While equity prices had risen for the last two days, dragged higher by the market's melt-up, Credit Suisse credit risk continued to wide dramatically...

For context, with CDS trading at around 373bps, the equity market (price and volatility) is implying a spread around 157bps...

So either CDS is drastically too high, and/or CS stock price is too high (or implied vol too low).

SocGen analysts wrote this morning that Credit Suisse needs to aggressively deleverage its investment banking operations, suggesting that the stock's recent decline reflects management leaning toward retaining IB trading operations and reports of it resurrecting the First Boston name.