Active broad-market exchange-traded funds at Monday's regular
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
iPath S&P 500 VIX Short Term Futures (
iShares Russell 2000 Index (
iShares MSCI Japan ETF (
Broad Market Indicators
Most broad market exchange-traded funds were firmer. Actively
traded PowerShares QQQ (QQQ) was up 1.15%.
U.S. stocks rallied Monday but were off session highs following
the report that the National Association of Home Builders index
rose to 47.0 from 46.0 the month prior but missed forecasts for a
50.0 reading. Earlier gains were prompted by the relatively
peaceful outcome of the Crimean referendum - even though
preliminary results showed that the region was in favor of
reuniting with Russia. The U.S. and European Union will be imposing
sanctions on Russia following the vote, which they claim was
illegal. Other U.S. economic data were more upbeat - industrial
production for February was up 0.6% - the fastest monthly growth
rate since August; and manufacturing activity in the New York
region also showed some improvement, rising to 5.6 in March from
4.5 in February.
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 higher. SPDR S&P International Technology Sector ETF
(IPK) was up 3.87%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
up 0.88%, and Semiconductor Sector Index Fund (SOXX) was up
In stocks news, Schawk, Inc. (SGK) was up more than 36% and
reached a three-year high after the company and Matthews
International (MATW) said they had signed a definitive agreement
under which MATW will acquire SGK. According to the terms of the
transaction, SGK stockholders will receive $11.80 cash and 0.20582
shares of MATW's common stock for each SGK share held. Based on the
closing price of MATW's stock on March 14, 2014, the transaction
represents an implied price of $20.00 for each SGK share and a
total enterprise value of approximately $577 million. The exchange
is intended to qualify as a tax-free reorganization on the share
portion of the purchase price. The merger is expected to achieve
$35 million - $45 million in annual cost-savings synergies and is
expected to be accretive to adjusted (non-GAAP) earnings per share
in the first full fiscal year following the closing of the
transaction, excluding non-recurring transaction-related expenses
and costs to achieve synergies. MATW shares are up 2.46%.
Winners and Losers
Select Financial Sector SPDRs (XLF) was up 0.96%, and near its
five-year high. Direxion Daily Financial Bull 3X shares (FAS) was
up 2.4%. Its bearish counterpart, FAZ, was down 2.59%.
Among sector news, Bank of America (BAC) was up 1.65% after it
said Monday that it authorizes a regular quarterly cash dividend of
$18.125 per share on the 7.25% Non-Cumulative Perpetual Convertible
Preferred Stock, Series L. The dividend is payable on April 30 to
shareholders of record as of April 1. This is maintained from the
previous dividend paid to shareholders on Jan. 30.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) were both higher, up 0.28% and 0.23% respectively.
In corporate news, Harvest Natural Resources (HNR) was down
6.45% after the petroleum exploration and production company posted
Q4 net loss of $122.7 million, or $3.02 per diluted share, compared
with a net loss of $23.1 million, or $0.59 per diluted share, for
the Q4 2012. It reported an adjusted net loss of $0.36 per share.
The Street expected earnings of $0.10 per share, according to
Crude was down 1.31%; United States Oil Fund (USO) was down
1.32%. Natural gas was up 2.23%; United States Natural Gas Fund
(UNG) was up 2.28%.
Gold was down 0.46% and silver was down 0.46%. Among rare metal
funds, SPDR Gold Trust (GLD) was down 0.59%; iShares Silver Trust
(SLV) was down 0.63%.
Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and
iShares Dow Jones US Healthcare (IYH) were in the green. Biotech
ETF iShares NASDAQ Biotechnology Index (IBB) was up 1.32%.
In corporate news, STAAR Surgical (STAA) was up 14.38% and hit a
new record high after the developer of implantable lenses for the
eye said an FDA panel voted in favor of its Visian Toric
Implantable Lens, which prompted Canaccord Genuity to upgrade its
investment rating on the stock to buy from hold. The company's
Visian Toric Implantable Lens, or TICL, received favorable votes to
three questions presented to the FDA's Ophthalmic Devices Panel of
the Medical Devices Advisory Committee. While making the rating
upgrade, Canaccord Genuity also raised its target price on STAA to
$20 from $14, saying the thumbs up from the panel "could be [a]
start of good things to come."
Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer
Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK)
Among stocks, Kandi Technologies Group (KNDI) was up some 25%
the maker of electrical and all-terrain vehicles as well as
go-karts reported an adjusted Q4 profit that more than tripled on a
92% surge in revenue. It swung to a Q4 net loss of $14.7 million,
compared with a profit of $2.2 million in the same period a year
earlier. Excluding those items, its adjusted net income soared to
$4.6 million from $1.3 million a year earlier. No analyst estimates
were available for comparison via Capital IQ. Revenue jumped 92% to
$50.6 million as EV sales nearly tripled $40.0 million. During the
quarter, the company sold 3,568 units of pure electronic
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