Updated from 5:57 a.m. EDT
If you'd like to receive the free "5 Things" newsletter, please register here.
Here are five things you must know for Friday, April 28:
1. -- U.S. stock futures were flat to slightly higher ahead of growth estimates for the U.S. during the first quarter.
Economists surveyed by FactSet expect U.S. gross domestic product to have risen 1.2% in the first quarter but others are forecasting much slower growth. The Atlanta Federal Reserve has predicted first-quarter GDP of just 0.2%.
The U.S. economy grew at a 2.1% pace in the fourth quarter.
The Bureau of Economic Analysis will release its first of three estimates of growth for the January-March quarter at 8:30 a.m. EDT.
The economic calendar on Friday in the U.S. also includes Consumer Sentiment for April at 10 a.m., and the weekly Baker Hughes Rig Count at 1 p.m.
Stocks in London fell 0.3% after the U.K. economy, the world's fifth-largest, grew at a 0.3% clip in the three months ended in March, down from the 0.7% pace recorded in the fourth quarter.
2. -- Shares of Alphabet (GOOGL) - Get Report were rising more than 4% in premarket trading on Friday after the parent of Google posted first-quarter profit of $7.73 a share, topping Wall Street estimates of $7.39.
The internet search giant reported revenue in the period of $24.75 billion, which also beat forecasts.
Alphabet said paid clicks in the quarter rose 44%, while paid ad clicks and impressions on Google's own sites and apps jumped 53%.
Chief Financial Officer Ruth Porat said mobile search growth remains the biggest driver behind Google's paid click momentum, with YouTube and programmatic (software-automated) ad sales also playing roles.
The company posted revenue of $35.71 billion in the quarter, which also beat Wall Street forecasts.
Amazon Web Services reported a jump in revenue in the quarter to $3.66 billion from $2.57 billion a year earlier.
Amazon said Thursday it expects second-quarter revenue in the range of $35.25 billion to $37.75 billion. Analysts surveyed by FactSet expect sales of $37.09 billion.
4. -- Starbucks (SBUX) - Get Report said comparable-store sales in the U.S. in the company's fiscal second quarter rose a scant 3%, mimicking the first-quarter showing. Analysts surveyed by Factset were looking for same-store sales growth of at least 3.7%. In China, comparable-store sales climbed 7%.
New Starbucks CEO Kevin Johnson, who took over from long-time leader Howard Schultz earlier this month, predicted stronger revenue growth in the U.S. for the second half of 2017. He contended that the U.S. business is accelerating and performance in China is vigorous.
Earnings of 45 cents a share were in line with analysts' projections. The company posted revenue of $5.3 billion, missing Wall Street's projections of $5.42 billion.
The stock was tumbling 4.8% in premarket trading.
5. -- Colgate-Palmolive (CL) - Get Report reported first-quarter adjusted profit of 67 cents a share, topping analysts' forecasts by 1 cent. Revenue was $3.76 billion; analysts expected $3.80 billion. The stock was down 1.5% in premarket trading on Friday.
Read more of TheStreet's latest news:
- Martha Stewart Reveals Why She Is Now Selling Affordable Wine Online, and Meal Kits on Amazon
- Market Recon: Watch the Passage of the One-Week Bill to Avoid Government Shutdown
- This Is How Ford Is Going to Take on Tesla
- LeBron James Reveals He Was Offered $10 Million to Sign With Reebok, But Still Decided on Nike
- Starbucks Stock Tanks As Coffee King Still Can't Solve One of Its Biggest Challenges in Its History