Updated from 6:42 a.m. ET to include Schlumberger earnings.
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Here are five things you must know for Friday, July 21:
GE reported an adjusted 28 cents a share in the second quarter, 3 cents above estimates, while sales of $29.56 billion also topped forecasts.
The stock rose 0.5% in premarket trading.
The economic calendar in the U.S. on Friday includes the weekly Baker Hughes Rig Count at 1 p.m. ET.
The Nasdaq gained 0.08% on Thursday, July 20, to a new high of 6,390, its third record close in a row. The Dow Jones Industrial Average declined by 0.12% and the S&P 500 dropped by the slimmest of margins, just 0.01%.
2. -- Microsoft Corp. (MSFT) - Get Report shares rose 0.4% in premarket trading to $74.81 after the tech giant topped estimates on its top and bottom lines for its fiscal fourth quarter.
Adjusted earnings in the quarter were 98 cents a share, which included a gain of 23 cents a share from the write-down of Microsoft's money-losing Windows Phone business. Analysts predicted the company would earn 71 cents a share in the quarter.
Revenue rose 13% from a year earlier to $24.7 billion, higher than Wall Street projections of $24.3 billion.
The company's Intelligent Cloud unit, which contains its Azure cloud platform and Windows Server product, saw sales jump 11% to $7.4 billion, beating consensus estimates of $7.3 billion. Microsoft doesn't break out results for its Azure cloud platform but noted that revenue at Azure increased 97% year over year in the quarter.
Under CEO Satya Nadella's leadership, Microsoft has embarked on a major transition toward becoming a cloud computing giant.
3. -- The Federal Trade Commission is looking into allegations that Amazon.com Inc. (AMZN) - Get Reportmisleads customers about its pricing discounts, Reuters reported, citing a source close to the probe.
The FTC investigation is part of the agency's review of Amazon's agreement to buy Whole Foods Market Inc. (WFM) .
The FTC is probing a complaint brought by advocacy group Consumer Watchdog, which looked at about 1,000 products on Amazon's website in June and found that Amazon put reference prices, or list prices, on about 46% of them. An analysis found that in 61% of products with reference prices, Amazon's reference prices were higher than it had sold the same product in the previous 90 days, Consumer Watchdog said earlier this month in a letter to the FTC, Reuters reported.
The FTC made informal inquiries about the allegations after it received the letter, the source told Reuters.
In a statement, Amazon said the Consumer Watchdog study was "deeply flawed."
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Visa earned 87 cents a share in the quarter, topping analysts' forecasts by 6 cents. A year earlier, the company earned 12 cents a share, which included a charge related to Visa Europe.
Visa said it processed $1.86 trillion on its network in the quarter, up 38% from a year earlier. In the U.S., the company's largest market, Visa said payments processed rose 12%.
Treasury's Office of Foreign Assets Control fined Exxon for actions the oil giant took between May 14 and May 23, 2014. During that time, current Secretary of State Rex Tillerson was still Exxon's CEO.
Exxon claimed it followed authoritative Obama-era guidance in its dealings with Russia, but OFAC retroactively changed the guidelines one year later. Exxon said market participants didn't have notice of the new interpretation, constituting a violation of the Administrative Procedure Act.
Exxon shares ended Thursday's session mostly unchanged.