(By Salman - iStockAnalyst Writer)US stock futures edged higher on Friday after a government release showed that first-quarter gross domestic product declined by 5.7%.
At 8:32 am ET, Standard & Poor's 500 Index futures increased 6.10 points to 911.20. Dow Jones Industrial Average futures rose 43 points to 8427. Nasdaq Composite Index futures advanced 7.75 points to 1426.
According to Commerce Department, US economy contracted at a revised 5.7% annual rate in the first quarter, after shrinking 6.3% in the fourth quarter. Economists expected the economy to contract at an annualized pace of 5.5%.
Early on Friday
Tiffany (
NYSE: TIF) said that its first-quarter net income plunged 62% to $24.3 million, or 20 cents a share, from $64.4 million, or 50 cents a share, in the year ago quarter. Revenue decreased 22% to $523.1 million.
Late on Thursday,
PC maker Dell Inc. (
NASDAQ: DELL) announced that net income plunged to $290 million, or 15 cents a share, compared with earnings of $784 million, or 38 cents a share, in the prior year ago quarter. Revenue tumbled 23% to $12.3 billion.
J. Crew Group Inc. (
NYSE: JCG) reported first-quarter net income declined to $20.4 million, or 32 cents a share, from $30.5 million, or 48 cents, in the comparable quarter last year. Revenue increased 1.5% to nearly $346 million from $341 million.
Consumers product giant
Procter & Gamble Co. (
NYSE: PG) said that it expects 2010 earnings in the range of $3.65 to $3.80 a share, up from the midpoint of its year-ago target of $3.65 a share. Analysts currently expect the company to earn $3.92 a share. P&G expects 2010 organic revenue growth of 1% to 3%.
R.H. Donnelley Corp., the country's third largest print and online Yellow Pages publisher, announced on Friday that it has filed for chapter 11 bankruptcy protection.
On the front of economic data, Chicago PMI and University of Michigan/Reuters consumer sentiment index are due for release later in the day.
US stocks finished higher on Thursday as investors heaved a sigh of relief after the Treasury Department saw strong demand at an auction of $26 billion in seven-year notes.
European stocks advanced in afternoon trade. At 13:06 pm London time, the UK FTSE climbed 71.74 points or 1.64% to 4,459.28. The German DAX and French CAC rose 1.40% and 1.49% respectively.
Asian stocks finished higher. The Nikkei 225 advanced 71.11 points or 0.75% to 9,522.50. The Hang Seng index of Hong Kong increased 285.73 or 1.60% to 18,171.
NYMEX Crude oil for July delivery climbed $1.09 or 1.7% to $66.17 in electronic trading.
Disclosure: Author does not own any of the stocks discussed here.
