Closing Bell
Stocks sold off into the close, causing all three major indices to close trading in the red going into the weekend.
The Dow Jones Industrial Average fell 0.02%, or 6 points to 25,059, while the Nasdaq fell 0.07%, or 5 points to 7,820, and the S&P 500 fell 0.09%, or 3 points to 2,802.
Lockheed Martin Pledges $100 Million for Worker Training
Lockheed Martin (LMT) is having a good year, but instead of share buybacks and other investments in its own business, the company is spreading the wealth around.
CEO Marillyn Hewson announced that the company will be investing $100 million in worker training and educational opportunities over the next five years. Additionally, the company plans to spend $50 million to support the STEM Scholarship Fund and another $5 million toward apprenticeship and vocational opportunities.
"We are very excited about the opportunity to participate in this initiative. We think it is the right strategy," Hewson said during an interview on FOX Business.
State Street Buys Financial Data Firm Charles River for $2.6 Billion
Asset manager State Street has purchased financial data firm Charles River for $2.6 billion, bolstering the State Street's analytic tools capabilities.
Helping pay for the deal is State Street's decision to cancel plans to repurchase $950 million in company stock.
Charles River runs a software platform that is used by more than 300 customers and had revenue of more than $300 million last year, according to the Wall Street Journal.
Walmart to Launch Video Subscription Service This Year
Variety reported that Walmart (WMT) is taking its rivalry with Amazon to the entertainment sector, launching a video subscription service through its Vudu digital entertainment division.
It has been reported that Walmart will price Vudu at $8 per month, giving it a cheaper product than both Netflix (NFLX) and Amazon (AMZN) .
Walmart acquired Vudu in 2010. The platform currently offers 150,000 movies to buy or rent on demand. The service is expected to launch in the fourth quarter.
Judge Dismisses NYC Lawsuit Against Big 5 Oil Companies
A federal judge ruled that the city of New York doesn't have a case against BP (BP) , Chevron (CVX) , ConocoPhillips (CP) , Exxon Mobil (XOM) and Royal Dutch Shell (RDS.A) , and those companies don't have an obligation to pay for the potential effects of climate change.
The city argued that those companies were responsible for more than 11% of all industrial carbon dioxide and methane emissions since the Industrial Revolution.
"We have said all along that addressing the risks of climate change is a serious global challenge that should be addressed by policymakers and not by the courts," Scott Silvestri, a media relations manager for Exxon said in a statement.
Papa John's Loses Another Sports Partnership
The fallout from former Papa John's (PZZA) CEO John Schnatter's disastrous conference call continues to hurt the company after the NBA's Utah Jazz franchise decided to end its partnership with the pizza company.
The Jazz has joined the Seattle Seahawks and New York Yankees have also severed ties with the company after it was revealed that Schnatter used the "n-word" during a conference call about his response to the NFL anthem protest.
The current agreement includes promotions like fans getting 50% off regular priced pizzas the day after Jazz victories.
Premarket
U.S. futures have not recovered from Thursday's selloff, indicating soft opens for two of the three major indices Friday morning.
Dow futures were down 0.34%, indicating an open 82 points lower, while S&P futures fell 0.17%, indicating an open 5 points lower. Nasdaq futures were positive, rising 0.23%, indicating an open 17 points higher.
Asian markets were mixed but mostly positive Friday morning with the Nikkei declining 0.29%. The Shanghai Composite and Hang Seng rose 2.05% and 0.76% respectively.
European major markets were lower across the board with the FTSE 100 falling 0.18%, the DAX declining 0.46% and the CAC 40 dropping 0.48% with about four hours left in trading.
