Active broad-market exchange-traded funds at the close of
Monday's regular session:
SPDR S&P 500 (
iShares S&P 500 (
PowerShares QQQ (
iShares Russell 2000 (
iShares Russell 1000 Growth (
iShares MSCI Emerging Markets Index (EEM): +0.95%
United States Oil Fund (USO): +0.80%
SPDR Gold Shares (GLD): -0.32%
Select Financial Sector SPDRS (XLF): +0.81%
Tuesday's Pre-Market Movers
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV,
were mostly lower in Tuesday's
. Actively traded PowerShares QQQ (
) was down 0.45%.
U.S. stock futures are lower ahead of the Institute for Supply
Management's nonmanufacturing index report, as well as the report
on factory orders from June - both due at 10 am ET.
Earnings continue to be in the spotlight, with American
International Group (AIG), Office Depot (ODP) and Motorola
Solutions (MSI) among the most active following their earnings
reports. Target (TGT) was also slipping in pre-market trade after
cutting its outlook.
Power Play: Technology
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) were inactive. SPDR S&P International Technology Sector
ETF (IPK) was also flat.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were unchanged after seeing
losses in the previous session.
Motorola Solutions (MSI) was down after it reported
weaker-than-expected fiscal Q2 results and forecast Q3 results well
below Street expectations, even as the company reiterated its
full-year outlook and boosted its cost-reduction target. Net
earnings attributable to the company, excluding discontinued
operations and one-time items, was $0.47 per diluted share in the
latest quarter, down from $0.94 per share a year earlier and
missing the profit of $0.63 per share expected on average by
analysts polled by Capital IQ. Net sales slipped 6.9% to $1.39
billion, below the Street's consensus of $1.96 billion.
For Q3, the company projected a revenue decline of 7% to 9% from
Q3 2013 and adjusted earnings from continuing operations of $0.35
to $0.41 per share. Analysts recently were looking for Q3 revenue
growth of 0.3% to $2.12 billion and EPS of $1.02. For the full
year, the company reiterated its expectations for a revenue decline
in the low- to mid- single digits, excluding IDEN, with non-GAAP
operating margins from continuing operations of approximately 18.5%
of sales, consistent with its previous outlook. Analysts recently
were projecting a 2014 revenue decline of 3.4% to $8.4 billion.
Winners and Losers
Select Financial Sector SPDRs (XLF) was down 0.49%; Direxion
Daily Financial Bull 3X shares (FAS) was down 1.07%while its
bearish counterpart, Direxion Daily Financial Bear 3X shares (FAZ)
was up 0.77%.
W.P. Carey (WPC) shares were steady pre-market after it reported
Q2 earnings of $0.38 per share and revenue of $205.2 million, the
latter of which beat the Street view of $154 million, according to
Capital IQ estimates.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) were both flat.
Exterran Partners, L.P (EXLP), a natural gas company, reported
Q2 earnings that beat the Street view while revenue was on par.
Exterran reported net income of $17.8 million, or $0.26 per diluted
limited partner unit. Revenue was $145.7 million compared to $125.5
million for Q2 2013. The Street expected earnings of $0.20 per
share on $146 million in revenue, according to Capital IQ
estimates. EXLP was steady in pre-market trade at $28.78.
Crude was down 0.14%; natural gas was down 0.16%. United States
Oil Fund (USO) was down 0.36%; United States Natural Gas Fund (UNG)
were down 0.19%.
Gold was down 0.02%, and silver was down 0.71%. Among rare metal
funds, SPDR Gold Trust (GLD) was down 0.08% and iShares Silver
Trust (SLV) was down 0.57%.
Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US
Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were
Retail ETFs SPDR S&P Retail (XRT), PowerShares Dynamic
Retail (PMR), and Market Vectors Retail ETF (RTH) were also
Target (TGT) was down 4.78% after the retailer warned it now
expects adjusted earnings below its prior guidance and Street
expectations, and increased its estimate of costs related to its
December 2013 data breach. The company said it now expects Q2
adjusted earnings per share "within a range around" $0.78, below
its prior guidance of $0.85 to $1.00. Analysts recently were
expecting $0.91 on average, according to Capital IQ.
The new guidance reflects expectations for U.S. same-store sales
to be "essentially flat...with lower-than-expected EBITDA margin
driven by promotional markdowns, as guests continue to spend
cautiously and focus on value in the current environment," and for
the Canadian segment to have "somewhat softer-than-expected sales
combined with the impact of continued investments to clear excess
inventory,: the company said.
GAAP EPS for Q2 is expected to be about $0.41 lower than the
adjusted EPS--putting the company's estimate at about $0.37, versus
the Street's estimate of $0.90. The guidance includes net pre-tax
data breach expenses of $111 million, or $0.11 per share, and
pretax early debt-retirement losses, recognized in interest
expense, of $285 million, or $0.27 per share, in addition to other
one-time items. The company said the Q2 gross expenses it expects
from the data breach are now $148 million, partially offset by a
$38 million insurance receivable.
Health Care SPDR (XLV), iShares Dow Jones US Healthcare (IYH)
and Vanguard Health Care ETF (VHT) were unchanged. Biotech ETF
iShares NASDAQ Biotechnology Index (IBB) was down 0.49%.
Regeneron Pharmaceuticals (REGN) shares were down 2.33% after it
announced Q2 results that beat the Street view on earnings per
share and total revenues and has reaffirmed full-year guidance of
sales of its EYELEA product. The company has reported Q2 adjusted
EPS of $2.47 per share, up from $1.73 in Q2 2013 and beating
analyst estimates of $2.30. Total revenue of $665.70 was up from
$457.64 million and topped analyst projections of $647.59
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