Before the bell: AAPL, C, MBI, NFLX, S, YHOO ...

Before the bell: Futures higher ahead of jobs data (ABK, MRVL)

[Update 9:00 a.m.: U.S. nonfarm payrolls fell by a large 63,000 in February, the second straight decline in employment. This is a clear sign of a recession. Stock futures are declining, suggesting another down day ahead of us on Wall Street.]

Apple Inc. (NASDAQ: AAPL) outlined the features of the new iPhone 2.0 software. While the software is scheduled for release this June, it is available in beta version now. The new features target business users as it has "support for Microsoft Exchange ActiveSync to provide secure, over-the-air push email, contacts and calendars as well as remote wipe, and the addition of Cisco IPsec VPN for encrypted access to private corporate networks." Also it allows third-party developments through the iPhone Software Development Kit.

Citigroup (NYSE: C) said late Thursday that it will reduce its mortgage assets by 20%, or $45 billion over the next year. By shrinking its mortgage business and integrating CitiMortgage, Citi Home Equity and Citi Residential Lending into one division, the bank hopes to lower expenses by $200 million during the same time period.

Warburg Pincus has agreed to lower the purchase price to $12.15 per share and extend the deadline until June 30 for some shares certain MBIA Inc. (NYSE: MBI) executives have committed to buy, essentially lowering the investment amount struggling MBIA will receive. MBIA also canceled stock options given to the executives related to the agreement.