Active broad market exchange-traded funds at mid-day
SPDR S&P 500 (
Select Sector SPDR Fund Financial (
iPath S&P 500 VIX Short Term Futures (
iShares MSCI Emerging Index Fund (
Power Shares QQQ Trust, Series 1 (
Broad Market Indicators
Broad market exchange-traded funds, including SPY, IWM, IVV and
others are mixed. Actively traded PowerShares QQQ (
) is up 0.31%.
U.S. stocks were mixed at mid-day, with the S&P 500 and
Nasdaq slightly firmer and the Dow Jones just in the red. Investors
were digesting a slew of economic data with an unexpected
contraction in the MNI Chicago Report's business barometer
offsetting positive news on consumer confidence and housing prices.
The barometer fell to 49 in April, the lowest since September 2009,
from 52.4 last month. Confidence among U.S. consumers climbed more
than forecast in April according the Conference Board, while The
S&P/Case-Schiller index of property showed residential
real-estate prices increased in February by the most since May
2006. Disappointing results from Pfizer (PFE) also weighed on the
Winners and Losers
were among the best performers with the Russia Capped Index (ERUS)
up 1.57% and the iShares MSCI South Korea Index Fund (EWY) gaining
1.4%. The iShares FTSE EPRA/NAREIT Europe Index Fund up 1.37%.
Select Financial Sector SPDRs (
) was slightly higher, up 0.11%. Direxion Daily Financial Bull 3X
shares (FAS) was up 0.69%. Its bearish counterpart, FAZ, was down
Among financial stocks, UBS (UBS) reported its Q1 adjusted
profit was CHF 1.4 billion, with diluted earnings of diluted
earnings CHF 0.26 per share. Adjusted revenues were up CHF 1.4
billion to CHF 8.0 billion, a 21% increase. Its shares are up 6%
and hit a new year high of $18.00.
Power Play - Funds with exposure to UBS include MSCI Switzerland
Index Fund (EWL) and MSCI Europe Financials Sector Index Fund
Tech ETFs Technology Select Sector SPDR ETF (XLK), iShares Dow
Jones US Technology ETF (IYW) and iShares S&P North American
Technology ETF (IGM) were firmer, while iShares S&P North
American Technology-Software Index (IGV) slipped into the red.
Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) are showing modest
SPDR S&P International Technology Sector ETF (IPK) was up
In sector news, Nuance (NUAN) was down 18% after it reported Q2
revs of $484 mln, below the analyst consensus of $516 mln on
Capital IQ. EPS was was $0.34, vs. expectations of $0.40 per share.
The company said the results were driven by a combination of
execution issues and external factors. Nuance also said it intends
to buy back up to $500 million of its shares.
Industrial ETFs Vanguard Industrials (VIS) was flat, iShares
Trust Dow Jones U.S. Industrial Sector Index Fund (IYJ) was
slightly firmer, and Select Sector SPDR-Industrial (XLI) is
Among stocks, U.S. Steel (X) was down 1.5%, off earlier lows,
after it posted a Q1 net loss of $73 million, or $0.51 per diluted
share, substantially narrowing the loss of $219 million for the
same period last year or a negative $1.52. Adjusted loss was $0.35,
bigger than consensus. That was on Q1 net sales of $4.6 billion,
down from $5.2 billion last year. Consensus was for a negative EPS
of $0.19 according to Zacks Investment Research. The group said it
had a strong liquidity position with $733 million of cash and $2.5
billion of total liquidity.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) were both leaning higher.
In sector news, Crimson Exploration (CXPO) was up 5%, off
earlier highs, after it and Contango Oil & Gas Company (MCF)
announced they had agreed to merge in an all-stock transaction.
After the deal Crimson will be a wholly owned subsidiary of
June crude was down 0.96%; June natural gas was down 0.5%.
United States Oil Fund (USO) was down 0.8%. United States Natural
Gas Fund (UNG) was down 0.46%.
June gold was up 0.02% and silver for July delivery was up
0.04%. Among rare metal funds, SPDR Gold Trust (GLD) was down
0.12%; iShares Silver Trust (SLV) was down 0.59%.
Consumer ETFs Consumer Staples Select Sector SPDR (XLP) was down
0.34%, iShares Dow Jones US Consumer Goods (IYK) was off 0.1% and
Vanguard Consumer Staples ETF (VDC) slipped 0.34%.
In sector news, Office Depot (ODP) was up 2.3% after it reported
breakeven earnings for Q1, ex one-time items, versus the Capital IQ
consensus of $0.05. Revenues were $2.72 billion, versus the analyst
estimate of $2.75 billion. Comparable store sales decreased 5% for
Healthcare ETFs Health Care SPDR (XLV), Vanguard Health Care ETF
(VHT), and iShares Dow Jones US Healthcare (IYH) were all modestly
lower. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down
In corporate news, Transition Therapeutics (TTHI) was up 42% and
hit a 52-week high of $3.84 after it announced the results of a
five-week proof of concept clinical study of TT-401 in type 2
diabetic and obese non-diabetic subjects. In the study, TT-401 a
once-weekly administered peptide, demonstrated significant
improvements in glycemic control and reductions in body weight.
The study enrolled diabetic patients at five dosing levels and
non-diabetic obese patients at one dose level. All dosing cohorts
received five doses over a five week period. Diabetic patients were
on stable doses of metformin. At the end of the treatment period,
TT-401-treated patients in the three highest dose groups
experienced statistically significant reductions in mean fasting
plasma glucose relative to placebo. Statistically significant mean
body weight reduction relative to baseline occurred in the three
highest dose groups. A similar reduction in body weight was also
observed in the obese non-diabetic cohort.
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