Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
iShares Russell 2000 Index (
PowerShares QQQ Trust, Series 1 (
Financial Select Sector SPDR (
iShares MSCI Emerging Markets Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, continue to be weaker. Actively traded PowerShares QQQ (
) is down 1%.
U.S. stocks continue to sink into negative territory, with
market sentiment in the doldrums following earnings reports from
blue chips such as Microsoft (MSFT), General Electric (GE), and
Google (GOOG), which turned in mostly weak guidance and bland
revenue growth. Fears over Spain have reared up again as Spanish
bonds continue to feel pressure despite the approval from EU
finance ministers of a financial aid for Spain's banking
Winners and Losers
Select Financial Sector SPDRs (
) is down 1.4%. Direxion Daily Financial Bull 3X shares (FAS) is
down 3.5%. Its bearish counterpart, FAZ, is up 3.4%.
Actives in the sector continue to be weaker: Bank of America
(BAC), down 2.2%; Goldman Sachs (GS), down 0.4%; Morgan Stanley
(MS), down 2.7%; and Citigroup (C), down 2.4%.
SunTrust Banks, Inc. (STI) is down 3% after it reported net
income available to common shareholders of $270 million, or $0.50
per average common share, for the second quarter of 2012. Earnings
per average common share increased by $0.17 from the second quarter
of 2011. Revenues also grew to $2,246 million from $2,198 million
in the same period last year.
First Horizon National (FHN) is down 5% after it reported a Q2
loss of $0.50 per share, less than the expected loss of $0.51 per
share, according to a poll of analysts on Capital IQ. In the same
period last year, the company reported EPS of $0.16. The company
said that the results were overshadowed by increased reserves for
GSE mortgage repurchases, which combined with litigation-related
accruals for a negative impact on earnings per share of about $0.67
for the quarter.
Dow Jones U.S. Energy Fund (IYE) is down 0.4% while Energy
Select Sector SPDR (XLE) is down 0.3%.
American Electric Power (AEP) shares are now down 0.4% after
reaching a new 52-week high of $42.22. Earlier, the company posted
Q2 EPS of $0.77, topping estimates for $0.71. Revenue for the
quarter came in at $3.6 billion, in-line with expectations. The
company says its 2012 guidance remains suspended because of the
ongoing Ohio regulatory proceedings.
Schlumberger (SLB) is up 0.7% after it today reported Q2
earnings of $1.05 per share, ex one-time items, versus the Capital
IQ consensus of $1. Revenues were $10.45 bln, the same as analysts'
expected revenues. In the same period last year, the company
reported EPS of $0.98 on revenues of $9 bln.
General Electric (GE) is up 2.5% and near year highs. It said
today that it will reorganize its Energy business into three
standalone businesses effective in the fourth quarter. GE will
begin reporting separate segment financial results for these three
businesses beginning with the said quarter. According to the
company, the Energy headquarters organizational layer will be
phased out by the end of 2012, a move that will speed up decision
making, reduce layers and decrease cost. The three new businesses
will report directly to GE chairman and CEO Jeff Immelt: GE Power
and Water, which will provide full lifecycle solutions for power
generation customers, including renewable energy and water
processing technologies; GE Oil and Gas, which will provide
equipment and services for all segments of the offshore and onshore
oil and gas industry, including turbomachinery and drilling and
surface, subsea, and pipeline equipment and services; and GE Energy
Management, which will consist of technology solutions for the
delivery, management, conversion, and optimization of electrical
power for customers across multiple energy-intensive
Crude was down near 2%; natural gas was up around 0.6%. Among
ETFs, United States Oil Fund (USO) is down 0.7%; United States
Natural Gas Fund (UNG) is up 1.2%.
Gold was up around 0.1%; while silver was also up. Among rare
metal funds, SPDR Gold Trust (GLD) is up 0.2%; iShares Silver Trust
(SLV) is up 0.4%.
