Stocks making the biggest moves premarket: First Republic, UBS, Enphase Energy
Check out the companies making headlines before the market’s opening bell.
First Republictumbled about 19% premarket after Standard & Poor’s cut its credit rating again, to B+ from BB+, on Sunday. S&P first lowered First Republic’s credit rating to junk status last week. The rating remains on CreditWatch Negative.
related investing news
UBSCredit Suisseannounced Sunday it would buy Credit Suisse for 3 billion Swiss francs, or $3.2 billion, as part of a deal orchestrated by Swiss regulators and the Swiss central bank. Other European banking stocks were also lower, with Deutsche Bank down 1.8% and ING Groep off by 4.2%.
New York Community Bancorpwill take over large parts of Signature Bank’s deposits and loan portfolios, and all 40 of its branches.
US Bancorpanalysts said UBS’s forced Credit Suisse merger over the weekend could boost investor sentiment toward U.S. regionals.
— CNBC’s Sarah Min, Michelle Fox Theobald, Jesse Pound, Tanaya Macheel contributed reporting.