INVESTMENT

U.S. stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co .

Citigroup Inc on Friday said loan losses surged again in the second quarter, yet gains from selling most of its Smith Barney brokerage helped the company report the highest profit among big U.S. banks.

Bank of America Corp, the largest U.S. bank, posted a quarterly profit that topped Wall Street forecasts but warned of a fresh surge in soured loans to credit card, mortgage and business customers.

Stocks were little changed on Friday, as stronger quarterly earnings from IBM Corp offset disappointing results from bellwether companies like General Electric Co and Bank of America Corp .

Bank of America Corp and Citigroup Inc raised huge red flags on Friday with quarterly results that suggested the U.S. consumer remains sorely injured as the global recession drags on.

Stocks declined on Friday, snapping four straight days of gains after disappointing quarterly results from bellwether companies like General Electric and Bank of America .

Stocks fell on Friday on worry over the quality of corporate profits after General Electric Co missed quarterly revenue estimates, discouraging investors after a four-day run-up in Wall Street.

CIT Group Inc is in talks with JPMorgan Chase & Co and Goldman Sachs Group Inc for short-term financing of $2 billion to $3 billion as it looks for ways to avoid a potential bankruptcy, a source close to the company said on Friday.

Australian investment group Macquarie CountryWide Trust (MCW.AX) has agreed to sell U.S. property assets for $1.3 billion to a joint venture including Californian state pension fund Calpers, it said on Friday.

A unit of Swiss private bank Sarasin has launched a fund to invest in the shares of environmentally aware property companies in an effort to satisfy growing demand for

Stocks fell on Friday on worry about earnings quality after General Electric Co missed quarterly estimates, discouraging investors after Wall Street's four-day rally.

A U.S. court judge threw out an insider trading case against Dallas Mavericks basketball team owner Mark Cuban on Friday, but gave the U.S. Securities and Exchange Commissions a month to file an amended lawsuit.

Bank of America Inc. posted better than expected second quarter earnings on Friday. Bank of America said that it earned $3.2 billion, or 33 cents a share, compared to $3.4 billion, or 72 cents a share, in the year-ago period. Analysts polled by Thomson Reuters expected earnings of 28 cents and revenue of $33.1 billion. BofA shares rose 5 cents or 0.4 percent, to $13.22 in morning trading Friday.

Citigroup Inc , one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit on Friday as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.

CIT Group Inc shares rose on Friday, one day after the company said it was in discussions with lenders to secure financing and amid some speculation that it may be sold without the need for a bankruptcy filing.

China Pacific Insurance, part owned by the Carlyle Group, confirmed on Friday it would relaunch a Hong Kong initial public offering which would be the world's third-largest IPO so far this year.

BofA, Citigroup rise after beating estimates, GE slips, Mattel sharply higher

GE beats estimates, Mattel tops views

Citigroup Inc , one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.

Stocks headed for a flat open on Friday as upbeat housing data for June counteracted worry over the quality of corporate profits from General Electric Co and Google Inc .

Stock index futures briefly trimmed losses on Friday following a government report showing new U.S. housing starts and permits jumped more than expected in June.