Updated from 7:00 a.m. EDTPremarket futures were forecasting a lower open for stocks in New York Friday after Thursday's big rally, following the week's pattern of violently volatile trading. Futures for the S&P 500 were down 9.9 points at 931 and were 17 points below fair value. Nasdaq futures were lower by 26 points at 1297 and were 23 points short of fair value. On Thursday, stocks staged a rally in the final hour of an erratic session, as traders examined a mass of earnings statements and discouraging economic data. Trouble in the financials persisted ahead of the new day's session. Bond insurer Ambac ( ABK), along with some of its competitors, was working to petition the Treasury Department so that it could sell troubled assets to the government, according to a report by Bloomberg. As earnings season hit full stride, Capital One ( COF) posted a third-quarter profit that missed analysts' expectations. Earnings from the tech sector also were in the spotlight. IBM ( IBM) said it would meet full-year estimates after reporting increased third-quarter profit on cost reductions and strong international sales. Meanwhile, Internet search firm Google ( GOOG) beat estimates for the third quarter and said that its business could withstand a recession. Sony Ericsson, a joint venture between Sony ( SNE) and Ericsson ( ERIC), reported a third-quarter loss on restructuring charges. Defense firm Honeywell ( HON) saw income rise year over year and beat analyst estimates. Oil-services company Schlumberger ( SLB) announced rising profit on a substantial increase in revenue.