NEW YORK (TheStreet) -- Stock futures were tumbling Thursday after the Swiss National Bank unsettled global markets by scrapping its four-year-old cap on its currency. S&P 500 futures were down 0.68%, Dow Jones Industrial Average futures dropped 0.53%, and Nasdaq futures slid 0.64%. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Switzerland's central bank removed overnight the 1.20 floor against the euro, arguing it was no longer justified. Shortly after the announcement, the franc soared nearly 30% against the euro. The euro is now down around 14% against the franc at $1.0263. European markets suffered a choppy trading session with Germany's DAX losing 250 points in the minutes after the Swiss National Bank's announcements before bouncing back. The Swiss Market Index plummeted more than 10% as investors fled in favor of "safe haven" assets such as gold and bonds. Crude oil enjoyed its biggest gain in two-and-a-half years on Wednesday but gains appeared short-lived as the commodity resumed its falls on Thursday. West Texas Intermediate had surged Wednesday above $48 a barrel as stock markets trimmed their losses on a better-than-expected economic overview from the Federal Reserve. West Texas Intermediate was down 1.2% to $47.89 a barrel on Thursday morning. Bank of America shares dropped 2.2% as quarterly revenue plummeted nearly 13% and net income of 25 cents a share fell short of estimates. BlackBerry shares were coming back down to earth after soaring nearly 30% Wednesday afternoon on Samsung takeover rumors. The smartphone maker denied reports that Samsung had approached it with an offer. Shares dropped 13.8%. BP was down 1.2% in premarket trading after announcing plans to cut 300 of 4,000 jobs at its North Sea business. The cuts were long in the planning but had recently been expedited on falling oil prices. Adobe shares spiked 2.1% as its board announced a new $2 billion buyback program through to 2017. The company has been active in repurchasing stock, buying up $689 million over fiscal 2014. RadioShack plummeted nearly 20% before the bell on reports it could file for bankruptcy as early as next month. The electronics retailer had depleted cash reserves following a failed turnaround attempt, according to the Wall Street Journal. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. --Written by Keris Alison Lahiff in New York.
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