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Home / Business / Stocks lower early Friday on poor earnings despite good US GDP data

Stocks lower early Friday on poor earnings despite good US GDP data



US 1Q GDP peak expectations

MacroMan President Stephanie Pomboy breaks US GDP for the first quarter and outlook for the economy.

U.S. The shares were somewhat lower on Friday after poor earnings reports from Intel and Exxon offset data show that US economic growth was faster than expected.

In the morning, the Intel stock traded with what could be the biggest day's downturn of about 11 years, after the chip maker reported a disappointing earnings outlook despite the first quarter results. The Intel share was the largest decliner in the Dow Jones Industrial Average, S & P 500 and Nasdaq.

Nevertheless, the S & P 500 index is up 1

6 percent year after date after the Federal Reserve decided earlier this year to hold on to further interest rate hikes. Both S & P 500 and Nasdaq saw new record highs earlier this week.

Ticker Security Last Change % Chg
I: DJI DOW JONES AVERAGES ] 26447.29 -14.79 -0 , 02% -0.02%
SP500 S & P 500 2925.45 -0.72 -0.02%
I: COMP NASDAQ COMPOSITE INDEX [19659013] 8093.80898 -24.87 -0.31%

The gross domestic product in the first quarter increased by 3.2 percent, said the trading department Friday morning, beating estimates for 2.5 percent growth, compared to a 2, 2 per cent increase in the last quarter of 2018. GDP growth in the first quarter was the fastest in six years.

Higher state and local governments more than compensated for the federal government's closure at the beginning of the year, while net exports also contributed to GDP growth. However, growth in consumer spending was only 1.2 percent, the slowest increase in one year, and growth in fixed investment growth dropped to 2.7 percent, down from a 5.4 percent in the previous quarter.

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Exxon reported quarterly earnings that missed analysts' expectations early Friday, and American Airlines reduced its guidance as it continued to struggle with cancellations and other charges related to the foundation of its fleet with Boeing MAX 8- rays.

But the Amazon shares traded higher after results topped expectations late Thursday. Amazon competitors Walmart and Target saw both their shares fall on Friday after Amazon announced it would invest $ 800 million in the second quarter to make a day's freight for Prime members a reality.

Later Thursday, Ford announced stronger than expected Quarterly earnings after a jump in US demand for trucks and stocks rose sharply Friday morning.

Ride-hailing company Uber Technologies Inc aims at a valuation of up to $ 91.5 billion in its original public offering, potentially the largest US listing this year and a test of investor appetite for a high growth but highly unprofitable business.

Ride hailing giant Uber put a target price range of $ 44 to $ 50 per share for his IPO, in a regulatory filing at FRiday. The company will sell 180 million shares in the offer to raise up to $ 9 billion, with another 27 million sold by existing investors for as much as $ 1.35 billion. Uber IPO will rank it as the largest in the US since IPO by Chinese e-commerce giant Alibaba Group Holding Ltd in 2014.

Ticker Security Last Change % Chg INTEL CORPORATION [9659014] 51.96 -5.65 -2.09 -9.81% [X659012] EXXON MOBIL CORPORATION 19659012] AMAZON.COM INC. 1,908.33 +6.08 ] AM6N AMERICAN AIRLINES GROUP INC. 32.86 -0.55 -1.65%
+ 0.32%
WMT WALMART INC. 101.25 -2.27 -2.19%
F FORD MOTOR COMPANY 10.37 +0.97


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