NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Friday, July 2, 2010.
Friday's Early Headlines
- Economy Loses 125,000 Jobs in June; Unemployment Rate 9.5% -- The Labor Department said the U.S. economy lost 125,000 jobs in June, more than the 100,000 that economists had expected, as temporary jobs from the 2010 Census declined by 225,000. In addition, private payrolls rose by 83,000, which was less than market watchers expected. The unemployment rate fell to 9.5% in June from 9.7% in May, compared with forecasts for the rate to increase to 9.8%.
- AIG Again Mulls Sale of 2 Japan Units -- American International Group (AIG) is reconsidering a sale of two Japanese life insurance companies for roughly $5 billion, The Wall Street Journal reports. AIG Star Life Insurance and AIG Edison Life Insurance earlier had been on the block. But after AIG CEO Robert Benmosche visited the units in Japan in October 2009, AIG said it planned to retain the pair of companies "for the foreseeable future" in part to help stabilize their businesses, the Journal notes.
- Toyota Recalls Another 270,000 Cars Worldwide -- Toyota (TM), the world's biggest automaker, will recall worldwide 270,000 vehicles, including its Lexus model, to fix faulty engines. Toyota is recalling the cars because of flaws in valve springs that could make the vehicle stall while moving. The recall begins Monday. It affects seven luxury Lexus sedan models and the popular Crown, another Toyota spokesman said. About 180,000 cars were sold overseas, including the United States, The Associated Press reports
- Apple Claims Software Formula is 'Totally Wrong' -- Apple (AAPL) officially responded to multiple media reports that the company's new iPhone 4 handset has antenna reception problems when gripped by users. Apple said the formula it uses to calculate how many bars of signal strength to display "is totally wrong. Our formula, in many instances, mistakenly displays 2 more bars than it should for a given signal strength." To fix this, Apple said it is adopting AT&T's (T) recently recommended formula for calculating how many bars to display for a given signal strength. The company said it will issue a free software update within a few weeks that incorporates the corrected formula.