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- NYSE Midday Update 25 Nov 2009
  CNBC's Bob Pisani reports on the trading day from the NYSE.
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  CNBC's Bob Pisani reports on the trading day from the NYSE.
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  Bob Pisani reports on the trading day from the NYSE.
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  Bob Pisani reports on the trading day from the NYSE.
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  Bob Pisani reports on the trading day from the NYSE.

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CNBC ON DIGG

GDP Delivers

Published: Thursday, 29 Oct 2009 | 9:30 AM ET

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By: Bob Pisani
CNBC Reporter

S&P 500 futures popped about 7 points as the initial Q3 GDP showed growth of 3.5 percent, above consensus of 3.2 percent. Also helping: continuing jobless claims fell to their lowest levels in seven months.

Australia and Norway raised rates.

Elsewhere:

1) ExxonMobil [XOM Loading... () ] trading down about 3 percent pre-open as earnings came in a bit light--$0.98 vs. $1.03 consensus. This is well below the $2.39 they reported for the same period last year, but remember oil was well over $100 during that period.

Production was up 3 percent, a bit below expectations. Downstream (refining) was hurt by lower demand and poor margins, as it was difficult to raise gas prices despite oil prices moving up.

2) Procter & Gamble [PG Loading... () ] is up 2 percent after the consumer products maker's results topped estimates as a nearly 3 percentage point improvement in margins helped. While Q3 volumes were still down 3 percent from a year ago, higher prices helped organic sales grow 2 percent (notably higher than the firm's prior expectations of flat to negative 3 percent).

The Dow component currently has a "higher expectation for market growth" and boosts its 2010 organic sales growth to 2 percent-4 percent from 1 percent to 3 percent.

Winterizing Your Portfolio - A CNBC Special Report

3) Colgate-Palmolive [CL Loading... () ] results came in better than expected as a rise in margins and sales helped. Organic sales grew 7 percent amid a 5 percent increase in prices. Unlike P&G however, Colgate also benefited from a 2 percent rise in volumes.

The consumer goods manufacturer expects strong margins to continue for the rest of the year and reaffirms Q4 and 2010 guidance.

4) AutoNation [AN Loading... () ] topped earnings estimates by a penny, but sales fell a greater-than-expected 13.1 percent (vs. 11.6 percent est.) despite the success of the "cash for clunkers" program. The biggest car retailer in the U.S. said that the initiative boosted earnings by 7 cents per share.

New car sales declined 13 percent - inline with the industry's trends, while used car sales fell 19 percent. The firm also announced at $250 million buyback program.

5) Office Depot [ODP Loading... () ] falls 4 percent as sales missed estimates. Same-store sales fell 14% as spending on office furniture and supplies remained weak. Meanwhile OfficeMax [OMX Loading... () ] drops 7 percent pre-open as both its earnings and revenues fell short of expectations. Sales at stores open for a year dropped 11.5 percent. The office supplies retailer remains "very cautious" for the fourth quarter.