Mixed Bag
Second-quarter GDP came in at 5.2%, which was much greater than the 3.5% that
analysts had expected, but stocks have reacted mixed because of a downward
revision of the first-quarter GDP. First-quarter GDP was revised down to 4.8%
from the originally stated 5.5% level.
With that conflicting news, the Dow futures are trading down 18 points, and
the Nasdaq futures are trading up 13 points.
The S&Ps look to open flat while the yield on the 10-year Treasury has
increased to 6.06%.
This Morning
Following Thursday’s 14 11/16 point collapse following its warning of slowing
revenues, Nokia
(
NOK |
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PowerRating) is bouncing back somewhat. The mobile phone giant is
trading up 2 11/16 to 43 3/4 on Instinet.
Nordstrom
(
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PowerRating) said it expects that its second-quarter earnings will
fall 12 to 16 cents short of the 55 cents per share analyst had expected. The
company’s second quarter ends on July 31, and the shortfall suggests a possible
slowing in the economy. Nordstrom closed Thursday down 1/16 to 22 3/16.
On Thursday
Internet content provider iVillage
(
IVIL |
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PowerRating) posted a second quarter loss
of 94 cents per share, which was greater than the 88 cent per share loss that
First Call/Thomson Financial had expected. The company closed Thursday down 7/8
to 6 17/32. iVillage, which traded as high as 130 in April, 1999, is yet another
victim of the recent Internet shakeout.
Coffee retailer Starbucks
(
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PowerRating) posted third quarter profits of 18
cents per share, which matched First Call/Thomson Financial estimates and
improved upon the 13 cents the company earned in the same year-ago quarter.
Starbucks closed Thursday down 1 11/16 to 36.