Active broad market exchange-traded funds at mid-day:
SPDR S&P 500 (
): -0.06%, has turned negative after nearing year highs.
Financial Select Sector SPDR (
): +0.39%, near its 52-week high
iShares MSCI Emerging Markets Index (
iPath S&P 500 VIX Short Term Futures TM (
): +0.3% from year lows.
iShares MSCI Japan Index (
): +0.81%, with a new 52-week high of $10.64.
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are mixed to weaker. Actively traded PowerShares QQQ (QQQ)
is down 0.1%.
U.S. stocks have reversed into negative territory after 10 days
of gains, which analysts say is the longest win steak in 16 years.
In economic data news, industrial production and capacity
utilization for the month of February rose 0.7% and 79.6%,
respectively. The preliminary reading for Michigan Sentiment in
March was 71.8, missing analysts' estimates. Economic data released
this Friday morning also propped up market sentiment: February
consumer prices rose 0.7%, above expectations, while core prices
rose 0.2%, in-line with estimates; a gauge of manufacturing in the
New York region showed a reading of 9.2 for March, down from last
month's but still better than forecasts.
Winners and Losers
were lower: Technology Select Sector SPDR ETF (XLK), down 0.22%;
iShares Dow Jones US Technology ETF (IYW), down 0.05%; iShares
S&P North American Technology ETF (IGM), down 0.34%, but still
near its 52-week high; and iShares S&P North American
Technology-Software Index (IGV), down 0.54%, but also close to its
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD)
slipped 0.84% and Semiconductor Sector Index Fund (SOXX) was down
1.1%, but near its 52-week high. SPDR S&P International
Technology Sector ETF (IPK) inched up 0.03%.
In sector news, VirnetX (VHC) has tumbled nearly 12% and closer
to year lows after confirming media reports late Thursday that a
jury in the Eastern District of Texas determined that asserted
claims of VirnetX's '504, '211, and '135 patents are valid over
prior art asserted by Cisco (CSCO). The Court in this case granted
a judgment as a matter of law (JMOL) that Cisco failed to prove
that VirnetX's '759 patent was invalid. However, the Jury also
determined that VirnetX did not prove that accused Cisco products
infringed the patents in this case. CSCO shares added 1.3%, to near
its 52-week high.
Industrial ETFs are lower, but still near their 52-week highs:
Vanguard Industrials (VIS), off 0.11%; iShares Trust Dow Jones U.S.
Industrial Sector Index Fund (IYJ), down 0.2%; and Select Sector
SPDR-Industrial (XLI), flat.
Among stocks, Great Lakes Dredge & Dock Corp (GLDD) shares
weakened 18% and moved towards year lows after it reported Q4
earnings of $0.01 per share, which compares with a $0.12 per share
profit during the same quarter last year. Analysts, on average,
were looking for $0.19 per share in Q4 earnings, although it's not
clear how comparable that number is with the company's GAAP
earnings. Revenue rose 30.6% to $207.1 mln, beating the analyst
consensus by $13.87 mln. The company also said it identified
several instances during Q2 and Q3 of 2012 in its demolition
segment that did not conform with GAAP revenue recognition
standards. GLDD concluded it overstated Q2 revenue by around $3.9
mln and by $4.3 mln in Q3 revenue. It also believes operating
income for Q2 and Q3 will need to be adjusted by a combined $2.2
mln. It identified about $600,000 in revenue during Q4 that also
did not initially meet revenue-recognition standards. GLDD also
said tonight that the company's president and chief operating
officer and former chief financial officer, Bruce Biemeck, left the
company, effective yesterday.
Dow Jones U.S. Energy Fund (IYE) was up 0.11% having hit a new
year high and Energy Select Sector SPDR (XLE) was up 0.1%, nearer
52 week highs.
