7 Stocks you need to know for Friday

Reporting quarterly earnings Friday morning before the market opens, Chevron (CVX | Quote | Chart | News | PowerRating) is expected to announce EPS of 3.25.

New York Senator Charles Schumer is reportedly challenging a rule that would otherwise allow Wells Fargo (WFC | Quote | Chart | News | PowerRating) to acquire Wachovia (WB | Quote | Chart | News | PowerRating). Schumer is a member of the Senate Banking Committee.

Clorox (CLX | Quote | Chart | News | PowerRating) reports earnings Friday morning before the bell. Analysts are expecting earnings per share of 0.84.

A report from accounting firm Grant Thornton LLC suggested that a merger between General Motors (GM | Quote | Chart | News | PowerRating) and Chrysler could cost as many as 74,000 jobs. The report further indicated that a tentative deal between the two automakers was likely before the November 4th presidential election.

In additional job-cutting news, Motorola (MOT | Quote | Chart | News | PowerRating) announced that it would likely cut up to 3,000 jobs - most of which would come from the company's mobile phone unit.

American Express (AXP | Quote | Chart | News | PowerRating) announced that it would eliminate 7,000 jobs and implement a hiring freeze in an effort to cut costs.