video transcript

Fiscal cliff talks set to begin in Washington and on a totally different no. -- Up. Here's your morning call for Friday the US is targeting FedEx and UPS as part of an ongoing investigation on sales of illegal prescription painkillers. A report in the Wall Street Journal says both companies were served with subpoenas starting over forty years ago but now pro appears to be reaching ahead. A FedEx spokesman told the journal the Justice Department could -- slap the company with criminal charges. But it plans to fight back. UPS -- the other hand has disclosed it it's in talks with the DOJ about settling the case shares of UPS closed at seven dollars yesterday. FedEx shares ended today at 86 dollars. Moving onto the water markets US stock futures put into a lower open today after being battered almost all week. Investors looking to Washington for guidance as President Obama and congressional leaders prepare for budget and tax talks set to begin at 1015 man. A deal on the fiscal cliff will be crucial in preventing the US economy from falling back into recession. So far Democrats and Republicans have clung to their long held opposing positions. Checking in on earnings let's start with Dell profits slid 47%. Hurt by lower PC sales and weaker demand from large corporations. But the third largest PC maker said it expects revenue to grow as much as 5% in the current quarter. Not helping the stock it's down 2% this morning. Gap posted a bigger quarterly profit on Thursday and also quelled fears of possible slowdown ahead of the holiday season by raising its profit view for the year. And stay tuned for earnings from footlocker and JM Smucker today. So stocks to watch -- based maker hostess brands swallowing -- bitter pill this morning. The bakery filed for bankruptcy and seeking permission to liquidate after union strike crippled its operations. The company will be laying off most of its 181500. Workers selling assets and will stop making twinkies. You heard me right unfortunately. JPMorgan in the hot seat yet again as US regulators are set to accuse the bank of maintaining weak oversight of the anti money laundering systems. The feds are required JPMorgan to beef up its procedures and examine past transactions. And a win for -- -- The US anti trust regulators approving its two and a half billion dollar bid for smaller car rental driver dot rival dollar thrifty. After more than two long drawn out years of trying to take over the company. And last but not least Google and talks with satellite TV provider DISH Network. Depart on a new wireless service that would rival networks Telecom giants like AT&T and Verizon Wireless. That according to Wall Street Journal. Separately Google distributed a test version of its new mapping app to a select group that app will work on apple I. That does for your Friday morning call for more news follow us on Twitter at Reuters Insider and check out our energy to channel at Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is writers.