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Published on Oct 28, 2016
U.S.
Stocks inched higher at the open Friday on the news of
better-than-expected economic data and mixed earnings reports. U.S.
third quarter GDP expanded to 2.9%, the largest gain in two and a half
years. The better-than-expected number was helped by an increase in
exports and a buildup in inventories. Consumer spending also rose a
moderate 2.1%. Exxon Mobile shares are in focus after the oil giant
posted third quarter earnings of 63 cents a share, topping estimates by 5
cents. But revenue dropped 13 percent to $58.7 billion, below
forecasts. Oil price declines dragged on its results. Shares of
MasterCard are gaining ground. The credit card giant posted earnings of
$1.08 a share, beating analysts estimates by a dime. Revenue saw a 14%
jump to $2.9 billion. One standout in the report was the company's
processed transactions that jumped 18% to 14.5 billion. Hershey's shares
are also higher. The chocolate company posted better-than-expected
earnings of $1.29 a share. It also beat by a dime. Revenue of $2 billion
was slightly better than estimates. General Electric and oil services
provider Baker Hughes are said to be in discussion for potential
partnerships as both companies struggle with the slowing energy market.
Shares of both companies rose following the news. TheStreet's Valerie
Young reports from Wall Street.
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