Mid-Day ETF Update: Broad Market Funds Flat; Utilities Funds Gain, While Emerging Markets Dip on Growth Concerns


Active broad-market exchange-traded funds in Friday's regular session:

SPDR S&P 500 ( SPY ): -0.2%, has turned negative, but at end of year range

iShares MSCI Emerging Markets Index ( EEM ): -1.3%

iShares MSCI Japan Index Fund ( EWJ ) -1.9%

Select Financial Sector SPDR ( XLF ): -0.3% from near year highs

Select Sector SPDR Fund Utilities ( XLU ) +0.6%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are mixed to lower. Utilities funds, such as Vanguard Utilities ETF (VPU) are among the best performers, while emerging markets funds are mostly lower on concern over global growth. Funds shorting emerging markets are higher, with ProShares Ultrashort MSCI Brazil (BZQ) up more than 4%. Actively traded PowerShares QQQ (QQQ) has now turned slightly positive and edging towards year highs.

U.S. stocks are fluctuating, but have recovered from an early dip after the Commerce Department reported that April consumer spending in the U.S. slipped 0.2% on a seasonally adjusted basis - the sharpest decline in nearly a year and more than the expected 0.1% decline, according to analysts polled by MarketWatch. Personal income also dipped less than 0.1% in April, missing the forecast of a 0.2% gain.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) is down 0.25%, but remains near its year high. Direxion Daily Financial Bull 3X shares (FAS) is down 0.4%. Its bearish counterpart, FAZ, is up 0.5% at near $31.80, but still close to its year low of $30.25.

Among financial stocks, American Realty Capital Properties Inc. (ARCP) is down 3.7% after it said it entered into an agreement to purchase from GE Capital a $807 million portfolio of 471 net lease properties comprised primarily of nationally recognized restaurants. The 471 property portfolio includes assets net leased to tenants who operate restaurants including: IHOP, Jack in the Box, Golden Corral, Burger King, Arby's, Taco Bell, Applebee's, Wendy's, Logan's Roadhouse, and Denny's. These 10 national brands constitute approximately 64% of the net operating income of the portfolio to be acquired.

Technology -

Tech ETFs Technology Select Sector SPDR ETF (XLK) is up 0.2% and came close to a year high; iShares Dow Jones US Technology ETF (IYW) is up 0.35% and ditto; iShares S&P North American Technology ETF (IGM) has turned slightly lower now, down from near year highs; and iShares S&P North American Technology-Software Index (IGV) is flat.

Semiconductor ETFs, SPDR S&P Semiconductor (XSD) is up 0.33% and hit fresh year highs and Semiconductor Sector Index Fund (SOXX) is down the same percentage, but close to its 52-week highs.

SPDR S&P International Technology Sector ETF (IPK) is now flat, having been down 1.39%.

Uni-Pixel (UNXL) shares are now down more than 20% after a Seeking Alpha contributor questioned the quality of the company's UniBoss touch-screen product. The contributor said the product doesn't work as it should. "In addition to testing UniBoss ourselves, we have spoken with engineers at touch screen companies who have tested UniBoss. They cite fundamental problems related to its electrical properties and optical quality," the report said.

Energy -

Dow Jones U.S. Energy Fund (IYE) is 0.3% lower and Energy Select Sector SPDR (XLE) is down 0.4%, but both remain at the high end of their respective year ranges.

In sector news, MagneGas (MNGA) shares have crashed more than 20% after the company priced its underwritten public offering of 2.4 million shares of its common stock and warrants to purchase 593,074 shares of its common stock. Each share of common stock and related warrant will be sold at a combined price to the public of $0.90, for gross proceeds of $2.1 million.

Commodities -

July crude is down 1%; July natural gas is up 0.62%. United States Oil Fund (USO) is down 0.5%. United States Natural Gas Fund (UNG) is flat.

August gold is down 1.36% and silver for July delivery is down 2.16%. Among rare metal funds, SPDR Gold Trust (GLD) is down 1.25% and remains towards the bottom of its 52-week range; Market Vectors Gold Miners ETF (GDX) is down 2.3%; and iShares Silver Trust (SLV) is down 1.7%.

Healthcare -

Healthcare ETFs Health Care SPDR (XLV) is off 0.69%, Vanguard Health Care ETF (VHT) has fallen 0.55%, and iShares Dow Jones US Healthcare (IYH) is down 0.4%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 0.69%.

Alliance Healthcare Services (AIQ) is up more than 8% and earlier hit a year high of $16.95 after the provider of patient diagnostic imaging and radiation therapy services said it had secured an agreement with creditors for new financing that will save the company $12 million in interest annually.

The new term loan, which will save the company $7 million this year, carries a rate of 3.25% over Libor, compared with 5.25% on its prior facility.

Consumer -

Consumer ETFs Consumer Staples Select Sector SPDR (XLP) is down 0.8%, iShares Dow Jones US Consumer Goods (IYK) is off 0.5%, and Vanguard Consumer Staples ETF (VDC) is 0.75% lower.

In sector news, Krispy Kreme Doughnuts Inc. (KKD) is up 16% and earlier hit a year high of $16.92 after the company reported Q1 earnings of $0.20 per share, better than analyst estimates of $0.11 per share, and higher than Q1 2012 earnings of $0.14 per share. Revenues of $120.6 million were better than analyst estimates of $116.4 million and higher than revenues of $108.5 million reported in the prior year period. KKD raised its fiscal 2014 outlook for adjusted earnings per share for fiscal 2014 to between $0.59 and $0.63 compared to the previous range of $0.53 to $0.57. Analysts are expected earnings per share of $0.38.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: EEM , EWJ , SPY , XLF , XLU

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