Active broad-market exchange-traded funds in Wednesday's regular
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
iShares MSCI Japan (
iPath S&P 500 VIX ST Futures ETN (
PowerShares QQQ Trust, Series 1 (
Select Sector SPDR Fund - Financial (XLF): +0.68%
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV
turned positive at the session's half. Actively traded PowerShares
) was up 0.42%.
U.S. stocks were also climbing higher as investors took a break
from worrying over global geopolitical issues to focus on some
bright spots in economic data releases and earnings news.
Earlier, the Commerce Department reported that the U.S. trade
deficit fell 7% to $41.5 billion in June - a narrower-than-expected
decline as imports of petroleum fell to the lowest level since late
2010. U.S. exports edged up 0.1% to $195.9 billion, while imports
fell 1.2% to $237.4 billion.
Molson Coors Brewing (TAP) was S&P 500's top gainer
following the company's better-than-expected financial results; on
the other hand, Groupon (WAG) is among major losers after it issued
mixed guidance for Q3.
Power Play: Technology
Technology Select Sector SPDR ETF (XLK) was down 0.10% while
other tech funds 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 edging higher.
SPDR S&P International Technology Sector ETF (IPK) was
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
up 0.95% and Semiconductor Sector Index Fund (SOXX) was up
Sprint (S) tumbled nearly 20% following reports from The New
York Times, The Wall Street Journal and Bloomberg, among others,
which said Sprint and Softbank decided to drop their pursuit of
T-Mobile US (TMUS) after conceding that antitrust regulators would
block a deal. Those reports cited unnamed sources, and Sprint
didn't specifically confirm them.
Sprint announced earlier that it has appointed Marcelo Claure as
its next president and chief executive, effective Aug. 11,
confirming earlier market chatter that it was about to name a new
CEO. Claure, 43, joined the Sprint board in January and is the
founder and CEO of Brightstar Corp., a subsidiary of SoftBank
Corp., the Japanese telecommunications giant that is also Sprint's
parent. Claure will resign his position at Brightstar effective
Aug. 11 and SoftBank said it would acquire Claure's remaining
interest in the company.
Claure succeeds Dan Hesse, who had been Sprint's president and
CEO since December 2007 and led the company through a series of
acquisitions, including its merger with SoftBank, and a multi-year
overhaul of its nationwide network, including the shutdown of the
In its release on Claure's appointment, Sprint quoted Claure as
saying "while consolidating makes sense in the long term, for now,
we will focus on growing and repositioning Sprint."
Winners and Losers
Select Financial Sector SPDRs (XLF) was up 0.68%. Direxion Daily
Financial Bull 3X shares (FAS) was up 1.63% while its bearish
counterpart, FAZ, was down 1.54%.
Voya Financial (VOYA) wa down 2.42% after it reported Q2
operating earnings of $213 million, or $0.83 per diluted share
beating analysts' consensus estimates of $0.71 per share. In Q2
2013, the company reported earnings of $177 million or $0.71 per
Dow Jones U.S. Energy Fund (IYE) was up 0.72%; Energy Select
Sector SPDR (XLE) was up 0.67%.
Parker Drilling Company (PKD) was up nearly 10% after it
reported Q2 earnings and sales that slightly exceeded analysts'
estimates. The provider of contract drilling and drilling-related
services and rental tools to the energy industry said earnings
excluding items was $0.12 per share compared to the $0.10 average
estimate from analysts polled by Capital IQ. The company didn't
provide a year earlier adjusted EPS figure. Revenue rose to $254.23
million from $225.95 million, coming in ahead of the $245.14
million consensus estimate. Reported net income nearly doubled to
$15.7 million or $0.13 per diluted share from $8.3 million or $0.07
a year ago.
Crude was down 0.05%; United States Oil Fund (USO) was down
0.36%. Natural gas was up 0.95% and United States Natural Gas Fund
(UNG) was up 1.03%.
Gold was up 1.76%, and silver was up 0.94%. Among rare metal
funds, SPDR Gold Trust (GLD) was up 1.45% and iShares Silver Trust
(SLV) was up 0.89%.
Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US
Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were
Molson Coors Brewing Co. (TAP) was up 6.25% after it reported Q2
results on Wednesday that beat analysts' consensus estimates on
both earnings and revenue. The company posted underlying after-tax
income of $292.7 million, or $1.57 per diluted share, compared to
$271.3 million, or $1.47 per diluted share in Q2 2013. Analysts'
were expecting EPS of $1.47 per share. On a GAAP-basis, TAP posted
net income attributable to the company of $290.7 million, or $1.56
a share, up from $267.3 million, or $1.44 a share in the
year-earlier period. Sales rose to $1.19 billion from $1.18
billion, topping the consensus of $1.18 billion. TAP also said
worldwide beer volume fell 0.9% to 16.6 million hectoliters in Q2
Health Care SPDR (XLV), iShares Dow Jones US Healthcare (IYH)
and Vanguard Health Care ETF (VHT) were in the green. Biotech ETF
iShares NASDAQ Biotechnology Index (IBB) was up 0.48%.
Globus Medical (GMED) was down 17% after the company reported
late Tuesday thatQ2 earnings were in line with analysts'
expectations, while revenue fell short; it also provided guidance
for fiscal 2014 below Street estimates. The medical device company
reported Q2 earnings of $0.22 per share, compared with $0.08 per
share in the prior-year period. Non-GAAP EPS was $0.23, up from
$0.21 EPS in the comparable quarter a year ago. The Capital IQ
analyst estimate is for $0.23 EPS. Revenue was $113.6 million, up
6.1% from $107 million in the same quarter last year. Analysts were
expecting revenue of $119.83 million.
The company now expects fiscal 2014 revenue of $460 million -
$465 million, versus the Street view of $482.87 million. It
maintained its EPS guidance of $0.90 - $0.92, below the consensus
of $0.94 EPS.