New York Community Bank [NYCB] - Last Close: $6.54
New York Community Bank is moving higher after announcing a deal.
The regional bank's Flagstar Bank subsidiary has acquired billions of dollars of Signature Bridge Bank assets from the Federal Deposit Insurance Corp.
The deal includes $34 billion in deposits, $13 billion in loans, and $25 billion in cash, and it's expected to be accretive to earnings per share and book value.
NYCB says the deal will add a "substantial amount" of low-cost deposits, greatly reduce its reliance on wholesale borrowings, and provide other benefits.
A press release noted the deal doesn't include Signature's digital banking or crypto assets.
NYCB is one of this morning's top performers with a 25.5% gain.
My Take: This looks like a good deal for NYCB and the market is responding accordingly. Share prices have declined steeply over the past couple of months, but this rally could help the stock pivot to a positive trend line.
Pacific Western Bank [PACW] - Last Close: $9.28
Pacific Western Bank is up after a business update.
The regional bank issued an end-of-week update on Friday in order to calm shareholder panic resulting from the regional banking crisis.
PacWest's report noted that the bank faced "elevated" withdrawals in light of the recent bank failures, but its overall liquidity remains "solid."
According to the report, the bank has more than $10.8 million available in cash as of Mar. 17th, 2023.
The report sparked a relief rally in shares of PACW this morning. It's one of this morning's most actively stocks, and it's up 18.0%.
My Take: It looks like PACW is handling the regional banking crisis well. If it can survive, its current price point could be an attractive long-term entry point, as it was only trading for 2.75-times earnings as of Friday's close.
Boxed Inc [BOXD] - Last Close: $0.101
Boxed is rebounding after taking steep losses on Friday.
The ecommerce retailer fell 46.8% on Friday after announced it would not file its 2022 10-K Form by the extended deadline.
In a From 424B3 filing from Friday, the company said its net loss for 2022 is expected to increase to $115 million from $69 million the year before.
Boxed cash & cash equivalents are down to just $21 million as of year end, 2022.
However, shares are rebounding in Monday's premarket. BOXD is one of this morning's most active stocks, and it's up 49.5%.
My Take: BOXD had an 11.05% short percentage as of Feb. 28th, and shorts likely spiked after Friday's announcement. This morning, the market is squeezing the shorts and sending shares higher, but don't let the gains fool you. This company is in big trouble, so a long-term position would be a bad idea.
Loyalty Ventures [LYLT] - Last Close: $0.0859
Loyalty Ventures is also rebounding from a recent sell off.
The consumer loyalty solutions company took steep losses last week after announcing it had filed voluntary petitions for Chapter 11 bankruptcy.
As result of the bankruptcy filing, Nasdaq notified the company that its shares would be delisted from the exchange on close of business last Friday.
Loyalty said its shares will likely transfer to the Pink Open Market operated by OTC Markets Group.
LYLT set a new 52-week low on Thursday, but it's reversing course in dramatic fashion today. Shares are up 45.2% on active trading volume.
My Take: There's no good news to explain this move, so I'd wager this is a Reddit-style short squeeze. LYLT had a short ratio of 9.31% on Feb. 28th, well before the bankruptcy news hit the market, and short sales have likely spiked in the wake of the announcement.
