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US economic growth picks up, Amazon's disappointing earnings and Uber's flying cars

There’s no rest this Friday for Wall Street. Stocks started the day mixed as more earnings poured in and investors got their first look at economic growth in the third quarter.

The US economy grew at its fastest pace in two years driven by a surge in exports and as companies boosted inventories. The Commerce Department reported that GDP came in an annualized rate of 2.9 percent last quarter, which was better than economists expected.

Amazon disappoints investors

Amazon’s (AMZN) third-quarter earnings missed analyst expectations by a wide margin and revenue was in line with estimates. Amazon blamed big investments in warehouses and video. The company built 18 fulfillment centers during the quarter and plans to build more. Investors are also responding to Amazon’s forecast for operating income in the fourth quarter ranging from nothing to $1.25 billion. Haven’t we seen this movie before?

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Stocks to watch

Google’s parent company Alphabet (GOOGL) delivered a beat on both its top and bottom lines for the third quarter. Revenue surged 20% from a year ago thanks to strong advertising on mobile devices and on its video site YouTube. Meanwhile, revenue from Alphabet’s so-called “Other Bets,” which includes industries like autos and health care, rose about 4% to $197 million.

ExxonMobil (XOM), the largest publicly-traded oil company, reported earnings that topped analysts’ views, but revenue fell short of estimates. Profit dropped 38% from a year ago due to declining oil prices and as refining margins continued to contract.

Baker Hughes (BHI) stock soared in early trading. The Wall Street Journal reported late Thursday that General Electric (GE) was in talks to buy the oilfield services provider. However, GE squashed the takeover speculation, saying in a statement it was, “In discussion with Baker Hughes on potential partnerships, but none of these options include an outright purchase.”

Uber’s Jetson vision

Uber has seen the future and it looks like the Jetsons, complete with flying cars—or something similar. The ride-hailing company says that within a decade commuters will be able to hop onto a small aircraft, take off vertically and within minutes arrive at their destinations. Is this pie-in-the-sky?