ETF Preview: ETFs, Futures Weaker Following Revised Q4 GDP Report


Active broad-market exchange-traded funds at the close of Thursday's regular session:

SPDR S&P 500 ( SPY ): +0.55%

iShares S&P 500 ( IVV ): +0.55%

PowerShares QQQ ( QQQ ): +0.65%

iShares Russell 2000 ( IWM ): +0.51%

iShares Russell 1000 Growth ( IWF ): +0.63%

iShares MSCI Emerging Markets Index (EEM): +1.9%

United States Oil Fund (USO): -0.16%

SPDR Gold Shares (GLD): +0.07%

Select Financial Sector SPDRS (XLF): +0.51%

Pre-Market Movers

SPY, -0.09%

EEM, +0.03%

XLF, flat

IWM, -0.08

FXI, +0.03%

Broad Market Indicators

Most broad-market exchange-traded funds, including SPY, IWM, IVV slipped lower. Actively traded PowerShares QQQ ( QQQ ) was down 0.04%.

U.S. futures were weaker after the revised Q4 gross domestic product report that showed an expansion of the U.S. economy at a pace of 2.4% annually. The report attributed the reading to consumers scaling back their spending. The revised GDP, however, met forecasts. Still ahead, the Chicago purchasing managers index is due at 9:45 am ET; the University of Michigan consumer-sentiment survey will be released 9:55 am ET, and pending-home sales for January will be reported at 10 am ET.

Power Play: Healthcare

Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were unchanged. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was also flat.

In corporate news, Ampio Pharmaceuticals (AMPE) was down 8% after the biopharmaceutical company priced a public offering of 8.5 million shares at $7 per share, a 12% discount to the stock's Thursday closing price. Net proceeds of the offering are expected to be approximately $55 million. The company intends to use the net proceeds for working capital and for general corporate purposes. Ampio also granted the underwriters a 30-day option to purchase up to an additional nearly 1.3 million shares of common stock. The offering is expected to close on or about March 5.

Winners and Losers


Select Financial Sector SPDRs (XLF) was flat. Direxion Daily Financial Bull 3X shares (FAS) was down 0.17%. Its bearish counterpart, FAZ, was up 0.09%.

Among financial stocks, State Street Corporation (STT) has been downgraded by analysts at RBC Capital Markets to a Sector Perform rating form Outperform. The firm also lowered its price target on the stock to $68 from $75 a share.

RBC Capital also downgraded State Street from Outperform to Sector Perform with a price target of $68.00 (from $75.00).


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 flat. SPDR S&P International Technology Sector ETF (IPK) was also quiet in pre-market.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were flat as well.

In stocks news, OmniVision Technologies, Inc. (OVTI) was up 14.20% in pre-market trading after the company issued earnings guidance that beat out analyst expectations. For Q4, OVTI is forecasting EPS of $0.19 to $0.35 on revenue of $275 million to $305 million, compared to analysts predictions of $0.22 per share earnings on revenue of $284.3 million.


Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were both unchanged pre-bell.

In corporate news, Noble Corporation (NE) are down 0.6% after the company said that one of its semisubmersible rigs off the coast of Brazil has experienced a "ballast control" incident, forcing the evacuation of 77 non-essential staff. Noble said the well has been secured and measures are underway to resolve the matter. No pollution has been reported, it said.


Crude was down 0.18%; United States Oil Fund (USO) was down 0.03%. Natural gas was high 0.44% and United States Natural Gas Fund (UNG) was up 1.45%.

Gold and silver both rose in pre-market trading, up 0.07% and 0.27% respectively. Among rare metal funds, SPDR Gold Trust (GLD) was up 0.20% and iShares Silver Trust (SLV) was up 0.15%.


Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were unchanged pre-market after a higher session Tuesday.

Among stocks, Liberty Media (LMCA), which bought a controlling interest in radio station SiriusXM in January 2013, was up 0.74% after it said the acquisition boosted Q4 operating income to $189 million from a loss of $60 million in the year-ago period. GAAP net income fell to $56.1 million from $156.2 million. Liberty Media's revenue increased to $1.0 billion from $44 million a year ago and was in line with analysts' forecasts.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: SPY , IVV , QQQ , IWM , IWF

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