IBT Staff Reporter

Billionaire investor George Soros on Friday said the just-passed U.S. financial reform bill will impose new regulations on the banking system before the banks have recovered sufficiently to cope with new restrictions on their activities.

Cocktails and kerosene will take a back seat at next week's Farnborough Airshow as arms firms strive to fit in with the growing mood of austerity and Boeing shows off its new fuel-saving 787 Dreamliner.

Bank of America and Citigroup shares fell as the banks' results highlighted the sluggishness of the U.S. economic recovery and costs of potential regulation, offsetting better-than-expected quarterly profits on lower credit losses.

IBM is in danger of missing average Wall Street estimates for its second-quarter revenue as the weaker euro dents sales in Europe, which counts for about 30 percent of its revenue.

Dismal consumer sentiment data and anemic revenues from GE and two big banks slammed U.S. stocks on Friday, driving down major indexes more than 2 percent.

Weak energy costs pushed U.S. consumer prices down for a third straight month in June while consumer sentiment dropped to a near one-year low in July, highlighting the sluggishness of the economic recovery.

The Securities and Exchange Commission said on Friday it created three expert units to focus on big financial companies, complex securities and securities offerings.

Dismal consumer sentiment data and anemic revenues from GE and two big banks slammed stocks on Friday, driving down major indexes more than 2 percent.

Dell Inc proposed a settlement with U.S. financial regulators over a long-running investigation of the computer maker's accounting, and adjourned its annual shareholders meeting on Friday.

Bank of America and Citigroup shares fell as the banks' results highlighted the stagnant U.S. economy and costs of potential regulation, offsetting better-than-expected quarterly profits on lower credit losses.

Stocks slid on Friday as revenues from GE and two major U.S. banks disappointed investors while consumer prices and sentiment data gave further evidence the economic recovery is stalling.

Google Inc is pumping hundreds of millions of dollars into new businesses, but Wall Street is nervous about the ultimate payoff.

Stocks tumbled on Friday after consumer sentiment hit nearly a one-year low and GE and two major U.S. banks reported disappointing quarterly revenue.

General Electric Co posted its first quarterly profit increase in more than two years on Friday, but a sharper-than-expected drop in revenue spooked investors and its shares fell about 4 percent.

Shares in RealD Inc , whose 3D technology was used to help make the movie Avatar, opened more than 22 percent above their initial public offering price on Friday and shares of business software maker Qlik Technologies Inc opened 20 percent higher.

First Horizon National Corp , the largest bank in Tennessee with over $26 billion in assets, posted a surprise profit, helped by improving credit quality and said the overhaul of U.S. financial rules will not affect its capital position.

CenturyTel Inc has won U.S. antitrust approval to buy Qwest Communications International Inc , the Federal Trade Commission said on Friday.

Tesla Motors Inc and Toyota Motor Corp said on Friday that they will together build and market an electric RAV4 sports utility vehicle by 2012.

Complaints to U.S. regulators of unintended acceleration in Toyota Motor Corp vehicles are down sharply as separate government and expert reviews of the matter move forward.

Apple Inc is likely to announce a fix for the iPhone 4's reception problems on Friday rather than recall the device, hoping to stem a growing chorus of complaints and avert any lasting damage to its carefully earned reputation for quality products.

Daimler pledged to raise its 2010 earnings forecast later this month after unveiling a strong preliminary second-quarter figures driven by excellent results at its Mercedes-Benz luxury car brand.

U.S.-based automakers led by Ford Motor Co have surpassed foreign brands in vehicle appeal for the first time in 13 years.

Shares in South Korea's top carmaker Hyundai Motor (005380.KS) declined 4 percent on Friday, hit by mounting worries about potential labor disputes after wage talks with its domestic union collapsed.

Major automakers broadened their objections on Thursday to proposed U.S. auto safety legislation, including one provision they say could trigger more lawsuits.

U.S. stock indexes fell as much as 2.4 percent on Friday after consumer sentiment fell to an 11-month low and consumer prices fell, while GE and two big U.S. banking companies missed quarterly revenue expectations.

Consumer sentiment weakened in early July to its lowest in 11 months on a resurgence in fears about the economy, a year since the recovery began, a private survey released on Friday showed.

Consumer prices fell for a third straight month in June due to lower energy costs, according to a government report on Friday that pointed to subdued inflation pressures amid sluggish domestic demand.

The number of people feeling stuck in their jobs rose as the recession put promotions on hold and crippled the job market.

Faced with a lose-lose proposition, Congress put off its decision on the fate of mortgage finance companies Fannie Mae and Freddie Mac, perhaps hoping the housing market recovers before losses get too big.