Check out which companies are making headlines after the bell Thursday:

NewsCorp - The media giant's CFO David DeVoe will retire at the end of the fiscal year following the company's split. John Nallen will succeed DeVoe. Shares were largely unchanged in extended-hours trading.

(Read More: Stocks End Up 1%, Dow Above 15000; Vix Drops 11%)

Restoration Hardware - The furniture retailer posted earnings of 6 cents a share on sales of $301 million, exceeding Wall Street expectations for 4 cents a share on revenue of $299 million. In addition, the company handed in better-than-expected current-quarter guidance, sending shares sharply higher in extended-hours trading.

Trend reversal: Yen strong, but U.S.stocks holding up midday. That's a trend reversal: U.S. stocks have moved very closely with the Yen for the past several weeks. S&P Futures did pop up on the better-than-expected jobs and May Retail sales data.

Bernanke press conference June 19th: there's only three press conferences for Bernanke left this year: June 19, September, and December.

He is likely pleased that his trial balloon on tapering has initiated such turmoil...he must be somewhat pleased some are taking risk off the table, as some markets were heading toward a bubble (Japan and the yen carry trade) and are now clearly deflating. What next: does he calm things down or does he stoke the fire?

He seems to be in a better position, at least with today's data. After all, better to have the economy recovering with some tapering, rather than economy tanking with no tapering.

The debacle in Japan: what happened? I woke up at 5:30 a.m. ET and tried to find out what happened to cause the markets there to drop six percent, and no one could give me a clear answer.

World Bank cuts global GDP growth? Maybe.

Prime Minister Abe met with the head of the Bank of Japan, Mr. Kuroda. Mr. Kuroda said nothing, essentially signalling that he has done enough for the moment.

That is likely the source of the problem. Remember when ECB head Mario Draghi made his famous comment about supporting the euro and the Eurozone: "whatever it takes," he said.

And the markets immediately calmed down.

Mr. Kuroda needs a Draghi moment--he needs to say "whatever it takes" and he hasn't--yet.

No, this is an unwind of a crowded trade (the yen carry trade) and collateral other trades. The selloff in the Nikkei was very broad--everything from tech to healthcare to consumer services.

The IPO market is improving. IPOs have a real problem: they're always playing catch up with the market. You need the wind at your back to get an IPO out, and market conditions on the day it comes out can also influence your first day of trading.

Just look at cosmetics and fragrance maker COTY (COTY), which went public today at $17.50, opened at $17.50, and promptly dropped below that price. We know this: demand was strong yesterday, in fact it was well oversubscribed.

But the IPO biz relies on those who don't get the allocation they wanted to buy on the open, and that sentiment can be very fragile--particularly on days when the markets are in turmoil...and particularly when you have the Nikkei down 6 percent overnight.

Still: it's been a good start to the year.

Offerings this year:

• 2013: 80
• 2012: 78
• Above Initial Price: 71%
• Average Price Gain: 22%

Source: IPO Scoop

Not bad, particularly with 71 percent above the initial price. And June is starting out strong: last year four deals priced in June, we've already had four this June, with the calendar filling up very quickly

Of course, it all depends on market conditions!

Market Insider bids best wishes to Lori Spechler as she leaves CNBC to start her next adventure. Lori "Spectacular," as Rick Santelli calls her, is a real pro and a good friend.

We will miss her. Have fun Lori.

What to do with your bond and emerging market funds? It's the question I've been asked most often in the past two weeks. With further declines in prices today, it's starting to look ugly. The numbers look since the beginning of May certainly aren't pretty:

Emerging Market Debt ETF: down 9.8 percent.

Emerging Markets ETF: off 9.7 percent.

Total Bond ETF: slides 3.0 percent

Check out which companies are making headlines before the bell on Thursday:

Belo (— Media company Belo is being bought by Gannett for $13.75 per share in cash, or about $1.5 billion.

H&R Block — The tax preparation company reported fiscal fourth quarter profit of $2.42 per share, 19 cents below estimates. Revenue also fell short as the company's tax services business did not perform to expectations.

PVH — The clothing maker earned $1.91 per share, excluding certain items, for its first quarter, well above estimates of $1.35. Revenue was essentially in line for the company, and it's adjusted its current quarter forecast to $1.35 per share, in line with Wall Street estimates. PVH is benefiting from increased sales for its Tommy Hilfiger and Calvin Klein brands.

Thursday could be bumpy, as rising interest rates continue to shake up markets and traders watch foreign exchange markets with a wary eye.

"It's a trade of reallocation. Money moving out of asset classes into other asset classes causes that kind of volatility and lack of liquidity," said Paul Hickey of Bespoke. He said he expects to see a stock correction in the single digits at most. "This kind of activity is the kind of activity you see when the market is going down."

(Read More: Why Cyclicals Are Hot for Investors This Summer)

Stocks have been highly volatile as interest rates move higher – the 10-year closed at 2.22 percent Wednesday - and world markets followed each move in the yen.

Check out which companies are making headlines after the bell Wednesday:

H&R Block - The tax preparer posted earnings of $2.42 a share on revenue of $2.20 billion, missing forecasts for $2.61 a share on revenue of $2.28 billion. Shares declined in extended-hours trading.

(Read More: Dow Flirts With 15000 as Stocks Extend Losses)

Safeway - The grocery store chain announced it will sell its Canadian operations to Sobeys for C$5.8 billion (US$5.7 billion) in cash. The company expects to close the transaction in the fourth quarter. Shares spiked higher in extended-hours trading. Rivals Kroger and Supervalu also rallied in extended-hours trading following the news.

"Taper talk" has injected volatility into financial markets, but it's had just a marginal impact on the Treasury's auctions this week, as traders now await the auction of $13 billion in reopened 30-year bonds Thursday.

Wednesday's 10-year auction was the second of the week, following a weak three-year note auction Tuesday. But traders say it was better than they expected.

The yield was 2.21 percent, just about at market and above its Tuesday close of 2.18 percent. Demand for the $21 billion in reopened 10-year notes saw the ratio of bids offered over those accepted at 2.53, below the 2.83 10-auction average.

Yields have been rising since the market started to price in a Federal Reserve slowdown in bond purchases, and this week's auctions were of special interest because of it. The views of when the Fed starts to taper its $85 billion in bond purchases range from September to well into next year.

One of the biggest names in market indexes just dropped a bit of a bombshell: according to them, Greece is now an emerging market country!

There's plenty of worries about capital outflows from emerging markets, but here's a curve ball: last night MSCI, the leader in stock indexes, announced that Greece will now be designated an "emerging market."

Check out which companies are making headlines before the bell on Wednesday:

Vodafone – Vodafone has approached Germany's Kabel Deutschland about a possible takeover of that company. The potential transaction could also move shares of Verizon , which has said it would like to buy Vodafone's 45 percent stake in the Verizon Wireless unit.

Rambus — The company settled a patent case with South Korea's SK Hynix, which will pay the rival chipmaker $240 million. The dispute over memory chip technology dates back 13 years, but Rambus CEO Ron Black has been accelerating efforts to settle such cases, including a high profile dispute with Micron Technology.

Applied Materials — Citi has added the semiconductor equipment maker's stock to its "Top Picks Live" and upgraded it to "buy" from "neutral", saying current market conditions play to AMAT's strengths.