Shares of Research In Motion (NASDAQ:RIMM) will be under pressure after the Blackberry maker posted a drop in quarterly profit and revenue missed its own limp forecast, forcing the firm to slash its outlook and sending its shares down 15% in after hours. RIM's shares traded in Frankfurt were down 15%.
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The euro hovered near a three-week low on Friday and European stocks headed for their seventh straight weekly loss as worries about a Greek default and the threat of contagion kept investors away from riskier assets.
Greek Prime Minister George Papandreou appointed a new finance minister on Friday in a reshuffle to muster support for harsh economic reforms that have stoked violent unrest and split his ruling party. The reforms are a condition for Greece receiving an international bailout to save it from a debt default that could unleash global economic turmoil.
Treasuries pared losses in European trading on Friday as investors sought shelter from the euro zone's debt crisis in U.S. bonds, with market participants targeting a return to the lowest yield levels this year.
Inflows into the SPDR S&P 500 ETF, a popular exchange-traded fund that tracks the benchmark U.S. stock index, soared to a three-year high in the week ending June 15, but that may not be a sign of higher investor appetite for equities, Lipper data showed on Thursday.
Bank of America Corp (BAC.N) still doesn't know exactly what damaging documents WikiLeaks could have about it, the largest U.S. bank's chief information officer said on Thursday. Italian fashion house Prada SpA cut the final price of its IPO by almost a fifth, raising $2.1 billion, as investors balked at a rich valuation and weak global markets.
Capital One Financial Corp (NYSE:COF) plans to buy ING Groep NV's U.S. online bank for $9 billion in cash and stock, leapfrogging up the ranks of the largest U.S. banks, the company said on Thursday afternoon.
On the macro front, the Conference Board releases its report on May leading economic indicators.
U.S. stocks rose in volatile trading on Thursday, thanks only to technical factors and options expirations. But raging uncertainty about Greece prevented investors from committing money to the market.
The Dow Jones industrial average .DJI gained 64.25 points, or 0.54%, to 11,961.52. The Standard & Poor's 500 Index .SPX added 2.22 points, or 0.18%, to 1,267.64. But the Nasdaq Composite Index .IXIC dropped 7.76 points, or 0.29%, to 2,623.70.
The CBOE Volatility Index .VIX ended modestly higher on Thursday as the quarterly expiration and settlement of June individual stock and index options and futures contracts began. Known as Wall Street's fear gauge, the VIX briefly spiked to a high of 24.65 before settling down to 22.73, up 6.61%.