GDP Delivers

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.


1) ExxonMobil 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 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
Winterizing Your Portfolio - A CNBC Special Report

3) Colgate-Palmolive 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 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 falls 4 percent as sales missed estimates. Same-store sales fell 14% as spending on office furniture and supplies remained weak. Meanwhile OfficeMax 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.



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