IBT Staff Reporter

The Dow and S&P 500 briefly turned higher while the Nasdaq pared losses in Friday morning trading, with Verizon results boosting telecommunications shares.

Kimberly-Clark Corp posted on Friday a stronger-than-expected quarterly profit due to higher selling prices and cost cuts, but trimmed its full-year sales outlook.

Verizon Communications posted a quarterly loss due to hefty severance charges and revenue declined even as its wireless venture added more new monthly-bill paying customers than analysts expected.

Schlumberger Ltd , the world's largest oilfield services company, posted a 33 percent jump in quarterly profit on brisk activity in North America land markets, but said it did not expect drilling to resume in the Gulf of Mexico this year.

Two top ratings agencies said on Friday they might downgrade Hungary's sovereign debt after its prime minister snubbed the IMF and rejected austerity measures in favor of a pro-growth policy to woo voters.

Diversified U.S. manufacturer Honeywell International Inc reported a 4 percent rise in quarterly profit and boosted its full-year forecast, citing rebounding demand for its industrial and automotive products.

Investors are finding themselves with a new kind of balancing act -- one in which they have to juggle with three major regions posing three significantly different circumstances. Europe's bank stress testing, the focus of much of the past week's market focus, is but one ball in the air.

Stock index futures pointed to a flat open on Friday as another batch of solid corporate results eased fears of a worsening economy, but gains were muted ahead of European stress tests results.

The Singapore dollar is somewhat weaker than its medium-term equilibrium level but is likely to appreciate as the domestic economy expands, the International Monetary Fund said on Friday. In its annual review of Singapore's economy, the IMF said the modest and gradual rise of the Singapore dollar SGD= appears consistent with internal and external stability.

Diversified U.S. manufacturer Honeywell International Inc reported a 4 percent rise in quarterly profit and boosted its full-year forecast, citing recovering demand for its industrial products.

ARM announced a new licensing agreement with Microsoft, lifting shares in the British chip designer on Friday.

McDonald's Corp reported weaker-than expected sales at established restaurants for its second quarter and the month of June, and its shares fell 1.5 percent.

Ratings agency Moody's put Hungary on review for a possible downgrade on Friday, citing increased fiscal risks after it suspended talks with the IMF and EU on its existing $25 billion aid deal.

Stock index futures rose on Friday, as another batch of solid corporate results, including Microsoft and Ford, along with positive economic data in Europe eased fears about the strength of a recovery.

McDonald's Corp reported second-quarter earnings on Friday that slightly topped Wall Street estimates, helped by same-store sales gains across all regions.

Britain's economic recovery raced ahead from April to June as the biggest jump in construction in half a century and a surge in services propelled growth at its fastest pace in four years. Gross domestic product jumped 1.1 percent in the second quarter, data from the Office for National Statistics showed. That was almost twice the rate analysts expected and nearly four times the pace of growth in the first quarter.

Surat, the diamond capital of India, heaved a sigh of relief on Friday when credit rating agency CRISIL said India's diamond industry is expected to remain stable this fiscal, on the back of steady demand and improved prices, although the Eurozone crisis may have some impact on gems and jewellery exports.

Gold this week received a blow from some unexpected quarters. During the past few weeks, the driving force behind gold has been the Euro zone economic crisis. First it came from Greece then Portugal crisis helped the yellow metal gain and cross $1,200 per ounce mark and in a latest development, the Ireland financial woes boosted the gold prices.

Stock index futures rose on Friday, as another batch of solid corporate results, including Microsoft and Ford, along with positive economic data in Europe eased fears about the strength of a recovery.

Jeff Wilcox, a middle-aged, clean-cut man who dresses in the Bay Area casual business attire of clean jeans, collared shirt and running shoes, may be the face of Marijuana, Inc, the corporatization of cannabis.

Stock index futures rose on Friday, as another batch of solid corporate results, including Microsoft and Ford, along with positive economic data in Europe eased fears about the strength of a recovery.

Britain's economy grew almost twice as fast as expected in the second quarter of this year propelled by a sharp pick-up in services and the biggest rise in construction in almost 50 years.

Ford Motor Co posted stronger-than-expected quarterly earnings and said it was on track to be profitable in 2010 with second half profits lower than the first half.

Goldman Sachs Group Inc told U.S. investigators which counterparties it used to hedge the risk that American International Group Inc would fail, Bloomberg said, citing three people with knowledge of the matter.

Another strong data release boosted the euro on Friday when the German Ifo index came in above forecasts, but analysts said there were downside risks for the currency, even if bank stress test results were benign. Ifo said the German Business Climate Index for July was 106.2, beating a consensus for 101.6 and pushing the euro to a session high versus the dollar of $1.2967 EUR=.

Gold rose toward $1,200 an ounce in Europe on Friday, supported by dollar weakness, as a retreat in risk aversion led to a return of the two assets' usual inverse relationship. All eyes are on the results of European bank stress tests, due at 1600 GMT. Signs of distress in the sector could lead to fresh interest in gold as a haven from risk, analysts said.

Crude drifted lower after hitting a three-month high near $80 on Friday, supported by a storm threat to U.S. Gulf oil installations but pressured by uncertainty over the result of bank stress tests in Europe. By 0943 GMT (5:43 a.m. EDT), U.S. crude for September was trading 26 cents lower at $79.04 a barrel. ICE Brent crude futures were 28 cents down at $77.54.

Ten out of the 91 banks subjected to Europe's stress tests are expected to fail, according to a survey of investors conducted by Goldman Sachs.

Several of Spain's 18 savings banks, including some that have been involved in recent mergers, have failed tests to see how they would cope with worsened economic conditions, a newspaper reported on Friday.