U.S. GDP Data: Market Happenings for Friday, July 27, 2012

Premarket, futures are up. Gainers this morning include EXPE (+15.51%), ANR, AMGN, GILD and MRK while losers include SBUX (-9.41%), CERN, CA, LLY and UNP.

The Market

The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending.

The Commerce Department revised the January-March quarter estimate to a 2 percent rate, up from 1.9 percent.

CVX reported earnings of $7.21 billion, or $3.66 per share, lower than the $7.73 billion, or $3.85, a year earlier. Revenue fell by 9 percent to $62.6 billion. Chevron’s results beat Wall Street estimates of $3.23 on revenue of $71.4 billion.

MRK rported its net income was $1.79 billion, or 58 cents per share, down from $2.02 billion, or 65 cents per share, a year earlier. Excluding one-time items, net income was $3.23 billion, or $1.05 per share, up from $2.95 billion, or 95 cents per share, in 2011′s second quarter. That beat analysts’ expectations of earnings of $1.01 per share.

Earnings Reports

Earnings reports (ranked by market cap): Chevron (Consensus $3.22), MRK-Merck (1.01), LYB-Lyndellbasell (1.40), Newmont Mining (0.93), AON-Aon Plc (1.02), WY-Weyerhaeuser (0.10), DTE-DTE Energy (0.70), KKR-KKR & Co (0.16), CPN-Calpine (0.01), DHI-DR Horton (0.20), NWL-Newell Rubbermaid (0.45), HP-Helmerich & Payne (1.15), CVH-Coventry Health (0.64), NVE-NV Energy (0.18), BOKF-BOK Financial (1.13), NS-Nustar Energy (0.30).

Financial Calendar

0830 ET Q2 GDP expected +1.4% annualized, Q1 +1.9% q/q annualized. Q2 personal consumption expected +1.3%, Q1 +2.5%. Q2 GDP price index expected +1.6%, Q1 +2.0%. Q2 PCE expected +1.8% q/q, Q1 +2.3% q/q.

0955 ET Final-July U.S. consumer confidence index (University of Michigan) unchanged from early-July at 72.0, early-July -1.2 to 72.0.

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