A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. 

Mike Segar | Reuters

Check out the companies making the biggest moves midday:

First Republic — Shares tanked 47.11% after Standard & Poor’s cut First Republic’s credit rating to B+ from BB+. S&P first lowered the bank’s rating to junk status just last week. The rating remains on CreditWatch Negative.

New York Community Bancorp — New York Community Bancorp jumped 31.65% after the Federal Deposit Insurance Corporation announced over the weekend that the bank’s subsidiary, Flagstar Bank, will assume nearly all of Signature Bank’s deposits and some of its loan portfolios, as well as all 40 of its former branches.

UBS, Credit Suisse — U.S.-listed shares of Credit Suisse nosedived 52.99% 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 3.3%.

US Bancorp — The stock popped 4.55% 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 10.78%, while Fifth Third Bancorp gained 5.05%%. KeyCorp advanced 1.21%

Virgin Orbit— The stock fell 19.5% 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 3.57% 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 4.83% 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 5.98% 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 5.68% 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 21.12% 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.

Exelixis — The stock gained 4.44% after the biotech company announced a $550 million share repurchase program to run through the end of 2023.

Fleetcor Technologies — The stock gained 6.35% 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 1.25% 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.

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