U.S. indices were mixed during midday trading Friday. The Dow Jones Industrial Average was down slightly, while both the Nasdaq and the S&P 500 were showing small gains. Second-quarter real gross domestic product was much weaker than expected. GDP increased at a 1.2% annualized rate. The U.S. Department of Commerce also said real GDP increased 0.8% in the first quarter.
Anheuser-Busch InBev (BUD) shares were on the rise following news that SABMiller's (SBMRY) board has approved the brewer's most recent offer of $104.21 billion. China's Ministry of Commerce also gave the "Megabrew" merger its last major regulatory approval, according to a Bloomberg report.
This comes as AB InBev reported second-quarter profit that missed forecasts. The company posted quarterly net income of $152 million. Earnings came in at $1.06 a share, 3 cents below analysts' estimates. The brewer posted revenue of $10.81 billion, which was in line with predictions.
Shares of AbbVie (ABBV) were up after the company reported a big jump in revenue. The drug maker said revenue rose to $6.45 billion, the increase driven by the demand for arthritis drug Humira. Earnings of $1.26 a share topped analysts' predictions of $1.20. The company expects full-year earnings in the range of $4.73 to $4.83 per share, which is higher than the previous guidance outlook. AbbVie shares have climbed more than 9% since the beginning of the year.
Stericycle (SRCL) shares were plummeting by more than 16% during midday trading on heavy volume after the company reported lower-than-expected revenue for the second quarter. The medical waste company posted revenue of $891.6 million, well below analysts' forecasts of $912.8 million. Adjusted earnings of $1.18 per share were in line with Wall Street's expectations. Stericycle is expecting earnings of $4.68 to $4.75 per share for the year and a revenue range of $3.56 billion to $3.66 billion.
Finally, shares of Expedia (EXPE) were down after posting mixed quarterly results. The online travel company reported adjusted earnings of $0.83 per shares, which topped analysts' estimates of $0.73. But revenue of $2.2 billion for the quarter missed expectations of $2.24 billion.
TheStreet's Jim Cramer said on CNBC's Squawk on the Street that Expedia struggled with integrating some of its new acquisitions and that the acts of terror plaguing Europe have created a drag on the business.