IBT Staff Reporter

(Corrects year-earlier Bank of America profit to $3.2 billion in third paragraph from bottom)

U.S. stocks slumped on Friday after Bank of America, Citigroup and bellwether GE reported disappointing revenues and the consumer mood darkened on resurgent fears about the economy.

(Corrects year-earlier Bank of America profit to $3.2 billion in third paragraph from bottom)

Mobile phone maker Sony Ericsson pinned its hopes on further growth in the smartphone segment on Friday as it posted a second consecutive quarterly profit, driven by sales of the more expensive gadgets.

Half of Americans who have a profile on social networking sites such as Facebook and MySpace are worried about their privacy, according to a new poll.

Mattel Inc reported a smaller-than-expected second-quarter profit as the impact of the weaker euro offset strong Hot Wheels and Barbie sales and the boost the No. 1 toymaker got from its license for the Hollywood blockbuster Toy Story 3.

Stress tests on European banks should not reveal any major problems among the big names, top officials said on Friday, saying the financial health check will be transparent and ease worries among investors.

Stock index futures pointed to a lower open on Friday after Citigroup and Bank of America as well as bellwether GE posted disappointing revenues, underscoring corporate America's struggles against economic headwinds.

Stock index futures were little changed on Friday after General Electric Co's and Bank of America's profits topped expectations but revenues declined, underscoring corporate America's struggles against headwinds in the economic recovery.

Mattel Inc reported a smaller-than-expected quarterly profit as the impact of the weaker euro and disappointing cost-cutting efforts offset strong Hot Wheels sales and the boost the company got from its license for the Hollywood blockbuster Toy Story 3.

U.S. video games producer Electronic Arts Inc is selling out of Ubisoft Entertainment SA six years after buying a big chunk of the world's third-largest independent video games publisher.

Bank of America Corp , the largest U.S. bank by assets, reported higher-than-expected second-quarter profit as credit costs declined.

General Electric Co reported a 16.1 percent rise in profit, topping analysts' expectations and ending a streak of nine quarters of decline, on strong demand for healthcare and oil and gas equipment.

Stock index futures were higher on Friday after quarterly profits from General Electric Co and Bank of America Corp topped estimates as earnings season heated up.

Citigroup Inc and AIG classified more than $11 billion in loans as sales in the second half of 2009, masking the companies' risk levels, filings with the U.S. Securities regulator showed.

Analysts flagged Google Inc's aggressive spending and a spike in headcount that led to the search giant missing profit estimates for the first time in two years.

Embargo stricken Iran said it could become one of the largest gasoline exporters in a few years after commissioning several oil refineries by the end of this year. According to country's petroleum ministry, Iran hopes to become one of the largest gasoline exporters in the region and the world in 2-3 years time.

India's gold imports are likely to improve this year from the 2009 level. According to reports, India is likely to import 500-550 tonnes of gold in 2010, up from 480-490 tonnes from a year earlier, and prices of the yellow metal are expected to remain firm.

Google Inc missed Wall Street's quarterly profit estimates for the first time in two years after a spike in expenses offset a 24 percent revenue jump, but it vowed to keep investing in new businesses to drive long-term growth.

Agricultural Bank of China's $19.3 billion IPO limped across the finish line on Friday after a three-month sprint, its modest Hong Kong debut reflecting concerns over valuations and investor cautiousness.

President Barack Obama heard a sobering message from Warren Buffett when he asked for the investment guru's views about the economic recovery, according to an interview Obama gave NBC News on Thursday.

Agricultural Bank of China is confident that its 2010 net profit will exceed its previously announced target after its massive share offering, a senior executive at the country's third-biggest bank said.

Analysts say further dlr weakness may be short-lived Euro's outlook improved by break above Ichimoku cloud Option structures at $1.3000 hampering further euro gains

Stress tests on European banks should not reveal any catastrophes but the reviews should be tough, the chairman of euro zone finance ministers, Jean-Claude Juncker, was quoted as saying.

World stocks eased on Friday on a worsening outlook for the U.S. economy that also pushed the dollar to 7-month low against the yen and near a 2-month trough versus the euro.

Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were little changed at 0757 GMT (3:57 a.m. EDT), pointing to a flat open on Wall Street on Friday.

Amid slowing down economic growth in the country, the Chinese iron ore imports may further get a dent as the Indian government is reported to be considering a ban on iron ore exports so as to safeguard its domestic industry. In a latest statement from the steel secretary, Atul Chaturvedi, it was proposed that a ban should be imposed on exports of iron ore so as to preserve the non-renewable energy resource for local industry.

China's lukewarm response to copper imports has hit the commodity's prices in the London market. This week copper traded a bit low in London as China reported a drop in copper imports for the third straight month in June, leading to caution on the demand outlook by the key buyer of the metal.

China will stick with the policies that cooled economic growth last quarter and will keep faith with the euro despite Europe's debt problems, Premier Wen Jiabao said on Friday.