US STOCKS-Wall St lower after GDP data shows contraction
* Q1 GDP data shows economy contracted
* Corporate earnings post biggest fall in a year
* United Rental down 3 pct, weighs on industrials
* Altera near 15-year high of report of Intel interest
* Indexes down: Dow 0.28 pct, S&P 0.19 pct, Nasdaq 0.12 pct (Updates prices)
By Sweta Singh
May 29 (Reuters) - U.S. stocks were lower in morning trading on Friday after data showed the economy shrunk in the first quarter and corporate profits declined the most in a year.
The U.S. government slashed its gross domestic product estimate to show GDP shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month.
Economists had expected GDP would be revised to show a contraction of 0.8 percent. Continuación...