Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
): +0.26%, hit new year highs.
iPath S&P 500 VIX Short Term Futures TM (
): -4.5%, tumbles to new year low.
iShares MSCI Emerging Markets Index (
Financial Select Sector SPDR (
): +1.23%, nearer to year highs
PowerShares QQQ Trust, Series 1 (
): -0.2%, earlier hit new year high.
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are mixed. Actively traded PowerShares QQQ (
) is down 0.2% but earlier logged a new 52-week high of $69.55.
Although across the broader market ETfs are mixed, several touched
new year highs before slipping into negative territory.
U.S. stocks are also edging lower, giving up gains made on the
back of the new ECB bond-buying program. Market sentiment has been
dampened by disappointing jobs data, with the U.S. employment
growth slowing sharply as nonfarm payrolls grew by a seasonally
adjusted 96,000 in August, below expectations.
Winners and Losers
Tech ETFs iShares Dow Jones US Technology ETF (IYW) is down
0.13% while iShares S&P North American Technology-Software
Index (IGV) is down 0.4%. iShares S&P North American Technology
ETF (IGM) is flat to slightly higher. Technology Select Sector SPDR
ETF (XLK) is off 0.19% but earlier logged a new year high of
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is
down 0.24% and Semiconductor Sector Index Fund (SOXX) is down
SPDR S&P International Technology Sector ETF (IPK) is up
In sector news, Apple (AAPL) has hit a new year high ahead of
the much anticipated launch of its new iPhone 5. Also ahead of this
launch, which many anticipate will be on September 12, a report in
the Wall Street Journal stated that Apple is in talks to license
music for a custom-radio services similar to the one operated by
Pandora (P). Apple also reportedly passed over Audience's (ADNC)
processor IP in its next generation mobile phone. Audience said it
is not aware of any intended changes by Apple to its use of
Audience's processors or processor IP in prior generations of the
mobile phones. Apple has been using ADNC chips since 2008.
Dow Jones U.S. Energy Fund (IYE) is up 1.5%; Energy Select
Sector SPDR (XLE) is up 1.65%.
Among stocks, Magnum Hunter Resources (MHR) shares have risen
near 4% after the oil and gas company priced an underwritten public
offering of non-convertible 8.0% Series D Cumulative Preferred
Stock at $44.00 apiece. MHR expect net proceeds of about $44.6
million. The company, which is developing potential locations in
West Virginia, Kentucky, Ohio, Texas, North Dakota and
Saskatchewan, did not immediately disclose plans for the new
Crude was up 0.53% while natural gas was down 2.75%. United
States Oil Fund (USO) is up 1.9%. United States Natural Gas Fund
(UNG) is down 3.1%.
Gold and silver for December delivery were firmer, up 2% and 3%
respectively. Among rare metal funds, SPDR Gold Trust (GLD) is up
2.18%; iShares Silver Trust (SLV) is up 3.1%.
Healthcare ETFs are edging lower but earlier hit new 52-week
highs: Health Care SPDR (XLV), down 0.1%; Vanguard Health Care ETF
(VHT), down 0.04%, having hit a new year high of $72.09; iShares
Dow Jones US Healthcare (IYH), down 0.12%, having struck a new year
high of $83.56; and iShares NASDAQ Biotechnology Index (IBB), off a
new year high of $141.52.
In corporate news, Cooper Cos. (COO) is up 8.5% but is off its
new 52-week high of $94.89 after it reported Q3 revenue of $378.2
mln, vs. the analyst consensus of $368 mln on Capital IQ. EPS was
$1.45 per share, vs. expectations of $1.29 per share. For Q4, the
company expects revenue in the range of $390 to $400 mln and EPS of
$1.50 to $1.55 per share. The Street is at $386 mln in revenue and
earnings of $1.53 per share.
Consumer ETFs are weaker: Consumer Staples Select Sector SPDR
(XLP), down 0.78% having hit new year highs; iShares Dow Jones US
Consumer Goods (IYK), down 0.27%, but still near year highs; and
Vanguard Consumer Staples ETF (VDC), down 0.8% but touched new year
high of $91.58.
Retail ETFs are firmer, with most hitting new year highs: SPDR
S&P Retail (XRT), up 0.14%, with a new year high of $63.71;
PowerShares Dynamic Retail (PMR), down 0.5%; and Market Vectors
Retail ETF (RTH), down 0.51\%, but earlier touched a new 52-week
high of $44.92.
In sector news, Quiksilver (ZQK) continues to rally, and is up
near 20% after it reported Q3 earnings of $0.09 per share, ex
one-time items, versus the Capital IQ consensus of $0.05. Revenues
were $512.4 mln, versus the analyst estimate of $527.18 mln. In the
same period last year, the company reported EPS of $0.06 on
revenues of $503.3 mln.
Power Play -
Select Financial Sector SPDRs (
) is up 1.26% and near year highs. Direxion Daily Financial Bull 3X
shares (FAS) is up 2.7%. Its bearish counterpart, FAZ, is down
Among financial stocks, U.S.-listed European banks are rallying
on the ECB's new bond buying program, helping lift the sector:
Deutsche Bank (DB), up 6.81%; ING Groep (ING), up 5.47%; Banco
Santander, S.A. (SAN), up 2.67%; and Barclays PLC (BCS), up
In other financial news, Credit Suisse (CS) has upgraded its
year-end target for S&P to 1,500 from 1,425. The firm said that
weak volumes in September could make for sharp moves in the
markets, and that event risks - such as German constitutional
court, Spanish bank bail-out, and release of Troika funds to
Greece, Spain signing MoU/applying for ESM - appear manageable.