Here are 10 things you should know for Friday, July 18:
1. -- U.S. stock futures were mixed Friday as investors were spooked by the Malaysia Airlines jet crash in Ukraine that killed 298 passengers.
European stocks followed New York and Asia lower on Friday, as investors took stock of increased geopolitical tensions in Ukraine and the Middle East.
2. -- The economic calendar in the U.S. on Friday includes the University of Michigan Sentiment Index for July at 9:55 a.m. EDT, and leading indicators for June at 10 a.m.
3. -- U.S. stocks on Thursday declined following news of a downed Malaysia Airlines jet in eastern Ukraine.
The Dow Jones Industrial Average dropped 0.94% to 16,976.81, gapping from its record close of 17,1382.2 a day earlier. The S&P 500 slid 1.2% to 1,958.12, while the Nasdaq fell 1.4% to 4,363.45. TheStreet's Joya Dass has Friday's Global Markets Report:
4. -- AbbVie
(ABBV), the U.S. drugmaker, reached a deal to buy Irish pharmaceutical firm Shire
(SHPG) for almost $55 billion.
The acquisition will allow AbbVie to base the combined company in the U.K to benefit from the lower corporate tax rate in the U.K.
AbbVie will pay 52.48 pounds a share for Shire in the cash-and-stock deal.
Earlier this week, Shire said it was willing to recommend to its shareholders the takeover bid from AbbVie, following the fifth offer AbbVie made to Shire.
The report released Thursday revealed that Google's advertising prices are still dropping to extend a nearly three-year slump.
The search giant also announced that Chief Business Officer Nikesh Arora is leaving the company after a decade to become a top executive at SoftBank. He will be replaced on an interim basis by Omid Kordestani, Google's original advertising chief.
6. -- General Electric (GE) reported on Friday second-quarter earnings of 39 cents a share on revenue of $36.2 billion.
Analysts expected earnings of 39 cents a share on revenue of $36.3 billion.
7. -- IBM (IBM - Get Report) said second-quarter profit rose 28% and topped analysts' expectations. Profit increased to $4.14 billion, or $4.12 a share, from $3.23 billion, or $2.91 a share, in the year-earlier period.
Adjusted earnings were $4.32 a share. Analysts had expected earnings of $4.29 a share.
Revenue fell 2% to $24.36 billion but topped Wall Street forecasts. 8. -- Hewlett-Packard (HPQ) CEO Meg Whitman will assume the title of chairman after the departure of interim chairman, Ralph Whitworth, who resigned to deal with health issues. HP has split the roles of chairman and CEO since Mark Hurd resigned as CEO in 2010. The company has faced shareholder displeasure over a series of missteps and slumping sales. Whitworth, an activist shareholder, was named to the company's board to placate investors. Whitworth announced his resignation on Tuesday.
Whitman has been CEO since 2011.
9. -- FedEx (FDX) has been charged by federal authorities with assisting illegal pharmacies by knowingly delivering painkillers and dangerous drugs to customers without prescriptions. The indictment filed in federal court in San Francisco alleges that FedEx conspired with two related online pharmacies for 10 years ending in 2010. The Department of Justice announced the charges in Washington. It wants the shipping giant to forfeit $820 million it said FedEx earned by assisting the illicit pharmacies.
FedEx insisted it did nothing wrong. The company said it handles 10 million packages a day and shouldn't be in charge of "assuming criminal responsibility" for every delivery. 10. -- Apple (AAPL) appointed Susan Wagner, a founding partner of money manager BlackRock, as a director, replacing Bill Campbell, whoi sat on the board of the iPhone maker for 17 years.
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