Reuters Business

WASHINGTON (Reuters) - The U.S. economy's return to growth in the third quarter was less brisk than previously thought as the trade deficit worsened and companies still aggressively cut inventories, a Reuters survey predicted. The poll of 66 economists forecast real gross domestic product growth would be revised down to an annualized rate of 2.9 percent from the 3.5 percent pace reported by the government last month. It will still be the first expansion after four quarters of decline. Recent data, ranging from the trade balance to business inventories, have suggested the government's initial estimates on output were a bit on the optimistic side. ... Read Full Story

(Reuters) - J.M. Smucker Co <SJM.N>, best known for its peanut butter and jelly, posted higher-than-expected quarterly results, driven by strong margins at its Folgers coffee business, and raised its full-year profit outlook. The company's overall gross margin rose to 33.8 percent from 28.9 percent in the year-ago period. Gross margin at Folgers, the largest producer of retail packaged coffee in the United States, was helped partly by green coffee market conditions and favorable product mix, the company said in a statement. For the second quarter ended October 31, the company posted a second-quarter net income of $140 million, or $1.18 a share, compared ... Read Full Story

PARIS/NEW YORK (Reuters) - General Electric <GE.N> and Vivendi <VIV.PA> are at least $1 billion apart in their valuation of the French group's stake in NBC Universal, the Financial Times said, dampening hopes of a swift sale. Analysts believe that after Vivendi's recent costly acquisition of Brazil's GVT <GVTT3.SA>, a compromise over valuation is nevertheless likely, though they feel selling the 20 percent stake is not vital for Vivendi's financial health. "Following the GVT deal, we believe Vivendi will ultimately sell its stake in NBCU, but not at any price ... Similarly GE needs Vivendi's stake for Comcast for the tie up to go ... Read Full Story

NEW YORK (Reuters) - Investors proved to be selective as four U.S.-listed initial public offerings priced either below or at their expected ranges on Thursday evening. The largest IPO came from Cloud Peak Energy Inc <CLD.N>, the U.S. coal mining unit of Anglo-Australian miner Rio Tinto Plc<RIO.L> <RIO.AX>, but its price fell short on concerns the IPO was more about helping Rio's balance sheet than funding Cloud Peak's growth. Global Defense Technology & Systems Inc <GTEC.O> also fell short on fears that government contracts, which make up the bulk of its business, could dry up. But fast growing companies Chinese discount hotel chain 7 ... Read Full Story

NEW YORK (Reuters) - AnnTaylor Stores Corp <ANN.N> reported higher-than-expected quarterly earnings on Friday, as the retailer's lower inventory levels helped its gross margins. The operator of the Ann Taylor and Ann Taylor LOFT chains said net profit was $2.1 million, or 3 cents per share, for the third quarter ended October 31, compared with a net loss of $13.4 million, or 24 cents per share, a year earlier. Excluding restructuring and asset impairment charges, the company said it earned 20 cents per share. On that basis analysts on average were expecting earnings of 7 cents per share, according to Thomson Reuters I/B/E/S. (Reporting ... Read Full Story