Stock futures declined today as the US economy grew by less than
expected, according to a preliminary estimate by the government.
The US economy grew at a 2.5% pace in the first there months of
2013 as consumer spending rose 3.2% -- the fastest rate in two
years, a hike in the payroll tax and higher gas prices
notwithstanding. Economists expected a 3% GDP rise after the fourth
quarter's slow 0.4% growth. This report will be tweaked further in
the next two months.
Stock futures retreated this morning before the GDP reoprt.
(INDEXDJX:.DJI) futures are down 0.19% at 14,625 and
(INDEXSP:.INX) futures sank 0.24% to 1,577.90. Futures on the
(INDEXNASDAQ:.IXIC) index sank 0.33% to 2,834.50.
Also on today's economic calendar, the final University of Michigan
consumer sentiment survey results for April will come out at 9:55
a.m. The index is expected to come in slightly above the flash
estimate at 73.5, down slightly from March's 78.6.
Profits in the first quarter fell for
) 37% to $0.18 per share as revenues rose 22% to $16.07
billion.Though the company's results handily exceeded expectations,
Amazon has a habit of growing revenue and market share at the
expense of profits. Shares fell back 2.27% to $268.41 in pre-market
) shares fell 1.9% after the company reported a 12% rise in profits
to $0.48 per share, meeting expectations. Revenue for the past
quarter missed however. Sales in the US rose 7% despite the rise in
payroll taxes. European sales fell 2%. Asia saw the strongest
growth at 8%.
(KRX:005930) reported a 42% rise in profits in the past quarter to
$6.4 billion, an all-time record for the company. IDC, a technology
research firm, released a statement showing that in the first
quarter of the year, Samsung maintained the top position in mobile
phone market share, shipping more handsets than the next four
vendors combined, including
) jumped 7.6% after a regulatory filing revealed that George Soros
took a sizeable stake in the struggling retailer.
Consumer prices in Japan fell 0.9%, highlighting the Bank of
Japan's fight against deflation. The central bank updated its
expected date for hitting the 2% inflation target to two years from
now, and it will not add to its already massive asset purchase
program. Japanese stocks declined slightly today and the yen
strengthened to 98.5 on the dollar.