Stocks opened slightly lower Friday as first-quarter GDP was revised down to negative 0.7% in a second estimate, from an original rise of 0.2%. The contraction was slightly narrower than economists had expected. Exports fell 7.6%, while imports were revised up to 5.6% from 1.8%, leading to a larger trade deficit which reduced GDP. Meanwhile, crude oil prices were rising more than 1% on Friday after U.S. inventories fell for the fourth week in a row. In other news, shares of Altera (ALTR) were jumping on reports that Intel (INTC) is nearing a deal to buy the company for an estimated $15 billion. That would value shares at $54, a 15% premium to Thursday’s close. J.P. Morgan (JPM) shares were slipping on reports that the bank may cut as many as 5,000 jobs by next year. And GameStop (GME) was climbing after reporting quarterly results that beat analysts’ estimates on both the top and bottom-lines. The company’s earnings of 68 cents a share topped estimates by 10 cents, with sales that rose 8.1%. Comparable store sales rose 8.6%, topping the company’s own 2.5% to 5.5% growth projection.
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