Bank of America, Citigroup, JPM, WFC, HOTT Stk Futures Down Before the Bell
U.S. stock futures pointed to a downbeat start Thursday, as pessimism surrounding the world economy weighed on markets.
S&P 500 futures fell 10.3 points to 1098.20 and Nasdaq 100 futures fell 14.5 points to 1786.00. Futures on the Dow Jones Industrial Average fell 72 points.
Bank of America Merrill Lynch downgraded Intel Corp. (INTC) and Texas Instruments Inc. (TXN) from Buy to Neutral. The firm said, “barring a sharp upturn in the global economy, our indicators point to the potential for an inventory correction, thus rendering the risk-reward associated with ownership of chip stocks unattractive.” Bank of America Corp. (NYSE:BAC, $16.35, +$0.58, 3.68%) fell 0.92 percent to $16.20 on Thursday morning pre-market trading session, while on Wednesday, shares of Bank of America rose 3.68 percent, and closed on $16.35, BofA fell 5.27 percent in the past one month trading.
Citigroup Inc., recipient of $45 billion in U.S. government bailout funds, named six regional heads for its mergers and acquisitions team in Europe, the Middle East and Africa. Citigroup Inc. (NYSE:C, $4.29, +$0.05, 1.18%) drooped 0.93 percent to $4.25 on Thursday morning pre-market trading session, while on Wednesday, Citigroup shares jumped 1.18 percent and closed on $4.29.
JPMorgan Chase & Co., the second- largest U.S. bank, will buy out its venture with Cazenove Group for 1 billion pounds ($1.7 billion), sealing the takeover of a 190-year-old British brokerage whose clients include the Queen. JPMorgan Chase & Co. (NYSE:JPM, $43.38, +$0.22, 0.51%) fell 0.83 percent to $43.02 on Thursday morning pre-market trading session, while on Wednesday, shares of JPMorgan rose 0.51 percent, and closed on $43.38.
Wells Fargo & Co. on Wednesday agreed to repay customers about $1.4 billion to settle a lawsuit and regulatory investigations alleging the company improperly marketed risky investments as safe. Wells Fargo & Company (NYSE:WFC, $28.86, +$0.49, 1.73%) dropped 1.00 percent to $28.57 on Thursday morning pre-market trading session, while on Wednesday, Wells Fargo shares jumped 1.73 percent and closed on $28.86.
Hot Topic Inc. (HOTT) fell 12% as the teen retailer issued a weaker-than-anticipated fourth-quarter earnings estimate. Hot Topic, Inc. (NASDAQ:HOTT, $6.67, -$0.09, -1.33%) fell 12.29 percent to $5.85 on Thursday morning pre-market trading session, even on Wednesday, shares of Hot Topic declined 1.33 percent, and closed on $6.67.
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