Opening Bell Report

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.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 721.
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