Active broad-market exchange-traded funds in Monday's regular
SPDR S&P 500 (
iShares Russell 2000 Index (
iShares MSCI Emerging Markets Index (
PowerShares QQQ Trust, Series 1 (
iPath S&P 500 VIX ST Futures ETN (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV
were in negative territory, but some still touched or were near
record or multi-year highs. Actively traded PowerShares QQQ (
) was down 0.37%, with a new 13-year high.
U.S. stocks were also in the red at session's half, ahead of the
start of the Q2 earnings season, with all three major indices in
negative territory. Markets seemed to be taking a breather
following a three-session winning streak for both the Dow
Industrials and S&P 500, as investors are now digesting the
June U.S. jobs report released last Thursday. The beginning of the
earnings season is usually signaled by Alcoa's (AA) earnings
report, which will be released in Tuesday's after hours
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) edged lower, but most hit record or multi-year highs. SPDR
S&P International Technology Sector ETF (IPK) was flat.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were lower but were also
near all-time highs.
In corporate news, Camtek Ltd. (CAMT) was up some 47% after the
optical-inspection company announced the launch of its
next-generation semiconductor inspection and metrology platform,
already receiving orders from several device manufacturers. The new
Eagle product line will have it formal launch tomorrow at the
Semicon West tradeshow in San Francisco. It was designed to support
the growing Advanced Packaging market with software and hardware
capable of delivering 2-D and 3-D inspection and metrology
capabilities on the same platform. Several chip-makers have placed
early orders for the new product line, according to Ramy Langer,
CAMT's head of its semiconductor division, calling that "a vote of
confidence in our technology capabilities."
Winners and Losers
Select Financial Sector SPDRs (XLF) was down 0.56%, near its
five-year high. Direxion Daily Financial Bull 3X shares (FAS) was
down 1.64%. Its bearish counterpart, FAZ, was up1.4%.
Among sector news, HSBC Holdings plc (HSBC) was down 0.85%
following a report on Bloomberg that the global banking and
financial services is intent on closing its Libyan operations as it
failed to pass a series of criteria drafted by the firm. HSBC has
already sold off several units around the world including various
Latin American businesses, its Japanese private bank and a Russian
Dow Jones U.S. Energy Fund (IYE) was down 0.82% while Energy
Select Sector SPDR (XLE) was down 0.84%.
In sector news, Rex Energy (REXX) was down 3.32% after it said
its production has been constrained due to delays in the
installation of additional field compression. REXX expects
production from its Butler Operated Area to return to expected
levels once the field compression has been added. It also estimates
its Q2 2014 production to be approximately 128 MMcfe/d. In
addition, the company expects its Q2 2014 natural gas price
differentials, including the effects of natural gas basis
differential hedges, to be approximately $0.50 - $0.70 below Henry
Hub index prices. The company is reaffirming its full year 2014
production guidance of 143 MMcfe/d - 149 MMcfe/d.
Crude was down 0.68%; United States Oil Fund (USO) was down
0.42%. Natural gas was down 3.94% and United States Natural Gas
Fund (UNG) was down 3.20%.
Gold was down 0.30% and silver was down 0.55%. Among rare metal
funds, SPDR Gold Trust (GLD) was down 0.27% and iShares Silver
Trust (SLV) was down 0.79%.
Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US
Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were
in positive territory, near multi-year highs.
Among stocks, Kandi Technologies Group (KNDI) was up 6.35% after
saying a joint venture company that makes Kandi Brand electric
vehicles has received a subsidy of $31.8 million from the Chinese
government. The vehicle maker said the joint venture with Shanghai
Maple Guorun Automobile Co, a Geely Automobile subsidiary, received
the subsidy for sales of over 3,000 electric vehicles between June
and December 2013 and for the sales of over 1,000 EVs in Q1. Kandi
said the city of Hangzhou, where it launched its short-term EV
rental and long-term EV leasing program, is expected to announce
its local subsidy policy for new energy vehicles in the near
Health Care SPDR (XLV), iShares Dow Jones US Healthcare (IYH)
and Vanguard Health Care ETF (VHT) were weaker, but still near
record highs. Biotech ETF iShares NASDAQ Biotechnology Index (IBB)
was down 2%.
In corporate news, Endo International (ENDP) and BioDelivery
Sciences International (BDSI) said a phase 3 trial of BEMA
buprenorphine to manage pain severe enough to require daily,
around-the-clock, long-term opioid treatment met its primary
efficacy endpoint. The treatment is for patients for which
alternative treatment options are inadequate in both patients who
are opioid-naive and opioid-experienced. The drug showed
significantly improved chronic pain relief compared to placebo, the
companies said. Additional secondary endpoints were supportive of
the efficacy of BEMA buprenorphine compared to placebo. A meeting
with the U.S. Food Administration, prior to filing the new drug
application, is planned for July.
Biodelivery Sciences CEO Mark Sirgo said the locking of the
database for the opioid-experienced study has triggered a $10
million milestone payment from Endo under the licensing
BDSI shares were up 11% to a record high while ENDP shares were
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