Opening Bell Report

Investors mulled over the latest economic reports showing a slow, but a better than expected GDP for the 1st quarter.  The Dow lost 22 points to 12,571 while Nasdaq edged up 4 points to 2491.

On the upside

Costco (Nasdaq: COST) reported stronger 3rd quarter results citing shoppers hunting for bargains.

Countrywide Financial (NYSE: CFC) announced a special shareholders' meeting to vote on its sale to Bank of America (NYSE: BAC).  The stock rose as investors concluded that the transaction may proceed without lowering  the terms and offer price of $4 billion.

Drug developer Bristol-Myers Squibb (NYSE: BMY) offered $5.50 per share in cash to acquire cancer therapy maker Kosan Biosciences (Nasdaq: KOSN).

On the downside

Sears Holdings (Nasdaq: SHLD) posted an unexpected loss as nervous consumers made modest purchases causing same-store sales to drop.  Analyst promptly downgraded the stock and outlook for the retailer.

Sources at General Motors (NYSE: GM) revealed preliminary plans to shift production from trucks to fuel efficient vehicles.  The stock price had approached 30-year lows.

The Men's Wearhouse (NYSE: MW) posted a drop in 1st quarter profits with the slowing economy impacting the  men's tuxedos rental business.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a fraction to 739.