Facebook’s Smartphone Strategy And Bad Bank Behavior: Morning Buzzers
Stock futures gave up early gains on Thursday morning and headed for negative territory after an unexpected increase in initial claims for unemployment insurance. Jobless claims increased 28,000 to 385,000 for the week ended March 30.
Futures at 8:55 a.m.: DJIA: -0.06%, S&P 500: -0.07%, NASDAQ: -0.09%.
Here’s what’s buzzing on Thursday morning:
Lululemon Athletica (NASDAQ:LULU) was off nearly 1 percent in pre-market trading following an announcement on Tuesday evening that Chief Product Officer Sheree Waterson will be leaving the company by April 15. Waterson is apparently taking flak for a recall in March that is expected to cost the company as much as $40 million.
Facebook (NASDAQ:FB) climbed more than 1 percent on Thursday morning. The world’s largest social network has reaffirmed that while it’s not building its own smartphone, it will be looking to deeply integrate with existing platforms. According to The New York Times, Facebook is expected to introduce a “moderately priced phone, made by HTC, powered by Google’s (NASDAQ:GOOG) Android operating system, and tweaked to showcase Facebook and its apps on the home screen.”
Deutsche Bank (NYSE:DB) is reportedly being investigated by Germany’s central bank and a financial watchdog group over allegations that it failed to properly value a derivatives portfolio. Sources familiar with the investigation tell Reuters that the bank has been accused of hiding as much as $12 billion in losses between 2007 and 2010.
Royal Bank of Scotland Group (NYSE:RBS) has found itself the target of a massive shareholder lawsuit. Reuters reports that shareholders allege that the bank issued “a defective prospectus littered with misstatements and omissions.” Shares were up as much as 2.4 percent in pre-market trading on Thursday.
Samsung (SSNLF.PK) looks like it is taking a page out of Apple’s (NASDAQ:AAPL) playbook and is opening its own mini-stores inside of Best Buy (NYSE:BBY) retail locations. Samsung will open up as many as 500 locations starting on April 8.
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