NEW YORK (
) -- Here are the top stock market headlines for the morning of Friday, August 7, 2009.
Friday's Early Headlines
- U.S. Economy Loses 247,000 Jobs in July, Unemployment Rate Shrinks - The Labor Department released its nonfarm payrolls data for July, which showed a better-than-expected loss of 247,000 jobs. Economists had predicted a decline of 325,000. The net upward revision to the previous two months was 43,000 jobs. Since Dec. 2007, payroll employment has fallen by 6.7 million. The unemployment rate unexpectedly fell to 9.4% from 9.5% in June, compared to expectations for a rise to 9.6%.
- Citigroup Scores 'Cash for Clunkers' Contract. - The Obama administration has awarded Citigroup (C) - Get Report a $7.7 million contract to help administer the "cash for clunkers" program. Word of the contract comes as the Senate approved late Thursday a $2 billion extension of the program.
- BofA Top Executive's Future in Doubt. - Bank of America's (BAC) - Get Report Keith Banks, head of BofA's private-banking unit U.S. Trust and asset manager Columbia Management, told employees earlier this week he will stay in his current job for an undetermined transitional period, casting doubt on his future, according to a report in The Wall Street Journal.
- New York Times Puts Boston Globe Up For Sale. - New York Times (NYT) - Get Report confirmed in a regulatory filing that it has hired Goldman Sachs (GS) - Get Report "'to explore the potential sale of its New England Media Group,'' which includes the Boston Globe, Worcester Telegram & Gazette, and their Web sites.
Friday's Earnings Roundup
- American International Group (AIG) - Get Report swung to second-quarter earnings of $2.30 a share, easily topping the Thomson Reuters average estimate of $1.67 a share. It was the first quarterly profit the insurer has reported since the third quarter of 2007.
- Fannie Mae reported a second-quarter loss of $2.67 a share, worse than the consensus estimate for a loss of $2.24 a share. Fannie also plans to tap $10.7 billion in new government aid.
- Ambac Financial (ABK) reported a whopping second-quarter loss of $8.33 a share, ballooning from a loss of $2.80 a share in the year ago quarter. The recent quarter's loss may not be comparable with the Thomson Reuters average estimate for a loss of $1.04 a share.
- Edison (EIX) - Get Report posted adjusted second-quarter earnings of 78 cents a share, above the consensus target of 52 cents a share. Revenue declined 18.5% to $2.83 billion, below Wall Street'st arget of $3.14 billion. Edison reaffirmed its guidance range for the full year, which was in line with estimates.