Active broad market exchange-traded funds in Thursday's regular
SPDR S&P 500 (
iShares S&P 500 VIX Short Term Futures (
iShares MSCI Japan Index Fund (
iShares Russell 2000 (
iShares MSCI Emerging Markets Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, were flat to slightly higher at mid-day trade. Actively
traded PowerShares QQQ (QQQ) was up 0.45%.
U.S. stocks were flat to slightly firmer at the midsession as
weaker-than-expected economic data curbed investor enthusiasm that
took the S&P 500 to another record on Wednesday. Weekly jobless
claims unexpectedly rose to a seasonally adjusted 360,000 - it's
highest level in six weeks. Economists had expected claims to rise
to 330,000 from a revised 328,000 in the prior week, according to a
poll by MarketWatch. Meanwhile, in housing data, housing starts
declined 16.5% in April to 853,000, versus the expectations of
housing starts to fall 970,000. Home under construction grew by
1.9% to 605,000 in April.
Winners and Losers
Select Financial Sector SPDRs (XLF) was flat. Direxion Daily
Financial Bull 3X shares (FAS) was up 0.13%. Its bearish
counterpart, FAZ, was down 0.12%.
Among financial stocks, Atlantic Coast Financial Corporation
(ACFC), the holding company for Atlantic Coast Bank, announced in a
letter to stockholders that stockholder approval of the proposed
merger of Atlantic Coast Financial with Bond Street Holdings was
critical to assuring attractive value for a stockholder's
investment in the company. Under the proposed merger, Atlantic
Coast Financial stockholders will receive $5.00 per share in cash
for each common share owned.
In the letter, Atlantic Coast Financial warned stockholders that
if the proposed merger agreement was not approved, the entire value
of a stockholder's investment in Atlantic Coast Financial could be
placed at high risk. That was because a viable future for Atlantic
Coast Financial was uncertain absent the completion of the proposed
merger as indicated by the "going concern" disclosures issued with
the Company's financial statements for the year ended December 31,
2012. The shares were up 0.9%.
Technology Select Sector SPDR ETF (XLK) was up 1%, iShares Dow
Jones US Technology ETF (IYW) is gaining 1.47%, iShares, S&P
North American Technology ETF (IGM) is up 1% and iShares S&P
North American Technology-Software Index (IGV) has risen 0.99%.
Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were showing modest
SPDR S&P International Technology Sector ETF (IPK) was down
In sector news, Google (GOOG) was down 0.9% at $907.59 after
hitting a new 52-week high of $919.98 earlier today. The stock
pierced $900 per share yesterday. Google's annual I/O conference
was held yesterday in San Francisco.
Cisco Systems (CSCO) was up 12% hitting a 52-week high of $24.24
after reporting Q1 earnings that topped expectations.
Power Play - S&P North American Technology-Multimedia
Networking Index Fund (IGN) and NASDAQ Technology Dividend Index
Fund (TDIV) have among the biggest weighting of Cisco stock. They
were up 2.8% and 1.5% respectively.
Dow Jones U.S. Energy Fund (IYE) is down 0.11% and Energy Select
Sector SPDR (XLE) have slipped 0.16%.
In sector news, Diamondback Energy (FANG) was up 3.4%, pushing
past its 52-week high, after it reports the pricing of an
underwritten public offering of 4.5 million shares of its common
stock at a price of $29.25 per share. The 4.5 million share
offering represents a 500,000 share upsize to the originally
proposed 4 million share offering.
June crude was up 0.9%; July natural gas was down 3%. United
States Oil Fund (USO) was up 0.89%, United States Natural Gas Fund
(UNG) was down 2.44%.
June gold was down 0.57% and silver for July delivery was flat.
Among rare metal funds, SPDR Gold Trust (GLD) was down 0.44%;
iShares Silver Trust (SLV) was up 0.45%.
Among stocks, Seabridge Gold, Inc. (SA) was up 0.3% after it
reported that the first round of metallurgical tests on material
from the new Walsh Lake deposit at its 100%-owned Courageous Lake
project confirm high gold recoveries from conventional, direct ore
cyanidation. Seabridge Chairman and CEO Rudi Fronk said the results
of the metallurgical tests were "highly favorable" for potential
exploitation of the Walsh Lake deposit.
Consumer ETFs Consumer Staples Select Sector SPDR (XLP) was
lower, iShares Dow Jones US Consumer Goods (IYK) was modestly
higher, and Vanguard Consumer Staples ETF (VDC) was also trading
In sector news, Prestige Brands Holdings, Inc. (PBH) was down
6%, coming off a 52-week high of $35.21 set earlier, after it
reported fourth quarter non-GAAP earnings per share of $0.36,
compared to consensus estimate of $0.35. Revenues for the quarter
came in at $154.5 million, an increase of $20.5 million, or 15.3%,
above the prior year comparable quarter's revenues of $134 million.
Analysts expected revenues of $157.8 million
Healthcare ETFs Health Care SPDR (XLV) was down 0.87%, Vanguard
Health Care ETF (VHT) was off 0.83%, and iShares Dow Jones US
Healthcare (IYH) was down 0.96%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) has lost 2%.
In corporate news, Response Genetics (RGDX) was surging 11%
after it announced it has entered into an agreement with health
insurer Blue Shield of California to join all of Blue Shield of
California's provider networks. It said the agreement marked
Response Genetics' first Blue Cross Blue Shield-affiliated contract
and would offer Blue Shield of California's membership access to
Response Genetics' portfolio of predictive genetic testing.
Response Genetics' specialization focuses on the linkage between
the genetic profile of an individual cancer patient's tumor and
various drugs that may be used to fight that cancer. This
partnership between Blue Shield of California and Response Genetics
will enhance Blue Shield of California members' access to
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