Stocks look to rebound, but Oracle is set to tumble. Those and more are what's in business news Friday.
Investors are worried about rising interest rates now that the Federal Reserve is ready to start draining the punch bowl of the stimulus that has fed the market rally during the past year.
The Dow industrials (^DJI) plunged 353 points Thursday. That's the biggest one-day drop in 19 months and it brings the two day loss to 560 points. The S&P 500 (^GSPC) lost 40 points and the Nasdaq (^IXIC) slid nearly 78.
Oracle's stock is set to drop even though the software maker posted a 10 percent earnings increase, hiked its dividend and announced a big stock buyback. But investors are focused on revenue, which was flat compared to a year ago. Oracle (ORCL) also said it plans to move its stock listing from the Nasdaq to the New York Stock Exchange beginning July 15.
Darden Restaurants (DRI) net fell 11 percent, but sales were better than expected at its Red Lobster and Olive Garden chains.
Score one for Apple (AAPL) in its long-running battle with Samsung. A court in Tokyo ruled the South Korean firm infringed on an Apple patent covering the "bounce-back" feature Apple uses on email displays.
Clearwire (CLWR) is switching sides in the heated takeover battle for the company and its valuable wireless spectrum. The company now backs a sweetened bid from Sprint Nextel (S) that values the company at $14 billion. That tops the offer from Dish Network (DISH) by 14 percent, an offer that Clearwire had previously endorsed.
Discount retailer Ross Stores (ROST) has agreed to pay a $3.9 million fine for continuing to sell defective children's clothing after a federal agency warned of the dangers. The Consumer Product Safety Commission said the penalty is the second largest in its history.
Walt Disney (DIS) is hoping for its third blockbuster movie of the year with today's release of "Monsters University," the prequel to "Monsters Inc." That film earned more than $560 million in worldwide ticket sales.
And if there wasn't enough volatility already in the market, there's this: Today is what's known as "quadruple witching" day, when stock and index futures and options all expire on the same day. So buckle up.
-Produced by Drew Trachtenberg
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