NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all higher in early trading. The S&P 500 shot to nearly 1,916 after the opening bell, another intraday trading record for the index.
The U.S. economy shrank at a 1% annual rate in the first three months of the year, according to revised data released Thursday. That was much worse than the initial 0.1% reading, and reflected a sharp drop in inventory spending by businesses.
But economists downplayed the report, saying more recent indicators suggest the economy has improved in the current quarter. For example, the latest report on weekly jobless claims showed a sharp drop in the number of people filing for unemployment benefits.
Here are the top moving stocks today:
A game of chicken? Shares of Hillshire Brands (HSH, Fortune 500) surged 15% after Tyson Foods (TSN, Fortune 500) unveiled a $6.8 billion buyout offer. The move comes days after Pilgrim's Pride (PPC) launched a bid to buy Hillshire for $6.4 billion. The packaged food companies are hungry to form one of the world's largest producers of meat, chicken and pork products.
Stock Beats: Apple (AAPL, Fortune 500) shares were modestly higher after the technology giant announced that it was buying headphone-maker Beats for $3 billion. News of the deal had been circulating for nearly three weeks.
Related: Fear & Greed Index still languishing in fear
Retail in focus again. Costco (COST, Fortune 500) has issued its latest quarterly results, showing that sales increased but profit came in slightly below expectations. The stock is up modestly in early trading.
Abercrombie & Fitch (ANF) shares surged more than 5% in early trading, even though the clothing retailer reported a quarterly loss
. "In what remains a difficult teen retail environment, we are pleased that earnings for the quarter were in line with our expectations," said Chief Executive Officer Mike Jeffries.
Retailers Guess (GES) and Pacific Sunwear (PSUN) will report after the close. Despite a 27% drop in share price yesterday, DSW stock stabilized today.
Related: CNNMoney's Tech30
European markets posted small declines in morning trading, though the FTSE 100 index in London was higher.
Asian markets mostly closed in the red Thursday.
Japan's Nikkei index bucked the trend and edged up by 0.1%. Japanese investors shrugged off retail sales data from April showing consumers were cutting back on their shopping after a sales tax hike.
First Published: May 29, 2014: 9:59 AM ET
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