BOSTON ( TheStreet) -- Here are the top stock market headlines for the morning of Friday, July 30, 2010.
Friday's Early Headlines
- Second-Quarter Economic Growth Slows to 2.4% -- The Commerce Department said its advanced read on U.S. gross domestic product showed a growth rate of 2.4% in the second quarter, down from a revised first-quarter growth of 3.7%. Economists expected GDP to grow 2.5% in the quarter. Later Friday, reports on the Chicago Purchasing Managers' index and consumer sentiment for July will be released.
- Citigroup to Pay $75 Million to Settle With SEC -- Citigroup (C) has agreed to pay a regulatory penalty of $75 million to settle allegations that it led misled investors about its exposure to subprime mortgages in 2007. The Securities and Exchange Commission announced the settlement on Thursday, noting that the bank neither admitted or denied the allegations while agreeing to the settlement.
- Disney Sells Miramax Studio for $660 Million -- Disney (DIS) has sold its Miramax film studio for more than $660 million to Filmyard Holdings LLC. Partners in Filmyard include Los Angeles businessmen Ron Tutor, Tom Barrack, Colony Capital and other individuals. Disney said the sale is expected to close between Sept. 10 and the end of the year. Disney bought the studio from Harvey and Bob Weinstein in 1993 for $80 million.
- SEC Charges Wyly Brothers With Fraud -- The Securities and Exchange Commission on Thursday charged Samuel and Charles Wyly with violating federal securities laws governing ownership and trading of securities by corporate insiders. The SEC alleges that the brothers created an elaborate sham system of trusts and subsidiary companies in the Isle of Man and the Cayman Islands to sell more than $750 million worth of stock in four public companies for which they were corporate directors. They also committed an insider trading violation in one of the companies for an unlawful gain of more than $31.7 million.
- Spain's Jobless Rate Hits 13-Year High -- Spain's National Statistics Institute said the country's unemployment rate hit 20.09% in the second quarter, the highest level in 13 years. That's up from 20.05% in the first quarter.