Shares of J.C. Penney Company, Inc. (NYSE: JCP) dropped more than 5 percent on Friday after frustrated investor Bill Ackman released a letter on Thursday calling for a faster search for a new chief executive. The retailer has initiated a search for a new CEO to replace interim CEO Mike Ullman, who took over for Ron Johnson. On Friday afternoon, another shareholder, Perry Capital, called for a new CEO as well, according to CNBC.

In mid-day trade, shares of J.C. Penney fell 5.71 percent to $12.88.

BlackBerry Limited (Nasdaq: BBRY) is looking into going private to fix its vexing problems, according to a Reuters report citing several sources familiar with the matter. Although the report says no deal is currently in the works, it did say CEO Thorsten Heins and BlackBerry's board have grown increasingly open to the idea.

Shares of BlackBerry jumped 7.59 percent to $9.93 in afternoon trade.

A day after Germany’s biggest phone company Deutsche Telekom AG (DTE) reported better-than-expected profit for the latest quarter, the company said emails sent by their customers will be automatically encrypted in response to public outrage over revelations from NSA leaker Edward Snowden that U.S. spy programs were accessing citizens' private messages, according to Reuters.

The company completed a merger of T-Mobile US Inc. (NYSE: TMUS) with MetroPCS Communications, Inc. (NYSE: PCS) in May.

Shares of Deutsche Telekom closed Friday’s session in Germany slightly down 0.32 percent to 9.719 euros.

In other news, Tumblr Inc. founder David Karp will reportedly receive $81 million to remain at Yahoo! Inc. (Nasdaq: YHOO) for the next four years after the company recently completed its $990 million acquisition of the Internet blogging service.

Shares of Yahoo! edged up 0.71 percent to $27.67.

The U.K.’s biggest grocer Tesco PLC (LSE: TECO) announced Friday it is in exclusive talks to combine its Chinese retail operations with China Resources Enterprise Limited, as the company looks to repair decline sales in the region.

On the London Stock Exchange, shares of Tesco were up 1.60 percent to close at $375.00

The Dow Jones industrial average was down 81.68 points, or 0.53 percent, at 15,416.64. The S&P 500 fell 4.35 points, or 0.26 percent, at 1,693.12. The Nasdaq Composite Index was down 2.37 points, or 0.06 percent, at 3,666.81.