MARKETS / FINANCE

U.S. stocks delivered mixed results Friday, General Electric led the way among blue chip stocks with a stronger-than-expected earnings, while financial sector stocks turned in mixed results.

The unemployment rate in California trickled up to 12.5 percent in December, from 12.4 percent the prior month – meaning the jobless rate stayed above the 12 percent mark for the entire year, according to the state’s Employment Development Department (EDD).

Shares of U.S. regional banks rose on Friday after SunTrust Banks Inc and BB&T Corp reported higher-than-expected quarterly profits.

While it’s true that New York City’s unemployment rate declined to its lowest level in more than a year-and-a-half, it’s primarily due to the troubling reality that increasing numbers of people in Gotham have simply given up looking for work.

Electronic Arts , hurt by an industry-wide slump in video game sales, wants to become a big player in a new game -- social and mobile media.

According to The Bureau of Labor Statistics, the percentage of unionized American workers dropped to 11.9 percent from 12.3 percent, with the loss of 612,000 members in 2010. In 2008, unions lost 771,000 workers.

Merrill Lynch's fourth-quarter revenue surged as the No. 2 U.S. brokerage bolstered its ranks of financial advisers and added client assets.

The World Trade Organization will issue a confidential final ruling on January 31 concerning European claims that Boeing benefited from unfair aircraft subsidies, sources familiar with the case said on Friday.

New York City's unemployment rate fell two-tenths of a percentage point to 8.9 percent in December from November, but the tourism-related sector hired fewer workers than expected, labor experts said on Thursday.

The U.S. Federal Reserve's latest $600 billion bond-buying program is built on the idea that most of the stubbornly high unemployment rate is reversible, if only borrowing costs are pushed low enough.

Mexico's unemployment rate fell more than expected in December, dropping to 4.94 percent in a sign that an economic recovery is gaining traction, data from the national statistics agency showed on Friday.

Bank of America Corp, the largest U.S. bank by assets, reported a second straight quarterly net loss, hurt by a $2 billion writedown of the value of its mortgage business.

France Telecom's Orange is in talks to buy a stake of between 30 percent and 50 percent in video-sharing web site Dailymotion, a blog on the website of French weekly L'Express said on Friday.

Bank of America Corp, the largest U.S. bank by assets, reported a second straight quarterly loss, driven by a $2 billion writedown of its mortgage business.

Brazil's President Dilma Rousseff plans a series of payroll tax cuts in coming years in a bid to promote formal hiring at domestic companies, Folha de S. Paulo newspaper reported on Friday, giving no details of its sources.

India's largest listed company, Reliance Industries Ltd , posted its highest ever quarterly profit on higher refining and petrochemical margins, but lagged market estimates.

The Swiss prosecutor's office said on Friday former banker Rudolf Elmer would be detained over the weekend after police questioned him this week over possible fresh breaches of Swiss bank law.

France Telecom's Orange is in talks to buy a stake of between 30 percent and 50 percent in video-sharing web site Dailymotion, a blog on the website of French weekly L'Express said on Friday.

Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit.

President Barack Obama will name General Electric Co. Chief Executive Jeffrey Immelt to head a new advisory panel focused on promoting economic growth by investing in business, the White House said on Friday.

Bank of America Corp, the largest U.S. bank by assets, reported a second straight quarterly loss, driven by writedowns in the value of its mortgage business.

Shares in Warner Music Group climbed over 20 percent in premarket trade on Friday.

BMO Capital Markets upgraded two U.S.-based staffing companies, On Assignment Inc (ASGN) and Hudson Highland Group (HHGP) to 'Outperform' from 'Market Perform.'

President Barack Obama will name General Electric Co. Chief Executive Jeffrey Immelt to head a new advisory panel focused on promoting economic growth by investing in business, the White House said on Friday.

Wipro, India's third-largest software exporter, said a deluge of outsourcing orders helped the company see its third-quarter jump 9.6 percent.

China's plan to change itself from a major manufacturer to a leading global source of innovation poses an enormous challenge for U.S. companies whose competitive edge depends on coming up with the next big idea.

Hughes Communications Inc , majority owned by private equity firm Apollo , has hired Barclays Capital to advise on a sale of the company, people familiar with the matter said.

HSBC Holdings Plc is laying off about 500 employees as it ends credit card customer service and collections work at a center in New Castle, Delaware.

Internet powerhouse Google Inc beat Wall Street's quarterly sales and profit estimates, and announced that co-founder Larry Page would take on the role of chief executive, overseeing day-to-day operations of the company. Its shares rose 1.9 percent.