Breaking business news for July 28, 2017

Click to View in Browser Friday, July 28, 2017 Consumers, businesses lift U.S. economic growth in second quarter WASHINGTON (Reuters) - The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, confirming that the sluggish performance early in the year was temporary. Wall Street braces for end of Snap share lockup SAN FRANCISCO (Reuters) - A flood of Snap Inc shares held back since the Snapchat owner's initial public offering could start to trade freely next week, pressuring a stock that has already plunged far below its debut price. Chevron swings to quarterly profit as costs drop (Reuters) - Chevron Corp swung to a quarterly profit on Friday, helped largely by resurgence in oil and gas production as prices jumped and costs slipped. Futures lower as tech stocks take a beating (Reuters) - U.S. stock index futures were lower on Friday as Amazon's profit miss took a toll on technology shares. Amazon plows ahead with high sales and spending; profit plunges (Reuters) - Amazon.com Inc on Thursday reported a jump in retail sales along with a profit slump, as its rapid, costly expansion into new shopping categories and countries showed no sign of slowing. Exxon profit nearly doubles, but falls short of expectations (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil producer, said on Friday its quarterly profit nearly doubled on surging margins at its operations outside the United States, but results fell shy of Wall Street's expectations. American Airlines' revenue, adjusted profit beat Wall Street view (Reuters) - American Airlines Group Inc on Friday reported quarterly revenue and adjusted profit that beat analyst projections, helped by strong passenger demand and improving average fares. Merck profit beats as Keytruda sales soar, expenses drop (Reuters) - Merck & Co Inc's quarterly profit blew past analysts' estimates on Friday as demand surged for its key immuno-oncology drug, Keytruda, and the company reined in expenses. AbbVie's profit beats on robust Humira demand (Reuters) - U.S. drugmaker AbbVie Inc reported quarterly earnings on Friday that edged past analysts' expectations, helped by robust demand for its flagship rheumatoid arthritis drug, Humira. JPMorgan plans cost cuts in Sapphire Reserve card unit: WSJ (Reuters) - JPMorgan Chase & Co is pushing for fresh cost cuts of about $200 million in the unit that oversees Sapphire Reserve credit card, the Wall Street Journal reported on Friday. Related Video Tech slides on Wall Street Twitter shares tumble Counterparties is a curated snapshot of the best finance news and commentary around the web. Register Today News you can use with actionable, timely advice for managing your financial life, including retirement, taxes, real estate, education and more. Register Today » » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2017 Thomson Reuters Ensure delivery of Reuters Newsmails, add newsletters@email.reuters.com to your address book. Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook