Midday Report: GM Reports Record Quarterly Profits; Q1 GDP Weighs on Markets

Wall Street was mostly lower after the U.S. economy in the first quarter grew at its slowest in three years. The slowdown was largely tied to conservative consumer spending. GM (GM) - Get Report reported a double-digit increase in net income as sales of its trucks and SUVs boosted overall results. Net income increased 34% to a new record for the first quarter, while revenue climbed 11%. Time Inc. (TIME) lost nearly one-fifth of its value after its board made the decision to not explore a sale. The board had examined interest from potential buyers, but decided against it. Honeywell (HON) - Get Report rose after hedge fund Third Point added to its position and pushed for changes. The company suggests Honeywell separate its aerospace unit, a move Third Point says could create shareholder value in excess of $20 billion.