Active broad-market exchange-traded funds at the end of
SPDR S&P 500 (
iShares S&P 500 (
PowerShares QQQ (
iShares Russell 2000 (
iShares Russell 1000 Growth (
iShares MSCI Emerging Markets Index (EEM): +0.20%
United States Oil Fund (USO): +0.74%
SPDR Gold Shares (GLD): +0.33%
Select Financial Sector SPDRS (XLF): +0.87%
Pre-Market Most Active:
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are firmer. Actively traded PowerShares QQQ (
) is down 0.31%.
U.S. stock futures are pointing to a firmer start on Thursday's
regular session as Janet Yellen's comments on the Federal Reserve's
bond buying program, ahead of her confirmation hearing, brightened
market sentiment. In her prepared remarks, released in Wednesday's
after hours, Yellen said that the Federal Reserve's asset purchase
program was the best way to ensure the U.S. economy's recovery.
Economic news from abroad also added to the optimism - as Japan
reported that its GDP expanded at an annualized rate of 1.9% in the
third quarter, topping economists' forecasts.
Power Play: Technology
Technology ETFs and stocks look to open in the red, tracking
Cisco (CSCO) after the Internet protocol (IP)-based networking
company provided downbeat guidance late Wednesday. Technology
Select Sector SPDR ETF (XLK), iShares Dow Jones US Technology ETF
(IYW), iShares S&P North American Technology ETF (IGM) and
iShares S&P North American Technology-Software Index (IGV) are
flat after logging losses in Wednesday's after hours session.
Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) and SPDR S&P
International Technology Sector ETF (IPK) are headed for a lower
In sector news, Cisco Systems (CSCO) continues to decline, and
is down more than 11% in pre-market trading after the company
provided fiscal Q2 and 2014 guidance that was well below analyst
estimates. Management guided FQ2 revenue down 8% - 10%
year-over-year and earnings of $0.45 - $0.47 (versus consensus of
$0.52). The company also introduced FY14 earnings of $1.95 - $2.05,
well below the average consensus estimate of $2.11. CSCO reported
Q1 EPS of $0.53, vs. the analyst consensus of $0.51 per share on
Capital IQ. Revenue was $12.1 billion, vs. expectations of $12.34
Winners and Losers
Select Financial Sector SPDRs (XLF) is up 0.29%. Direxion Daily
Financial Bull 3X shares (FAS) is up 0.66%. Its bearish
counterpart, FAZ, is down 0.55%.
Among financial stocks, IFM Investments Limited (CTC) reported
Q3 non-GAAP net loss widened to RMB17.9 million (US$2.9 million)
from RMB6.3 million a year ago. The non-GAAP diluted net loss per
ADS in the third quarter of 2013 was US$0.20. Consolidated net
revenue rose 6.5% to RMB202.9 million (US$33.2 million), short of
estimates for $37 million on Capital IQ. The company currently
estimates that its total net revenue for the fourth quarter of 2013
will be in the range of RMB210 million to RMB220 million. ($34.46
to $36.1 million), short of estimates for $39.8 million.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) were flat, after seeing gains in Wednesday's after hours.
In sector news, SolarCity (SCTY) is up 6% after it priced an
offering by its wholly-owned subsidiary, SolarCity LMC Series I,
LLC, of $54,425,000 aggregate principal amount of Solar Asset
Backed Notes, Series 2013-1. The notes were priced on November 13,
2013 and were offered only to persons who are both qualified
institutional buyers as defined in Rule 144A. The sale of the notes
is expected to close on November 21, 2013, subject to customary
December crude is down 0.24%; natural gas for January delivery
is down 1.24%. United States Oil Fund (USO) is down 1.21%, and
United States Natural Gas Fund (UNG) is down 1.41%.
Gold and silver for December delivery are higher, up 0.77% and
1.26%, respectively. Among rare metal funds, SPDR Gold Trust (GLD)
is up 0.59%; iShares Silver Trust (SLV) is up 1.11%.
Consumer ETFs Consumer Staples Select Sector SPDR (XLP), iShares
Dow Jones US Consumer Goods (IYK), and Vanguard Consumer Staples
ETF (VDC) are pointing to a higher start.
In sector news, Kohl's Corporation (KSS) is down nearly 10%
after it said its Q3 earnings fell to $0.81 per share from $0.91
the year earlier, missing the $0.86 average Capital IQ analyst
estimate. Revenues fell by 1% to $4.44 billion, also short of the
$4.5 billion consensus. The department store company also cut its
annual EPS guidance to between $4.08 and $4.23, just barely
touching the analyst estimate of $4.23. Kohl's previous guidance
range was $4.15 - $4.35. For the fiscal quarter ending Feb.1, the
company expects EPS of $1.59 to $1.74 per share, straddling the
$1.68 average analyst estimate. The guidance is based on total
sales to decline between 2% and 4% and comparable store sales
declines of between 0% and 2%.
Health Care SPDR (XLV), Vanguard Health Care ETF (VHT), and
iShares Dow Jones US Healthcare (IYH) are pointing to a firmer
start after touching fresh new highs in the previous session.
Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is also
In sector news, Novavax (NVAX) is higher this morning, up 8.25%,
after it saw data on its H7N9 Avian flue vaccine published in the
New England Journal of Medicine. The report notes the study
recorded that the dose-sparing formulation showed significant
potential utility in the event of a pandemic and protective levels
were achieved from vaccinations within 116 days of the announced
outbreak of novel lethal H7N9 virus.
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