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Investors are still spooked after UBS bought its Swiss peer, with confidence in the banking sector in short supply.
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Shares of regional banks ex-First Republic were mostly higher early Monday.
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Raymond James says this sold-off solar stock could be due for a comeback CNBCWhat investors say on buying into tech rally, and what stocks to buy CNBCUBS rescue of Credit Suisse doesn't resolve the U.S. banking crisis CNBCTSLA shares and more: Wall Street's stocks to buy for the electric vehicle boom CNBCResist the urge to hide in cash. How to boost the yield in your portfolio, according to UBS CNBCView Full Coverage on Google News
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Oil prices and global shares fell after UBS unveiled plans to buy its struggling Swiss rival Credit Suisse for $3.2 billion over the weekend.
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Wedbush on Monday upgraded New York Community Bancorp Inc. NYCB to outperform from neutral based on its expected earnings boost from its acquisition of Signature Bank's loan and deposit portfolio, as announced by the Federal Deposit Insurance Corp. (FDIC). New York Community Bancorp is rallying 30% in premarket trades. New York Community Bancorp's Flagstar unit will operate Signature Bank's 40 branches starting Monday. "NYCB benefits from a sweetheart deal as FDIC priced the assets to move quickly," analyst David Chiaverini said in a research note. He estimated that New York Community Bancorp's earnings per share will get a 20% accretion from the Signature Bank deal. In exchange for the $2.7 billion discount on acquired loans, plus interest income from Signature Bank's loans and securities, NYCB will give up "only $300 million in equity appreciation rights to the FDIC, which we view as very favorable terms," he said.
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