Business Today: Stock futures pare gains after GDP data

Click to View in Browser 04/27/2012 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. Related Video U.S. Morning Call: Amazon soars; Starbucks global sales down Jack & Suzy Welch: What doesn't kill you makes you stronger Economic News Growth slows on inventories, weak business spending Geithner: U.S. can withstand any Europe stresses A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend