Markets weren't able to sustain the momentum generated Thursday, falling across the board after the Dow Jones Industrial Average swung 400 points during the session.
The Dow closed the day down 0.5%, or 122 points to 24,361, while the Nasdaq declined 0.47%, or 34 points to 7,107, and the S&P 500 declined 0.3%, or 8 points to 2,656.
Amazon Closes Purchase of Ring Doorbell Maker
Amazon (AMZN) officially closed its $1 billion acquisition of video-doorbell maker Ring as the company creeps further into the connected home space.
"Ring was doing great. It was growing remarkably year-on-year by any metric, including in the number of customers but also by traditional financial metrics, from already sizeable numbers -- so we feel like it was a great deal for both sides," Dave Limp, Amazon's head of devices said.
The purchase is Amazon's second largest to date.
Banking Stocks Lead Market Reversal
JPMorgan shares were down 3% in spite of the fact that the company reported record earnings, thanks in part to its tax reform benefit.
Citi shares were down 2.1% even though the company also beat analysts profit expectations thanks to strength in its consumer banking segment.
Wells Fargo shares were down more than 3% after the company said that it could face a $1 billion fine over improprieties in its auto loan and mortgage business.
Musk's Tweet Works! Tesla Stock Gains
Elon Musk had a snarky response to an Economist article claiming Tesla TSLA would need to raise between $2.5 billion and $3.5 billion in capital this year.
The Economist used to be boring, but smart with a wicked dry wit. Now it's just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, so obv no need to raise money.— Elon Musk (@elonmusk) April 13, 2018
Tesla shares were up 2.35% to $301 Friday following the tweet. There have been concerns that the company will not have enough money to ramp up Model 3 production the way it needs to in order to avoid another private capital infusion.
Wells Fargo Faces $1 Billion Fine, May Have to Restate Quarterly Profit
Wells Fargo (WFC) said that it may have to restate the quarterly profit it just reported due to a potential $1 billion fine over improprieties in its auto insurance and mortgage lending businesses.
Wells Fargo said that it is in discussions with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency over the issue. If the fine is levied, it will be the largest ever imposed by the consumer bureau.
Wells Fargo is accused of imposing extra fees on customers looking to extend interest rate locks on mortgages because of delays the bank itself caused.
Jaguar Land Rover Won't Renew Contracts for 1,000 Workers
1,000 contract workers for Jaguar Land Rover will not have their contracts renewed, the company said Friday.
The company blamed "continuing headwinds" for the decision. Earlier this year the British-based company, which is owned by India's Tata Motors, blamed Brexit and changes to taxes on diesel cars for production cuts.
Jaguar Land Rover employs 40,000 people in the U.K.
Jaguar sales are down 26% so far in 2018 while Land Rover demand was down 20% in the U.K., according to the BBC.
Alaska Air Jumps on Strong March Operational Results
Markets were having a good day of trading Friday morning with the S&P 500 being led by Alaska Air Group (ALK) following its strong March operational results.
The company, which consolidated operations with Virgin America in January, reported a 6.5% increase in traffic on a 7.2% increase in capacity year over year.
Regional traffic increased 20.6% on a 21.4% increase in capacity.
Bitcoin Has Found Its Bottom, Crypto Hedge Fund Says
Bitcoin has finally found its support level, San Francisco-based cryptocurrency hedge fund Pantera Capital Management said.
The firm also said that it is "highly likely" that bitcoin will hit new highs and exceed $20,000 within a year.
Bitcoin has come back down to earth after a runup to close out 2017 and start 2018. The price of a single bitcoin has more than halved from its high near $20,000.
Bitcoin was up 2% to $8,079 in morning trading Friday.
Former Qualcomm Chairman Is Looking to Take Company Private
Paul Jacobs, who was fired as Qualcomm (QCOM) chairman in March, is assembling a group of investors with the goal of making a fully funded bid to take the company private, sources told CNBC.
Jacobs has reportedly hired two banks and lawyers to work on the deal. Sources told CNBC that Jacobs is hoping for fewer than 10 people to be involved with the deal.
Jacobs' father, Irwin, was a co-founder of the company and Paul became CEO in 2005 and ran the company until 2014.
Comcast to Bundle Netflix in Cable Plans
Netflix has long been seen as the catalyst for the cord cutting phenomenon that has shaken the pay-TV industry in recent years. But now the two rivals are expanding their partnership.
"Netflix offers one of the most popular on demand services and is an important supplement to the content offering and value proposition of the X1 platform," said Sam Schwartz, Chief Business Development Officer, Comcast Cable. "Netflix is a great partner, and we are excited to offer its services to our customers in new ways that provide them with more choice, value and flexibility. The seamless integration of Netflix with the vast Xfinity entertainment library on X1 present a unique and comprehensive experience for customers."
Judge Rules Uber Limo Drivers Aren't Employees
Uber finally got some good news Thursday after U.S. District Judge Michael Baylson ruled that the company's drivers are independent contractors instead of employees.
The judge ruled that Uber does not exert enough control over drivers for its limo service, UberBlack, to be considered their employer under the federal Fair Labor Standards Act.
Uber has been the subject of dozens of lawsuits recently from drivers claiming that they are employees and therefore entitled to a minimum wage.
Thursday's ruling mimics that of a state appeals court in Florida's ruling that Uber drivers were not employees under Florida law.
JPMorgan Rises Premarket on Record First Quarter Earnings
JPMorgan Chase (JPM) reported that its first-quarter earnings rose 35% to a record high thanks in part to the new tax law and strong returns from its trading desk.
The bank reported a profit of $8.71 billion, or $2.37 per share, analysts were expecting earnings of $2.28 cents per share. JPMorgan had a return on equity of 15% compared to 11% last year.
Trading revenue for the quarter rose 13% to $6.57 billion from $5.82 billion last year.
U.S. futures were rising slightly Friday morning after a strong day of trading Thursday. The S&P and Dow Jones Industrial Average have risen in three of the four trading sessions completed this week.
Dow futures were rising 0.23%, indicating an open 56 points higher, while S&P futures rose 0.23%, indicating an open 6 points higher, and Nasdaq futures gained 0.06%, indicating an open 4 points higher.
Asian markets were mixed Friday, with the Nikkei being the lone major index to gain in trading, rising 0.55% while the Hang Seng fell 0.07% and the Shanghai Composite declined 0.66%.
European stocks were rising across the board with the Dax rising 0.7%, the CAC 40 gaining 0.43% and the FTSE 100 rising 0.14% with about four hours left in trading.