Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
iShares MSCI Japan Index (
PowerShares QQQ Trust, Series 1 (
Financial Select Sector SPDR (
): -0.5%, but near year highs.
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are extending weakness into the session's second half.
Actively traded PowerShares QQQ (
) is down nearly 1%.
U.S. stocks are lower as focus once again veered towards the
threat of a so-called 'fiscal cliff'. House Speaker John Boehner,
speaking in a news conferee, cited spending as the issue that is
preventing the fiscal talks from reaching a resolution. Earlier,
stocks investors sifted through mixed economic data: jobless claims
declined to 343,000; November U.S. retail sales rose 0.3%; overall
producer prices declined 0.8% in November, while PPI, ex food and
energy, rose 0.1%.
Winners and Losers
Select Financial Sector SPDRs (
) is down 0.5%, but still near 52-week highs. Direxion Daily
Financial Bull 3X shares (FAS) is down 1.4%. Its bearish
counterpart, FAZ, is up 1.5%.
Among financial actives, MBIA Inc. (MBI) is up nearly 7%
following reports the mortgage insurance company and Bank of
America (BAC) are close to a deal settling their long-running legal
feud. Analysts at CreditSights, an industry research firm, this
week published a report noting MBI recently received bondholder
approval to revise the terms of some of its debt while the bank
last week said it is going ahead with an existing offer to buy MBI
bonds - a move, according to CreditSights, likely signaling a deal
is in the works. BAC shares are down 0.6%.
are weaker in mid-day action: Technology Select Sector SPDR ETF
(XLK), down 0.7%; iShares Dow Jones US Technology ETF (IYW), also
down 0.7%; iShares S&P North American Technology ETF (IGM),
down 0.1%; and iShares S&P North American Technology-Software
Index (IGV), down 0.8%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is up
0.11% while Semiconductor Sector Index Fund (SOXX) is down 1%. SPDR
S&P International Technology Sector ETF (IPK) is down 1%.
In sector news, Clearwire (CLWR) is up 14% and has hit 52 week
highs following reports that Sprint Nextel's (S) board authorized
its management to proceed with talks to acquire the 49% of
Clearwire shares it doesn't already own, according to Dow Jones
Newswires. The proposed purchase price is $2.90 per share,
according to reports, valuing the company at about $2 billion.
Sprint shares are up 0.6% and nearer to 52 week highs.
Dow Jones U.S. Energy Fund (IYE) is down 1%; Energy Select
Sector SPDR (XLE) is down 0.9%.
In sector news, Cobalt International Energy, Inc. (CIE) is down
1.5% after it said late Wednesday that in connection with its
previously announced registered underwritten public offering of
$1.2 bln aggregate principal amount of 2.625% convertible senior
notes due 2019, announced that the underwriters of the offering
have exercised in full their over-allotment option to purchase an
additional $180 mln aggregate principal amount of Notes, bringing
total gross proceeds from this offering of Notes to $1.38 bln.
Cobalt expects to close the offering of the Notes (including the
additional Notes) on December 17, 2012, subject to satisfaction of
customary closing conditions.
Crude was down 0.05%; likewise, natural gas was down 1.24%.
United States Oil Fund (USO) is down 0.35%. United States Natural
Gas Fund (UNG) is down 2.7%.
Gold was down 1%; silver was down 3.57%. Among rare metal funds,
SPDR Gold Trust (GLD) is down 1%; iShares Silver Trust (SLV) is
Healthcare ETFs are lower: Health Care SPDR (XLV), down 0.8% but
near year highs; Vanguard Health Care ETF (VHT), down 0.75%; and
iShares Dow Jones US Healthcare (IYH), down 0.7%. Biotech ETF
iShares NASDAQ Biotechnology Index (IBB) is down 1.3%.
In corporate news, Infinity Pharmaceuticals Inc. (INFI) is up
7.6%, having earlier posted a new 52-week high after the company
announced the pricing an underwritten registered public offering of
5,696,923 shares of its common stock at a public offering price of
$26.33 per share. The offering is expected to close by December 18,
2012, subject to the satisfaction of customary closing
Power Play -
Consumer ETFs are lower but still at the high end of their 52
week ranges: Consumer Staples Select Sector SPDR (XLP), down 0.1%
from near year highs; iShares Dow Jones US Consumer Goods (IYK),
down 0.4%, but also near year highs; and Vanguard Consumer Staples
ETF (VDC), down 0.2%.
Retail ETFs are firmer: SPDR S&P Retail (XRT), up 0.3%;
PowerShares Dynamic Retail (PMR), -0.2%; and Market Vectors Retail
ETF (RTH), up 0.4%, with a new 52-week high of $45.20.
In sector news, Boston Beer (SAM) is up 15% and has hit 52 week
highs after it said yesterday it expects 2012 EPS range to be
between $4.30 and $4.60, an increase from the previously
communicated range of $3.80 to $4.20. The analyst consensus on
Capital IQ is for EPS of $4.24 per share. The increase is primarily
due to increased shipment volumes and the timing of certain
selling, general and administrative expenses. The company also now
projects full-year depletions growth of between 11% and 13%, based
on its analysis of year-to-date depletions versus 2011. The company
is increasing its 2013 depletions projection range to be between
10% and 15%, from its previously communicated growth of high single
digits, based on its current depletions forecast for 2013. Actual
results may vary materially from this projection.