Active broad-market exchange-traded funds in Tuesday's regular
iShares MSCI Emerging Markets Index (
SPDR S&P 500 (
Select Financial Sector SPDRs (
iShares Russell 2000 Index (
PowerShares QQQ Trust, Series 1 (
Broad Market Indicators
Most broad-market exchange-traded funds, including SPY, IWM, and
IVV, have tumbled. Actively traded PowerShares QQQ (
) was down 1.63%.
U.S. stocks reversed and were in negative territory in the
session's half, as weak housing data overshadowed earlier upbeat
news on better-than-expected CPI numbers. The National Association
of Home Builders and Wells Fargo reported that builder confidence
in the market for newly built, single-family homes was at 47, up
slightly from the prior month, but falling short of forecasts. The
New York Fed also had downbeat data, saying that the Empire State
index edged lower in April, to a reading of 1.3 from 5.6 in March,
and missed forecasts of an increase to 8.0. Earlier gains were
spurred by a 0.2% rise in consumer prices over the prior month,
topping forecasts; core CPI, which excludes food and energy costs,
also rose 0.2%.
Power Play: Energy
Energy funds and stocks were outperforming most of the broader
market. Dow Jones U.S. Energy Fund (IYE) was up 0.23% and Energy
Select Sector SPDR (XLE) was up 0.31%.
Among stocks, FX Energy (FXEN) surged more than 18% after the
company reported favorable gas results from its Tuchola-4K well in
Poland. The company said the 4K well reached its primary objective,
the lower Zechstein Ca1 formation at 2,740 meters, approximately 60
meters high to last year's Tuchola-3K well. The well has been cored
and drilled to 2,810 meters, with strong gas shows observed
throughout, FX Energy said, including components up to C2 ethane
and C3 propane with good porosity.
Winners and Losers
Select Financial Sector SPDRs (
) was down 0.33%. Direxion Daily Financial Bull 3X shares (FAS) was
down 1.01%. Its bearish counterpart, FAZ, was up 1.01%.
Among financial stocks, Westamerica Bancorporation (WABC) was
down 1.2% after the parent company of Westamerica Bank reported Q1
EPS in line with analysts' expectations. Westamerica reported Q1
diluted EPS of $0.58 on net income of $15.3 million, compared to
$0.64 and $17.3 million in the year-ago period. The Capital IQ
consensus was for EPS of $0.58.
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 in the red. SPDR S&P International Technology Sector
ETF (IPK) was down 0.78%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were lower as well.
In corporate news, China Information Technology (CNIT) was up
more than 15% after the company reported that for the second half,
revenue declined 31.6% to $38.9 million, while the company had an
adjusted loss of $5.9 million, or $0.21 per share, narrowing from a
loss of $13.5 million, or $0.21 a share a year earlier. For FY13,
CNIT reported a revenue decrease of 11.9% to $76.1 million compared
to FY12. An adjusted net loss of $11.2 million for FY13 resulted in
adjusted fully diluted net loss per share of $0.41 per share. FY13
cash flow from operations decreased 22.8% to a cash outflow of
$11.4 million. CNIT projects FY14 to produce total revenue of $100
- $120 million and adjusted net income in the range of $6 - $8
million, excluding certain items. Looking into 2015 and 2016 CNIT
expects to achieve 50% adjusted net income growth.
Crude was down 0.37%; United States Oil Fund (USO) was up 0.11%.
Natural gas was up 0.20% while United States Natural Gas Fund (UNG)
was up 0.16%.
Gold was up 0.57% while silver was up 0.20%. Among rare metal
funds, SPDR Gold Trust (GLD) was down 1.83% and iShares Silver
Trust (SLV) was down 2.19%.
Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer
Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK)
Among stocks, Safeway (SWY) was down 10% after it said late
Monday that it finalized the spinoff of its remaining stake in
Blackhawk Networks Holdings (HAWK, HAWKB). SWY completed the
distribution to its stockholders of 37,838,709 shares of Class B
common stock of Blackhawk Networks Holdings, which represented a
stake of about 72.2% in the business. SWY no longer owns any of
Blackhawk's Class B common stock following this distribution.
Health Care SPDR (XLV) and iShares Dow Jones US Healthcare (IYH)
edged higher, while Vanguard Health Care ETF (VHT) were lower.
Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was down
In corporate news, Mylan (MYL) was down more than 2% after the
company said Tuesday that it and its partner Famy Care Ltd. have
signed a settlement and license agreement with Warner Chilcott
Company, LLC over their generic contraceptive pill. The accord
settles the parties' litigation in connection with MYL's filing of
an Abbreviated New Drug Application (ANDA) with the U.S. Food and
Drug Administration (FDA) for Norethindrone and Ethinyl Estradiol
Chewable Tablets 0.8 mg/0.025 mg and Ferrous Fumarate Chewable
Tablets, a generic version of Generess Fe Tablets, which are
indicated for the prevention of pregnancy. Separately, MYL said it
has launched Eszopiclone Tablets 1 mg, 2 mg and 3 mg, the generic
version of Sunovion Pharmaceuticals Inc.'s Lunesta. MYL received
final approval from the FDA for its ANDA for this product, which is
indicated for the treatment of insomnia.
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