COIN, , FCNCA, ROKU and more

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Check out the companies making the biggest moves at midday:

Coinbase global – Shares of the cryptocurrency exchange fell nearly 10% in midday trading, along with Bitcoin and ether, after the Commodity Futures and Trading Commission filed a lawsuit against the cryptocurrency operator Binance crypto exchange. The CFTC alleges that the exchange actively solicited US users and overturned the exchange’s own “ineffective compliance program”. The suit referred to both bitcoin and ether as “commodities”.

First Citizens BancShares — The Raleigh, North Carolina-based bank jumped 50% after agreeing to buy Silicon Valley Bank’s deposits and loans. The deal includes approximately $72 billion in SVB assets at a discount of $16.5 billion.

First Republic, PacWest — Shares of regional banks rose on Monday after reports the government was considering additional support and deposit outflows had slowed. Shares of First Republic jumped 16%, while PacWest Bancorp rose about 4% and Western Alliance gained nearly 8%.

Roku – Shares of the media platform jumped more than 4% after Susquehanna took it from neutral to positive. The Wall Street firm said it continues to see Roku as “a major beneficiary of the centuries-old shift in linear budgets.”

Border Communications – Shares of the telecommunications company fell about 9% after Morgan Stanley downgraded the stock to underweight. The company noted that Frontier is changing hands at a significant premium over its peers, including AT&T and Verizon. The stock had fared better than the broader field of cable telecommunications companies, but Monday’s tumble sent the stock down about 16% year-to-date.

Carnival — The cruise line lost 3.3% despite better-than-expected earnings for its first quarter. However, it guided a 34 to 42 cent EPS loss in the second quarter, more than StreetAccount’s estimate of 28 cents.

Ollie’s Bargain Outlet Holdings – The stock fell 2.8% during midday trading after Citi downgraded the retailer to sell from neutral, saying it has a “hard to scale model” and saw weaker productivity in its new stores in recent years.

International flavors and fragrances — The stock advanced 5.8% in midday trading. The New York-based maker of flavors, fragrances and cosmetics ingredients on Monday reaffirmed first-quarter adjusted EBITDA guidance of $470 million to $490 million, slightly below StreetAccount’s estimate of $492 million. dollars. It reaffirmed revenue of $2.95 billion to $3 billion, versus $3 billion expected by analysts, per StreetAccount. IFF also reaffirmed its commitment to its net debt to credit adjusted EBITDA target of less than 3x by the end of 2024.

pinterest — The social media platform gained 1.3% after UBS upgraded it to buy from neutrals. The company said PINS has the potential to improve advertising under new management.

Corning — The glass and fiber optic cable maker rose nearly 2% after securing an upgrade from Deutsche Bank to buy on hold. Analyst Matthew Niknam said Corning was “turning a corner” on revenue and earnings per share.

Marqueta — The payments stock jumped nearly 10% after Wolfe Research upgraded it to outperform peers. The Wall Street firm said the stock’s risk and reward were “too compelling” and investors underestimated the company.

— CNBC’s Alex Harring, Pia Singh, Yun Li, Sarah Min, Jesse Pound and Brian Evans contributed reporting.

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