Economy barely grows in Q1; Fed waiting game; New CEO pay rules

It's the three-letter day on Wall Street today -- Fed and GDP.  Investors focusing on the first reading of Q1 Gross Domestic Product and the statement following the Federal Reserve's policymakers' meeting.

And the first wasn't so hot.

The Commerce Department reporting the economy grew at an anemic 0.2% in the first three months of the year, well below estimates.  The news sending stocks (^GSPC) lower.

Yahoo Finance Senior Columnist Michael Santoli points out the harsh winter weather didn't take as much of a toll as expected on consumers, but other parts of the economy missed the mark.

"Corporate fixed investments in things like spending on commercial buildings, they were much lower than expected," he notes.  "So essentially the consumer part of the economy held up, so it does seem that corporate spending was a real weak spot along with net imports."

Markus Schomer, Chief Economist at PineBridge Investments, doesn't believe today's data will change the Federal Reserve's thinking on when to begin raising interest rates, which he sees coming no earlier than September.

"By the time we get to the fall, we'll have seen whether the economy has rebounded in the way it did last year," he says. "And I think that will determine what the Fed will do."

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Lumber Liquidators gets nailed

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

MasterCard (MA) shares are higher in early trading. The credit card company reporting first quarter earnings per share that beat analysts' estimates.  However, while revenue rose nearly 3% from a year earlier, it slightly missed forecasts.  MasterCard says card use jumped 12% in the period and notes it's doing well despite a mixed economic environment and a strong dollar.

Time Warner (TWX) shares are rising this morning after the media giant's first quarter earnings and revenue beat forecasts.  Sales are up 5% from a year earlier as it benefited from higher subscription fees and advertising revenue from its cable channels, including the broadcasting of the NCAA basketball tournament in March and April.

Related: Lumber Liquidators gets hammered; GoPro and Starwood soar

Lumber Liquidators (LL) shares are getting hammered in early trading. The flooring retailer says first quarter results were significantly hurt by a CBS News "60 Minutes" piece suggesting some of its products from China contained unsafe levels of formaldehyde.   Lumber Liquidators reporting a LOSS in the period-- analysts had expected a $0.15 per share profit-- while revenue was in line with estimates. The company is also seeing a drop in sales to start the second quarter and announced its CFO is stepping down.  Shares of Lumber Liquidators have lost about half their value this year, mostly due to the fallout from the charges, which the company denies.

GoPro (GPRO) shares are soaring after the action camera maker's first quarter earnings and revenue blew past Wall Street views.  Sales surged 54% from a year earlier thanks to strong growth overseas and solid demand for its Hero4 cameras.

Buffalo Wild Wings (BWLD) shares are tumbling this morning. The sports bar chain reporting a miss on both its top and bottom lines in the first quarter as a 41% jump in chicken wing prices and labor expenses weighed on margins.

Starwood Hotels & Resorts (HOT) shares are surging in early trading. The owner of St. Regis, Westin and Sheraton Hotel brands said it hired Lazard as an adviser to explore strategic alternatives in an effort to boost shareholder value. This came as the company reported better-than-expected earnings and revenue for the first quarter.

Walmart's China move

Walmart (WMT) is expanding its footprint in China by one third. The retail giant plans to open 115 new stores in that country in the next two years.

Related: Walmart to expand footprint in China

The Securities and Exchange Commission is proposing new rules that would make companies disclose how the pay of its executives tracked the firm's financial results. The move is part of a requirement of the 2010 Dodd-Frank financial reform law.