New York Community Bank shares surge and Foot Locker’s stock gains, but First Republic’s stock hit by S&P downgrade

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 if the former’s share price reaction is anything to go by. NYCB stock
  NYCB,
  -4.66%
  was up 30% in premarket 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,
  -18.95%
  have been volatile of late amid the anxiety over U.S. regional banks. But Monday was starting as a good day with the stock up 18% after the bank said late on Friday that outflows had fallen sharply in recent days.

• Foot Locker Inc. shares
  FL,
  -1.03%
  turned an initial 3% slide into a 1.5% gain despite the sneaker and athletic-wear retailer reported fourth-quarter results that beat expectations but forecasted a drop in sales.

• Coinbase Global Inc. shares
  COIN,
  +10.62%
  rose 4% as a recent surge in the price of bitcoin
  BTCUSD,
  +0.83%
  was seen benefiting the crypto trading platform.

Stock decliners:

• First Republic Bank
  FRC,
  -32.80%
  remains under pressure, as its stock slid 20% toward a record low after the troubled bank had its credit rating slashed deeper into junk territory over the weekend. S&P Global Rating said the $30 billion rescue package received last week doesn’t solve the “substantial liquidity and funding challenges.”

• Peloton Interactive Inc. shares
  PTON,
  -5.26%
  were off 3% after reports last week it was discounting bike prices.

• PDD Holdings Inc.’s stock
  PDD,
  -2.73%
  tumbled 14% after the China-based mobile marketplace reported fourth-quarter profit and revenue that rose less than expected.