ETFs are lower in mid-day trading: Health Care SPDR (XLV), down
1.4%; iShares NASDAQ Biotechnology Index (IBB), down 0.9%; Vanguard
Health Care ETF (VHT), down 1.3%; and iShares Dow Jones US
Healthcare (IYH), down 1%.
Dyax (DYAX) is up near 1% to $2.74, after earlier reaching a new
52-week high of $2.88. In Thursday's evening session, the company
reported a Q2 loss of $0.08 per share, versus the average estimate
of $0.10 loss per share from two analysts, according to Capital IQ.
Revenues were $14 mln, versus the analyst estimate of $12.7
Alnylam Pharmaceuticals Inc. (ALNY) is down 0.2% after the
company said that it in talks with "more than one" possible partner
to help develop the company's injectable drug to treat high
cholesterol in patients for whom statins aren't effective, Chief
Executive Officer John Maraganore said, according to Bloomberg.
IDEXX Laboratories, Inc. (IDXX) is down 3.3% after reporting
that revenues for the second quarter of 2012 increased 6% to $335.6
million, from $317.9 million for the second quarter of 2011.
Earnings per diluted share increased 10% to $0.91, compared to
$0.83 for the same period in the prior year.
ETFs in the space are gapping lower: Consumer Staples Select
Sector SPDR (XLP), down 0.7%; iShares Dow Jones US Consumer Goods
(IYK), down 0.9%; and Vanguard Consumer Staples ETF (VDC), down
SPDR S&P Retail (XRT), down 1.35%; PowerShares Dynamic
Retail (PMR), down 1.5% and Market Vectors Retail ETF (RTH), down
0.7% after earlier hitting a new year high.
General Electric (GE) is now up 2.4% near year highs after the
company reported Q2 earnings of $0.38 per share, ex one-time items,
versus the Capital IQ consensus of $0.37. Revenues were $36.5 bln,
versus the analyst estimate of $36.8 bln. In the same period last
year, the company reported EPS of $0.34 on revenues of $35.62 bln.
GE said that it is on track to accomplish its double-digit EPS
growth expectations for 2012; the company raises its operating cash
expectations to $17 bln - $19 bln for the full year based upon the
restart of the GE Capital dividend.
Power Play -
Tech actives are mostly in the red: Apple (AAPL), down 1.2%;
Microsoft (MSFT), down 1.35%; Intel (INTC), down 1.9%; Google
(GOOG), up 2.9%; Cisco (CSCO), down 1.5%; and Yahoo (YHOO), up
Ultratech (UTEK) is down 2.6% but earlier reached a new 52-week
high of $34.19 following its Q2 results. The company beat on both
earnings and revenues. UTEK posted earnings of $0.41 per share,
topping expectations of $0.39 per share. UTEK's revenues came in at
$59.1 million, beating out consensus predictions of $54.83
Google (GOOG) is steady higher in mid-day action after it
reported late yesterday Q2 EPS of $10.12, vs. the analyst consensus
of $10.10 per share on Capital IQ. Consolidated revenue was $12.2
bln. Traffic Acquisition Costs were $2.6 bln. The Street view was
$11.15 bln, which generally excludes Traffic Acquisition Costs.
Microsoft (MSFT) has lost small early gains and is now down.
Late Thursday, the company reported Q4 EPS of $0.73, vs. the
analyst consensus of $0.62 per share on Capital IQ. Revenue was
$18.06 bln, vs. expectations of $18.2 bln.
ETFs are edging lower: iShares Dow Jones US Technology ETF
(IYW), down near 1%; iShares S&P North American Technology ETF
(IGM), down 0.73%; iShares S&P North American
Technology-Software Index (IGV), down 1.9%; Technology Select
Sector SPDR ETF (XLK) is down 0.8%.
SPDR S&P Semiconductor (XSD) is down 1.93%; Semiconductor
Sector Index Fund (SOXX) is down 0.91%.
SPDR S&P International Technology Sector ETF (IPK) is