Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
SPY
): +0.02%, reached a new year high
iShares MSCI Emerging Markets Index (
EEM
): -0.66%
iPath S&P 500 VIX Short Term Futures TM (
VXX
): -2.5%, close to its year low
iShares Russell 2000 Index (
IWM
): +0.6%
Financial Select Sector SPDR (
XLF
): +0.17%
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are mixed. Actively traded PowerShares QQQ (QQQ) is up
0.29% to near year highs.
U.S. stocks are inching higher, buoyed by the report that the
University of Michigan/Thomson Reuters Consumer Sentiment Index
rose to 73.6 in August, topping analyst estimates of 72. Leading
indicators also increased 0.4% in July, over consensus expectations
of 0.2%. Market sentiment has also been brightened by comments from
German Chancellor Angela Merkel, who reaffirmed that her nation is
committed to preserving the euro.
Winners and Losers
Financial -
Select Financial Sector SPDRs (
XLF
) is up 0.1% but off a year high hit earlier; Direxion Daily
Financial Bull 3X shares (FAS) is up 0.25%. Its bearish
counterpart, FAZ, is down 0.15%.
In financial news, Life Partners Holdings (LPHI) is down 13.5%,
sinking to a new 52-week low of $2.02, following a report on
Bloomberg that the life insurance firm has been sued by Texas
attorney general, Greg Abbott, for allegedly selling unregistered
securities. Abbott has filed for a court order to bar the firm, its
CEO Brian D. Pardo and president R. Scott Peden from selling the
fraudulent securities, the report continued. Pardo has denied the
allegations in a statement the company issued late Thursday.
Technology -
ETFs in the tech space are modestly firmer: Technology Select
Sector SPDR ETF (XLK), up 0.36% and hit new year highs; iShares Dow
Jones US Technology ETF (IYW), up 0.5%; iShares S&P North
American Technology ETF (IGM), up 0.12%; and iShares S&P North
American Technology-Software Index (IGV), up 0.61%.
Semiconductor ETFs, however, are weaker: SPDR S&P
Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) are
lower, 0.3% and 0.9%, respectively.
SPDR S&P International Technology Sector ETF (IPK) is
flat.
In tech news, Marvell Technology Group (MRVL) is down more than
10%, near the year low of $10.27 after it reported late Thursday Q2
earnings of $0.24 per share, down from a $0.38 profit last year and
trailing the Capital IQ consensus by $0.02. Revenues fell 9.1% to
$816.1 million - or nearly $37 below analyst expectations. The
company also issued Q3 guidance during its earnings conference
call, expecting earnings of $0.24 on revenues of between $800 mln
to $850 mln, according to a report on Briefing.com. Analysts on
Capital IQ are expecting EPS of $0.31 and $917.10 million in
revenue.
On the upside, Apple (AAPL) is up 1.4% and jumped to a new
52-week high of $645.48, surpassing the previous record of $644
touched this April. Earlier today Jefferies raised their price
target to $900 from $800.
Energy -
Dow Jones U.S. Energy Fund (IYE) is down 0.22% while Energy
Select Sector SPDR (XLE) has lost small earlier gains and is now
down 0.2%.
Among stocks, ION Geophysical Corp. (IO) is down more than 10%
after a federal jury late yesterday decided against the oilfield
services company, ordering it to pay $105.9 million after
infringing patents owned by a Schlumberger Ltd. (SLB)
subsidiary.
Commodities -
Crude was up 0.15%. Natural gas was down 0.47%. United States
Oil Fund (USO) is up 0.9%; likewise, United States Natural Gas Fund
(UNG) is up 0.5%.
Gold was down 0.12%; silver was also lower, down 0.8%. Among
rare metal funds, SPDR Gold Trust (GLD) is up 0.1%; iShares Silver
Trust (SLV) is down 0.6%.
Healthcare -
Healthcare and biotech ETFs are underperforming the broader
market: Health Care SPDR (XLV), down 0.2%; iShares NASDAQ
Biotechnology Index (IBB), down 0.5%; Vanguard Health Care ETF
(VHT), down 0.6%; and iShares Dow Jones US Healthcare (IYH), down
0.5%.
Among stocks, Vivus (VVUS) continues to tick lower, now down 6%
after catching a downgrade to Underperform from Hold at Jefferies.
The firm slashed its price target on the stock, to $16.00 from
$31.00. According to StreetInsider, the firm cited generic
competition as the reason for the downgrade.
Power Play -
Consumer -
ETFs in the space are firmer in mid-day action: Consumer Staples
Select Sector SPDR (XLP), now flat, near its 52-week high; iShares
Dow Jones US Consumer Goods (IYK), up 0.24% and near year highs;
and Vanguard Consumer Staples ETF (VDC), up 0.01% and also near
year highs.
SPDR S&P Retail (XRT) is up 0.7%; PowerShares Dynamic Retail
(PMR) and Market Vectors Retail ETF (RTH) are also higher, up 0.24%
and 0.39%, respectively.
Among retailers moving in reaction to earnings, Ann (ANN) is the
top gainer, and continues to climb in mid-day action, now up more
than 20%. Shares reached a new year high of $34.38. The retailer of
women's apparel, shoes and accessories reported second quarter 2012
net earnings per diluted share of $0.63, compared to the consensus
estimate of $0.51 per share earnings. Revenues were $594.9 mln,
which is also above the $585.6 mln estimate. In the same period
last year, net earnings per diluted share were $0.47 on revenues of
$558.2 mln. The company has also increased its outlook for the full
year 2012 with total net sales expected to approach $2.385 bln,
reflecting a total company comparable sales increase in the
mid-single digits.