Market Snapshot July 10, 2009, 4:30PM EST

Stocks Finish Mixed

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In other economic news Friday, the U.S. trade deficit narrowed to $26.0 billion in May, from a revised $28.8 billion shortfall in April (from a deficit of $29.2 billion previously). Excluding petroleum, the deficit narrowed to $12.7 billion from -$13.9 billion. Imports declined 0.6%, while exports rebounded 1.6%.

U.S. import prices surged 3.2% in June, while export prices rose 1.1%. The 1.3% rise in May import prices was revised up to 1.4%, and May export prices were revised down to a 0.5% increase versus 0.6% previously. A 20.3% jump in petroleum prices paced the strength in import prices.

China's exports fell for an eighth month as the global recession cut demand, highlighting the economy's dependence on stimulus spending to boost growth. Overseas sales slid 21.4% in June from a year earlier. That compares with the median estimate of a 21% decline in a Bloomberg News survey of 19 economists and a record 26.4% drop in May. China, the world's second-biggest exporter, has stalled gains by the yuan against the dollar and increased export-tax rebates as the government revives economic growth with a 4 trillion yuan ($585 billion) stimulus package. The smallest decline in imports in eight months may signal the worst is almost over for the nation's trade.

The Obama administration is pressing mortgage-servicing companies to step up their efforts to modify troubled loans under its housing-rescue program, the latest sign of frustration with the pace at which mortgage companies are reworking troubled loans. "We believe there is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share," Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan said in a letter to 25 mortgage-servicing firms.

General Motors Corp. completed a major step in its turnaround on Friday and closed the sale of its good assets to a new, government-backed carmaker, at a speed unimagined by auto and bankruptcy experts even six months ago, according to a New York Times report.

Among companies posting earnings results Friday, Shaw Group (SGR) reported third-quarter earnings per share (EPS) of $0.09, vs. $0.62 one year earlier, despite a 2% revenue rise. Shaw posted $0.57 vs. $0.67 third-quarter EPS excluding its Westinghouse segment. Shaw said third quarter EPS were negatively impacted by increased costs on two fossil contracts within its Fossil & Nuclear segment. It sees 2009 EPS, excluding the Westinghouse segment, to be about $2.00.

Infosys Technologies (INFY) posted $0.55 vs. $0.54 first earnings per American Depositary Share (ADS) despite a 2.9% revenue decline. The company sees $1.97-$2.00 fiscal 2010 earnings per ADS on $4.45 billion-$4.52 billion in revenue.