Bank Stock Drops 58%

Attention Traders: It’s Monday and our Lead Trading Tactician Nate Bear is getting you ready for the trading week with his “Monday Watchlist.” This week he’s got his eyes on a few companies. Click the image below to learn more.

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were flat on Monday. Investors are assessing the state of the global banking system after the Swiss government created a forced takeover (more on that below). Overall, regional banks are still under pressure to shor up their deposit bases in the wake of the collapse of Silicon Valley Bank earlier this month.

The bank fiasco isn’t fazing us in The War Room. Last week we took several winners in the bank sector, including a 38% win on SCHW. Right now we’re positioned on several big banks.

If you want to get in on these trades, click here to join The War Room.

Here’s a look at the top-moving stocks this morning.

Credit Suisse Group (NYSE: CS)

Credit Suisse Group is down 58.68% premarket after UBS agreed to buy its swiss rival late Sunday by agreeing to a $3.2 billion takeover. The move was made to stop the banking crisis from spreading. UBS will assume $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023.

New York Community Bancorp (NYSE: NYCB)

New York Community Bancorp is up 21.56% premarket after acquiring much of what was Signature Bank of New York. Starting today, Signature Bank’s 40 branches will operate under Flagstar Bank, a subsidiary of New York Community Bancorp, the FDIC said Sunday.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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