Active broad-market exchange-traded funds in Friday's regular
SPDR S&P 500 (
PowerShares QQQ Trust, Series 1 (
iShares MSCI Emerging Markets Index (
Select Financial Sector SPDRs (
iShares Russell 2000 Index (
Broad Market Indicators
Most broad-market exchange-traded funds, including SPY, IWM, and
IVV, continued to trade lower, but pared earlier losses. Actively
traded PowerShares QQQ (
) was down 0.33%.
U.S. stocks also trimmed their losses following the release of
the University of Michigan/Thomson Reuters consumer sentiment index
that reached 82.6 in its preliminary reading for April, up from
80.0 in March - the highest level since July 2013. Earlier weakness
stemmed from J.P. Morgan Chase's (JPM) disappointing Q1 earnings
report, which weighed on market sentiment and overshadowed upbeat
producer prices data. The Labor Department had reported a 0.5%
seasonally adjusted increase in PPI prices in March - greater than
expected. Core PPI prices rose 0.6%, also above forecasts.
Power Play: Financial
Select Financial Sector SPDRs (
) was down 0.51%. Direxion Daily Financial Bull 3X shares (FAS) was
down 1.69%. Its bearish counterpart, FAZ, was up 1.54%.
Among financial stocks, Wells Fargo (WFC) was up 1.51% after the
bank holding company reported Q1 EPS of $1.05 on revenues of $20.6
billion. The Thomson Reuters mean was for $0.97 per share on sales
of $20.59548 billion.
Winners and Losers
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 flat.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were weaker as well.
In corporate news, NQ Mobile Inc. (NQ) was down more than 13%
after it reported Q4 net revenue of $67.9 million, an increase of
126% form the same period the previous year. During the quarter,
the company also reported a loss from operations of $4.7 million,
while non-GAAP income from operations increased 61% to $12.6
million. Net loss attributable to NQ Mobile was $5.2 million
resulting in a GAAP fully diluted loss per ADR of $0.09. Non-GAAP
net income attributable to NQ Mobile rose 21% to $14.9 million.
This resulted in non-GAAP fully diluted earnings per ADR of $0.22
for Q4 of 2013. NQ also identified an accounting overstatement
relating to share-based compensation expenses in the unaudited
financial results for Q3 or 2013.
Dow Jones U.S. Energy Fund (IYE) was up 0.06% and Energy Select
Sector SPDR (XLE) was up 0.09%.
Among stocks, Ceres (CERE) was down 6.29% after the agricultural
biotechnology and seed company reported late Thursday a Q2 net loss
of $7.2 million, or $0.29 per share, compared with the prior-year
period's net loss of $9 million or $0.36 per share. Analysts polled
by Capital IQ were expecting a loss of $0.29 per share. Revenue was
$0.5 million, down from $1 million in the same period last year.
The Street view is for $0.6 million.
Crude was up 0.86%; United States Oil Fund (USO) was up 0.65%.
Natural gas was down 0.32% while United States Natural Gas Fund
(UNG) was up 0.39%.
Gold was up 0.11% while silver was down 0.45%. Among rare metal
funds, SPDR Gold Trust (GLD) was up 0.1% and iShares Silver Trust
(SLV) was down 0.21%.
Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer
Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK)
Among stocks, Anheuser-Busch InBev (BUD) edged higher, up 0.18%
after it said it has completed is acquisition of Siping Ginsber
Draft Beer Co. following approval from Chinese regulators. Although
terms of the deal were not announced, the price tag may have been
about $630 million, according to media reports. Ginsber is the
largest draft-making operation in China while BUD is China's
Health Care SPDR (XLV) and iShares Dow Jones US Healthcare (IYH)
edged higher, while Vanguard Health Care ETF (VHT) slipped lower.
Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was up
In corporate news, WellCare Health Plans' (WCG) shares were down
5% after financial blog betaville123 said the provider of
managed-care services is being eyed as a takeover target by U.S.
health insurance companies. Betaville123 cited unnamed people with
knowledge of the matter as saying that Wellpoint Inc (WLP) has been
working with bankers to study an acquisition of WCG. It said
WellCare could be sold for as much as $4 billion.
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