Mid-day ETF Update: Broad Market Funds Mostly Lower, Gold and Silver Funds Decline


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

SPDR Trust Series I ( SPY ) -0.36%

iShares MSCI Emerging Index Fund ( EEM ) -1.04%

iPath S&P 500 VIX Short Term Futures ( VXX ) +2%

iShares MSCI Japan Fund ( EWJ ) 0.3%

iShares Russell 2000 Index Fund ( IWM ) -0.73%

Broad Market Indicators

Broad market exchange-traded funds, including SPY, IWM, IVV and others, were mostly weaker at mid-day. Actively traded PowerShares QQQ (QQQ) is down 0.54%.

The main U.S. market indices were mixed following a report that U.S. gross domestic product increased at a 2.5% pace in Q1, up from 0.4% in Q4 but missing the forecast of 3.2% growth, according to economists polled by MarketWatch. The Nasdaq and S&P 500 are in the red, while the Dow Jones is clawing back into the green. A separate report showing U.S. consumer confidence fell less-than-expected failed to rally stocks. The Thomson Reuters/University of Michigan index slid to 76.4 from 78.6 a month earlier, compared with forecasts for a reading of 73.5. Earnings continue to be in the spotlight, with Amazon (AMZN) and Starbucks (SBUX) among both declining following their earnings reports.

Winners and Losers

Financial -

Select Financial Sector SPDRs (XLF) was down 0.74%. Direxion Daily Financial Bull 3X shares (FAS) is down 1.47%. Its bearish counterpart, FAZ, is up 1.57%.

Among financial stocks, WisdomTree Investments (WETF) was up 2.85% and hit a 52-week high of $11.72 after it reported Q1 earnings of $0.06 per share, matching the Capital IQ consensus estimate. Revenues were $29.34 million, versus the analyst estimate of $29.63 million. In the same period last year, the company reported EPS of $0.01 on revenues of $19.17 million.

Energy -

Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were lower, both down 0.75%

In sector news, National-Oilwell Varco (NOV) was down 2.7%, off earlier lows after it reported Q1 earnings of $1.29 per share, ex one-time items, versus the Capital IQ consensus of $1.37. Revenues were $5.31 billion, versus the analyst estimate of $5.37 billion. In the same period last year, the company reported EPS of $1.56 on revenues of $4.3 billion.

Commodities -

June crude is down 1.55%; June natural gas was down 1.43%. United States Oil Fund (USO) is down 0.87%. United States Natural Gas Fund (UNG) is off 1.55 %.

June gold is down 0.42% and silver for July delivery was down 1.75%. Among rare metal funds, SPDR Gold Trust (GLD) was down 0.6%, while the Direxion Daily Gold Miners Bull 3X (NUGT) shares was the worst performer of the session, down 10%; iShares Silver Trust (SLV) is down 2.43% and ProShares Ultra Silver (AGQ) is down 4.19%

Healthcare -

Healthcare ETFs Health Care SPDR (XLV), Vanguard Health Care ETF (VHT), and iShares Dow Jones US Healthcare (IYH) were all modestly lower at the mid session. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) has dipped 0.3%.

In corporate news, ImmunoGen (IMGN) was up 6.2% after reporting a Q3 GAAP loss of $0.02 per share, versus the Capital IQ GAAP consensus of $0.16 loss per share. Revenues were $25 million, versus the analyst estimate of $13.36 million. The company expects net loss for its FY13 to be between $76 million - $80 million, worse than its prior projected net loss between $70 million - $74 million.

Consumer -

Consumer ETFs Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were flat to slightly weaker, with IYK off 0.3%.

In sector news, Starbucks (SBUX) was down 1.4% after it reported late Thursday Q2 revenues of $3.6 billion, vs. the analyst consensus of $3.58 billion on Cap IQ. EPS was $0.51, including a $0.03 per share gain. The Street view was $0.48 per share. The company has raised its full-year earnings per share target range to $2.12 to $2.18 from the previous target range of $2.06 to $2.15. The Street is at $2.16 per share.

Amazon (AMZN) was off 7% after the company predicted lower-than-expected revenue for the second quarter.

Technology -

Tech ETFs Technology Select Sector SPDR ETF (XLK), iShares Dow Jones US Technology ETF (IYW), iShares S&P North American Technology ETF (IGM) were all lower with IGM down 0.78%. iShares S&P North American Technology-Software Index (IGV) was bucking the trend up 0.11%.

Semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) have both declined 1.3%. SPDR S&P International Technology Sector ETF (IPK) was slightly firmer.

In sector news, Baidu (BIDU) was down 7.6% after reporting Q1 total revenues were $961.0 million, a 40% increase from the corresponding period in 2012. That's short of the $967.00 million the Street expected. Diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for Q1 2013 were $1.00, short of the $1.03 EPS the Street expected. Baidu currently expects to generate total revenues in an amount ranging from $1.187 billion to $1.216 billion for Q2 2013, representing a 35.1% to 38.4% year-over-year increase. The Street expects $1.20 billion.

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 , IWM , SPY , VXX

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