US STOCKS-Futures dip in volatile trade after Swiss Bank move

* Bank of America falls in premarket after results

* Best Buy down in premarket after holiday sales

* Initial claims data due

* Futures off: Dow 8 pts, S&P up 3.25 pts, Nasdaq off 9.75 pts (Adds Citibank earnings, Swiss ADR moves)

By Chuck Mikolajczak

NEW YORK, Jan 15 (Reuters) – Dow Futures dipped in choppy trading on Thursday, fluctuating between gains and losses, after the Swiss National Bank scrapped its three-year euro cap on the franc.

* Trading was volatile, and futures erased early gains after the SNB said it would discontinue the cap it introduced on Sept. 6, 2011 to fight recession and deflation threats.

* Swiss stocks traded in the U.S. moved higher in premarket trading, including UBS, up 7 percent at $ 17.45, Credit Suisse, up 3.9 percent at $ 23.70 and Novartis, up 7 percent to $ 103.63.

* Bank of America lost 2.7 percent to $ 15.60 before the opening bell after the second-largest U.S. bank by assets reported a 14 percent slump in quarterly profit.

* Citigroup shares fell 1.1 percent to $ 48.49 before the opening bell after posting quarterly results.

* Dow component Intel Corp is scheduled to report after the closing bell.

* Expectations for U.S. fourth-quarter earnings have fallen sharply in recent months, with growth now estimated at just 3.6 percent compared with an Oct. 1 estimate for 11.2 percent, according to Thomson Reuters data.

* U.S. stocks dropped for a fourth day Wednesday in volatile trading after a World Bank forecast added to worries about the health of the global economy.

* The benchmark S&P has fallen in nine of the past 11 days. The index is down more than 3.8 percent from its last record high Dec. 29.

* Economic data due Thursday include weekly initial jobless claims, Empire State Manufacturing for January and the December producer price index for final demand at 8:30 a.m. (1330 GMT). The Philadelphia Federal Reserve Bank’s reading on factory activity is due at 10:00 a.m. (1500 GMT).

* Best Buy shares tumbled 7.3 percent to $ 37 before the opening bell after the electronics retailer posted holiday sales results and said it expects same-store sales growth to be flat to negative in the first two quarters of its fiscal year .

* U.S.-listed shares of Blackberry dropped 14.7 percent to $ 10.74 after South Korea’s Samsung Electronics said it had no plan to buy the smartphone maker, denying a Reuters report on a takeover approach.

Futures snapshot at 8:09 a.m. (1309 GMT):

* S&P 500 e-minis were down 3.25 points, or 0.16 percent, with 366,066 contracts changing hands.

* Nasdaq 100 e-minis were down 9.75 points, or 0.24 percent, in volume of 68,256 contracts.

* Dow e-minis were down 8 points, or 0.05 percent, with 82,600 contracts changing hands.

(Editing by Bernadette Baum)

You may also like...

Rules of Discussion on US STOCKS-Futures dip in volatile trade after Swiss Bank move

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean