Europe about flat this morning, strong belief that a package for Europe will be announced Sunday or Monday
First Quarter GDP, at 3.2 percent, a bit lighter than the 3.3 percent expected. Personal spending at 3.6 percent was a bit higher than expected.
1) Chevron reported a solid beat of $2.27, well ahead of consensus of $1.94; revenues were again light at $48.18 billion vs. $57.22 billion consensus. Like other oil companies, higher oil prices helped upstream production and profits.
2) Homebuilder DR Horton up 5 percent pre-open, swung to a surprise profit of $0.04 (loss of $0.01 consensus). More importantly, net orders were up 55 percent, well above most estimates.
Homebuilding stocks have had mixed results this quarter (Ryland disappointed, Meritage like DHI had stronger sales).
Other builders like Hovnanian and Beazer trading up this morning; this is a good sign, since all of them are at new highs.
3) McAfee down 11 percent pre-open on missed first quarter earnings and lowered guidance. The computer security software maker's revenues jumped to $502.7 million, but net income fell 30 percent to $0.60 a share, excluding one time charges. The street was expecting $0.63. MacAfee says the company absorbed bigger charges for restructuring and accounting for employee stock compensation than expected. The company guided second quarter income lower to $0.58 to $0.62 a share because of the cost of fixing a bug that shut down PCs at more than 100 large corporate clients, below analysts' prediction of $0.66.
4) Shares of American Axel & Manufacturing down 6 percent in premarket trading. American Axel posting first quarter profits of $0.22 a share, in line with expectations, and marking the third-straight quarter in the black following a two year losing streak. The auto supplier said its tremendous cost-cutting efforts coupled with strong sales widened its gross margin to 16.7%.
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