Premarket, futures are down a bit but gaining after the good U.S economic growth number. Gainers this morning include EXPE (+16.78%), CERN, VAR, NWL and PCLN while losers include VRSN (-16.20%), CA, GT, IPG and MU.
Merck & Co Inc. (MRK) reported net income for the large-cap pharmaceutical was up to $1.76 billion (56 cents per share) vs. $1.69 billion (55 cents per share) in the same quarter a year earlier. That’s up +4.2% from the year-earlier quarter. Revenue was down -4.4% to $11.49 billion from the year-earlier quarter. Merck reported adjusted net income of 95 cents per share. By that measure, the company beat the mean estimate of 93 cents per share. It was short of the average revenue estimate of $12.17 billion.
The U.S. economy (gross domestic product) grew at a higher 2 percent annual rate from July through September, buoyed by more spending by consumers and the federal government. Growth accelerated from the 1.3 percent rate in the April-June quarter. The 2% rate beat estimates of 1.7%.
European stocks are mixed and Asian markets ended lower.
The national average price of gasoline is down 2.4 cents to $3.575 per gallon.
Earnings reports (estimates): MRK-Merck ($0.93), CMCSA-Comcast (0.46), LVS-Las Vegas Sands (0.60), LYB-Lyondellbassel (1.44), VTR-Ventas (0.28), AON-Aon (0.90), WY-Weyerhaeuser (0.18), MCO-Moody’s (0.62), DLR-Digital Realty (0.16), COL-Rockwell Collins (1.11), CVH-Coventry Health (0.72), NWL-Newell Rubbermaid (0.44), IPG-Interpublic (0.17), ARE-Aleandria Realty (0.31), LEA-Lear (1.20), BOKF-BOK Finl (1.22), LM-Legg Mason (0.52), AHGP-Alliance Holding (0.90), GT-Goodyear Tire (0.59), OSK-Oshkosh (0.47), UFS-Domitar (1.59), OHI-Omega Healthcare (0.27).
0830 ET U.S. Q3 GDP expected +1.9% q/q annualized, Q2 +1.3%. Q3 personal consumption expected +2.1%, Q2 +1.5%. Q3 GDP price index expected +2.1%, Q2 +1.6%. Q3 core PCE expected +1.3% q/q, Q2 +1.7% q/q.
0955 ET Final-Oct U.S. consumer confidence (University of Michigan) expected -0.1 to 83.0, early-Oct +4.8 to 83.1.