, according to people familiar with the matter. The company paused operations last week and furloughed most of the company, CNBC first reported on Wednesday.
Dell — The PC maker added 3% after Goldman Sachs initiated coverage of the stock with a buy rating. The Wall Street firm said it expects the headwinds created by personal computer demand trends to subside soon.
Enphase — Shares advanced 4.7% after Raymond James upgraded the stock to outperform from market perform, noting that there were technical and thematic arguments for liking the stock.
TreeHouse Foods — Shares jumped 7% after UBS initiated coverage of TreeHouse Foods with a buy rating. The Wall Street firm said the food processing company, which has a wide-ranging portfolio of store brand items, is in the “early innings of a beat and raise cycle.”
Foot Locker — Shares of the footwear retailer fell 3.9% even after the company’s earnings and revenue beat analysts’ estimates. Foot Locker said its comparable store sales increased 4.2% from a year ago, but it provided full-year guidance that missed expectations.
Bed Bath & Beyond — The meme stock tumbled 20.2% after the retailer said Friday it was seeking shareholder approval for a reverse stock split. Bed Bath & Beyond said the move would enable it to rebuild liquidity, which would help it execute turnaround plans.
Fleetcor Technologies — The stock gained 6% after the global business payments company said it will undertake a review of its portfolio and business configuration and consider various strategic alternatives, which may increase the possible separation of one or more of its businesses.
Amazon — Amazon’s stock slipped 2.3% after the e-commerce giant said it plans to cut 9,000 more jobs over the next few weeks. Amazon previously announced a round of layoffs in November that affected more than 18,000 positions.
— CNBC’s Michael Sheetz, Sam Subin, Alex Harring, Pia Singh, Yun Li and Sarah Min contributed reporting.