Investors were relieved to learn that the economy managed to grow 0.6% in the 1st quarter. The markets opened higher with the Dow rising 46 points to 12,877 while Nasdaq added 7 points to 2433.
On the upside
General Motors (NYSE: GM) posted a $3.3 billion loss and lowered its outlook, but the results for the automaker were better than expected with overseas growth allaying weakness in North America.
Kraft Foods (NYSE: KFT) reported higher revenues and lower earnings as costs cut into margins. Analysts were relatively impressed with the company's turnaround efforts.
Consumer products maker Procter & Gamble (NYSE: PG) posted slightly higher profits and raised its 2008 outlook as cost controls kept margins high.
On the downside
Time Warner (NYSE: TWX) delivered results that met expectations while announcing a plan to spin off the rest of its cable TV operations.
Jones Lang LaSalle (NYSE: JLL) posted lower profits compared to year-ago levels due to a one-time fee from a large sale in Germany last year. The global real estate services company also reported higher revenues.
Shares of OfficeMax (NYSE: OMX) dropped after the office supply retailer reported a decline in revenues. Profits edged up due to cost controls.
