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Friday, April 27, 2012

Business Today: Stock futures pare gains after GDP data

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04/27/2012
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Stock futures pare gains after GDP data
NEW YORK (Reuters) - Stock index futures pared gains on Friday as economic growth cooled more than forecast in the first quarter, offsetting some of the optimism from better-than-expected corporate earnings.
Growth slows on inventories, weak business spending
WASHINGTON (Reuters) - Economic growth cooled in the first quarter as businesses cut back on investment and restocked shelves at a moderate pace, but stronger demand for automobiles softened the blow.
Spanish economy in "huge crisis" after credit downgrade
MADRID (Reuters) - Spain's sickly economy faces a "crisis of huge proportions", a minister said on Friday, as unemployment hit its highest level in two decades and Standard and Poor's weighed in with a two-notch downgrade of the government's debt.
Procter & Gamble cuts outlook
(Reuters) - Procter & Gamble Co lowered its profit expectations for the year on Friday as it works on its new restructuring plan and continues to feel some pressure from higher commodity costs.
Chevron Q1 profit up 4 percent, production down
(Reuters) - Chevron Corp, the second-largest U.S. oil company, reported on Friday a rise in quarterly profit as rising oil prices and refining margins made up for a decline in oil and gas production.
Amazon soars as digital sales boost margins
(Reuters) - Shares of Amazon.com Inc rose 16 percent in premarket trading on Friday, after the world's largest Internet retailer reported a surprise increase in gross margins, prompting a slew of price target increases by analysts.
S&P cuts Nokia rating to junk
HELSINKI (Reuters) - Standard & Poor's has cut its credit rating on Finnish cellphone maker Nokia to junk on expectations of lower sales, following a similar move by Fitch Ratings earlier this week.
China's Big Four banks hit by slowdown, costs
HONG KONG (Reuters) - China's Big Four banks' reported weaker-than-expected first-quarter earnings on Friday, with the sector facing growing pressure from a slowing economy and rising funding costs.
ConocoPhillips, CNOOC to pay $267 million for China spill
BEIJING (Reuters) - U.S. oil firm ConocoPhillips and its partner CNOOC have agreed to pay 1.683 billion yuan ($266.89 million) in compensation for a series of oil spills off the coast of northern China last year, China's State Oceanic Administration said in a statement on Friday.
Ford earnings beats Wall Street estimates
DETROIT (Reuters) - Ford Motor Co reported a higher-than-expected quarterly profit on Friday as strong results in North America helped offset weak international results and higher taxes.
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