Updated from 8:09 a.m. EDT

(At 4:17 p.m. EDT)

Minutes Away From Stress Tests

I wish there was something else terribly interesting after the closing bell, but really, it's all about the results of the government's stress tests. They'll be examined, scrutinized, pulled apart, dissected, and gone over word-by-word. Frankly, I'm already over it.

So instead, let's look at some other headlines after Thursday's closing bell. For one,

CBS

(CBS) - Get Report

reported a loss, disappointing analysts who were looking for a profit.

Activision Blizzard

(ATVI) - Get Report

reported first-quarter earnings that beat on the top and bottom line, although guidance for the second quarter was a little weak.

Of course, it all comes back to the banks. Before the stress tests were released,

Wells Fargo

(WFC) - Get Report

announced a $6-billion common stock offering, pressuring shares by 3% in the after-hours session.

Jobs Report Due Friday

Of course, all of the attention that is currently aimed at the government's stress tests will be focused Friday on the Labor Department's monthly jobs report. Make no mistake about it, this could be the most important news to come out this week.

While everyone seems to be really curious about which banks need capital and which do not, I'm more interested in seeing what the April jobs number will show, considering the ADP employment report came in better than expected earlier this week.

Economists are currently expecting the report to show that the U.S. economy lost 600,000 jobs last month, and that the unemployment rate rose to 8.9% from 8.5% in March. If either number comes in better than economists are predicting, it may not signal the end of the weakness, but at least the conditions aren't getting worse.

(At 6:55 a.m. EDT)

The Final Countdown

If I could, I'd embed an MP3 of Europe's song "The Final Countdown" into this story. Sadly, you'll have to make due without.

Results of the government's stress tests will finally see the light of day, but not until 5 p.m. EDT today. In the meantime, more leaks keep surfacing.

Wednesday was a heck of a day after several media outlets reported on who and who wasn't told by the government that they were in need of more capital, citing people familiar with each bank's situation.

Bank of America

(BAC) - Get Report

,

Citigroup

(C) - Get Report

,

GMAC

, the financing arm of

General Motors

(GM) - Get Report

,

Wells Fargo

(WFC) - Get Report

and

Regions Financial

(RF) - Get Report

were reported Wednesday to have capital shortfalls, according to several media reports.

Meanwhile,

Bloomberg

reported late in the day that

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

,

MetLife

(MET) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

,

American Express

(AXP) - Get Report

and

Bank of New York Mellon

(BK) - Get Report

do not need any additional funds.

The Wall Street Journal

was out with yet another report early Thursday, this time reporting that

seven banks were told to increase capital

, and that Morgan Stanley was in need of $1.5 billion, contradicting

Bloomberg's

report Wednesday.

Bloomberg

acknowledged Thursday that it had reported that Morgan Stanley needed no new capital, citing a person familiar with the matter. Any capital requirement would result from Morgan Stanley's plans to pay $2.7 billion to take control of Citigroup's Smith Barney brokerage venture, one of the people said.

The Journal

said that regulators have told Bank of America it must take steps to address a roughly $34 billion capital shortfall, while Wells Fargo needs $13 billion to $15 billion.

The report also said GMAC needs $11.5 billion, Citigroup has a $5 billion gap, and both Regions Financial and

State Street

(STT) - Get Report

also need more capital.

The Journal

did add that out of the total of 19 banks, JPMorgan, Goldman, MetLife, American Express, Bank of New York Mellon, and

Capital One

(COF) - Get Report

were not in need of additional capital.

After days of leaks, differing reports and a rollercoaster ride for financials, 5 p.m. EDT really can't come soon enough. Following the release of the official results, several banks will hold conference calls to discuss the findings, which should be equally as interesting.

Will anyone be surprised once the results finally come out? Who knows. But Treasury Timothy Geithner said during an interview on PBS television's Charlie Rose that the results will be "reassuring" and that Americans "should be confident that these institutions are going to be viable institutions going forward."

Other Headlines

It's hard to focus on the other news, given the anticipation of the government's results and the fact that Eliot Spitzer is on

CNBC

right now, but I'll do my best.

For one, it's a busy day for retailers as they are reporting April same-store sales results ahead of the bell today.

Wal-Mart

(WMT) - Get Report

and

Target

(TGT) - Get Report

have yet to report monthly results, but

Costco

(COST) - Get Report

said

comparable sales were down 8%

.

The earnings calendar was also in focus, with

Dow

member

General Motors

(GM) - Get Report

reporting quarterly results ahead of the bell.

GM said it lost $6 billion in the first quarter

, while burning through $10.2 billion. The loss was $9.78 a share. Analysts surveyed by Thomson Reuters had estimated a loss of $11.05 a share. Revenue fell 47% to $22.4 billion, while analysts had estimated $20.2 billion

Meanwhile,

Sirius XM

(SIRI) - Get Report

fell short of analysts expectations with its first-quarter report, and the satellite radio giant said it lost subscribers from the fourth quarter. However,

Sirius XM raised its full-year view

and saw significant cost cuts, pushing shares 14% higher in the premarket session.

American International Group

(AIG) - Get Report

,

Wendy's

(WEN) - Get Report

and several other companies will also report quarterly results ahead of the opening bell.

The flow of economic releases picks up today after a quiet start to the week, with separate reports on first-quarter productivity and unit labor costs, weekly jobless claims, and consumer credit for March coming due.

Additionally,

Federal Reserve

Chairman Ben Bernanke will deliver a speech on banking supervision at the Chicago Fed at 9:30 a.m. EDT.