Futures Up on Better-Than-Expected GDP Revision

Futures rallied a few points as the second estimate to GDP estimate came in at 1.6 percent for the second quarter, higher than the 1.4 percent increase expected. This is the second data point a bit better than expected in as many days (following yesterday's initial claims reportfor the week) and breaks a string of worse-than-expected economic news.

Elsewhere:

1) J Crew is not immune to the slowdown. Despite beating estimates in the last quarter ($0.50 vs. $0.46 consensus), J Crew falls 7 percent on worries over its 2nd half. The apparel retailer lowered its full-year outlook to $2.25-$2.35 far below $2.46 consensus. Another headwind ahead: tougher comps as the company was one of the standout retail performers towards the end of last year.

Additionally, in a move to attract more value-seeking customers, the retailer also announced it will begin selling its cheaper outlet store products online later this year.

2) Tiffany edges 1 percent higher after earnings topped analyst estimates($0.55 vs. $0.53 consensus) as higher prices helped expand margins. However, its top line fell short of expectations, with comps rising 5 percent—a much more moderate growth number compared to the first quarter and disappointing given the easy comps from last year. Japan comps in the last quarter continued to decline, and comps in the rest of Asia and in Europe outpaced the 5 percent same-store sales growth in the Americas.

Guidance for the luxury jeweler's full year was raised to $2.60-$2.65 vs. $2.61 consensus.

4) 3Par jumps 11 percent to just under $29 pre-open as the data storage firm accepted a new offer from Dell . The computer maker raised its bid for a second time in 2 days, in an attempt to fend off counter-bidsfrom rival Hewlett-Packard . Dell's latest offer of $1.8 billion matches H-P's raised bid, and will give 3Par shareholders $27 per share in cash.

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