U.S. stock futures declined Friday after the previous session’s pounding that sent markets into a correction territory as worries over economic growth persist. U.S. stocks swooned Thursday as fears about the global economic recovery escalated. The Dow dived 3.6%, the S&P 500 tanked 3.9% and the Nasdaq sank 4.1%.
Citigroup Inc (C) sold certain mortgage derivative products without disclosing to investors that Morgan Stanley (MS) had helped select the underlying mortgage bonds while it was betting against them, Bloomberg reported. Six of the seven series of Jackson bonds later defaulted, resulting in more than $150 million of losses for investors. Citigroup Inc. (NYSE:C, $3.63, -$0.18, -4.72%) fell 1.10 percent to $3.59 on Friday morning pre-market trading session, even on Thursday, shares of Citigroup declined 4.72 percent, closed on $3.63.
Wells Fargo & Co. (WFC) bailout warrants sold for $849 million in the latest move to recoup costs for taxpayers from the $700 billion financial bailout. The U.S. Department of the Treasury announced that it has commenced a secondary public offering of 110.26 million warrants at a price of $7.70 per warrant to purchase the common stock of Wells Fargo & Co., AP reported. Wells Fargo & Company (NYSE:WFC, $28.69, -$1.39, -4.62%) dropped 0.73 percent to $28.48 on Friday morning pre-market trading session, even on Thursday, shares of Well Fargo were down 4.62 percent, closed on $28.69.
Illinois-based Abbott Laboratories (ABT) has agreed to buy Piramal Healthcare Ltd.’s branded generic-medicine unit in India for $3.72 billion. Abbott will make an upfront payment of $2.12 billion for the business and then pay a further $400 million every year for the next four years. Abbott Laboratories (NYSE:ABT, $46.48, -$1.46, -3.05%) fell 0.82 percent to $46.10 on Friday morning pre-market trading session, even on Thursday, shares of Abbott declined 3.05 percent, closed on $46.48.
PC maker Dell Inc. (DELL) on Thursday reported its first-quarter net income rose 52 percent, but its gross margin fell short of analysts’ forecasts, helped by increased sales of enterprise solutions to commercial customers. Dell reported first-quarter net income rose to $441 million, or 22 cents per share, compared with $290 million, or 15 cents per share and revenue rose 21 percent to $14.87 billion from $12.34 billion in the same quarter a year earlier. Dell Inc. (NASDAQ:DELL, $14.32, -$0.9, -5.91%) dropped 3.98 percent to $13.75 on Friday morning pre-market trading session, even on Thursday, shares of Dell were down 5.91 percent, closed on $14.32.
Networking solutions provider Brocade Communications Systems, Inc. (BRCD) on Thursday reported second-quarter profit from a loss in the same period a year ago, quarterly revenue missed Wall Street expectations. Brocade reported second-quarter net profit of $22.4 million, or 5 cents per share, compared with a loss of $66.1 million, or 17 cents per share and revenue fell 1.1 percent to $501.0 million from $506.3 million in the same quarter a year earlier. Brocade Communications Systems, Inc. (NASDAQ:BRCD, $5.87, -$0.19, -3.14%) fell 12.10 percent to $5.16 on Friday morning pre-market trading session, even on Thursday, shares of Brocade declined 3.14 percent, closed on $5.87.
Online business software maker Salesforce.com (CRM) on Thursday reported first-quarter profit fell 3.7 percent, but rose revenue. Salesforce.com reported first-quarter net income of $17.7 million, or 13 cents per share, compared with $18.4 million, or 15 cents per share and revenue rose 23.6 percent to $376.8 million from $304.9 million in the same quarter a year earlier. salesforce.com, inc. (NYSE:CRM, $79.03, -$2.57, -3.15%) dropped 8.26 percent to $72.50 on Friday morning pre-market trading session, even on Thursday, shares of Salesforce.com were down 3.15 percent, closed on $79.03.