In sector news, Rosetta Resources Inc. (ROSE) shares climbed 4%
after the company entered into a definitive agreement to acquire
Permian Basin assets from Comstock Resources (CRK) for $768
million, subject to customary closing adjustments. The acquisition
covers 53,306 net acres (87,373 gross) located in Reeves and Gaines
counties in West Texas. The Reeves County assets located in the
Delaware Basin include 40,182 net acres and 74 producing (52
operated) primarily Wolfbone wells. Total current net production is
about 3,300 barrels of oil equivalent per day (Boe/d) of which more
than 73% is oil. The Gaines County assets located in the Midland
Basin cover 13,124 net acres and are currently un-delineated.
Rosetta projects significant growth potential for the Reeves County
area based on an estimated 1,300 gross, or nearly 800 net well
locations targeting the Wolfbone on 40-acre vertical well spacing.
Potential exists for multiple exploratory opportunities in the
Gaines County area. CRK surged 14.29% higher.
Crude was up 0.44%; natural gas was up 0.4%. United States Oil
Fund (USO) is up 0.54%. United States Natural Gas Fund (UNG) was up
Gold was up 0.25% and silver was up 0.18%. Among rare metal
funds, SPDR Gold Trust (GLD) was up 0.36%; iShares Silver Trust
(SLV) was up 0.22%.
Healthcare ETFs edged lower in mid-day action: Health Care SPDR
(XLV), down 0.24% but near year highs; Vanguard Health Care ETF
(VHT), down 0.2%, but near its 52-week high; and iShares Dow Jones
US Healthcare (IYH), down 0.35%, also near its 52-week high.
Biotech ETF iShares NASDAQ Biotechnology Index (IBB) slipped 0.38%,
but reached a new 52-week high of $157.25.
In corporate news, Progenics Pharmaceuticals (PGNX) surged 30%
higher, but trimmed its earlier gains of around 36%. The company
narrowed its Q4 loss to $0.01 per share, compared with the
prior-year period's loss of $0.32 per share. Results for the
quarter include special items and may not be comparable to the
Capital IQ consensus of $0.33 loss per share. Revenues were $8.9
mln, up from $2.3 mln in the same period last year, and above the
analyst estimate of $1.16 mln.
Consumer ETFs are lower, but most were trading at the higher end
of their 52-week ranges: Consumer Staples Select Sector SPDR (XLP),
down 0.3%; iShares Dow Jones US Consumer Goods (IYK), down 0.33%,
with a new 52-week high of $84; and Vanguard Consumer Staples ETF
(VDC), down 0.3%.
Retail ETFs dipped lower, but were near 52-week highs: SPDR
S&P Retail (XRT), down 0.18%; PowerShares Dynamic Retail (PMR),
down 0.51%; and Market Vectors Retail ETF (RTH), down 0.44%, but
with a new 52-week high of $48.16.
In sector news, Destination XL Group (DXLG) has jumped 5% with a
new 52-week high of $4.91, after it earlier reported Q4 earnings of
$0.08 per share, ex one-time items, versus the Capital IQ consensus
of $0.08. Revenues were $114.9 mln, versus the analyst estimate of
$115.15 mln. Comparable Q4 sales increased 0.5% year-over-year. The
company expects FY13 revenues of $415 mln - $420 mln, with
comparable sales increase of 8.5% - 10.0%. The Street view $399.95
mln in revenues.
Power Play -
Financial stocks and ETFs continue to see active trade following
Federal Reserve's Comprehensive Capital Analysis and Review (CCAR)
Select Financial Sector SPDRs (
) is up 0.4% and near year highs. Direxion Daily Financial Bull 3X
shares (FAS) is up 0.55% and has landed a new 52 week high. Its
bearish counterpart, FAZ, is down 0.58% with a new year low.
Among financial stocks, Bank of America (BAC) is up 3.8% and
touched a new 52-week high of $12.61 after its board yesterday
approved the repurchase of up to $5 billion worth of common stock
and the redemption of $5.5 billion in preferred stock following the
Federal Reserve's approval of its 2013 capital plan.
Other financial actives include: BB&T (BBT), down 2.62%;
Goldman Sachs (GS), up 0.80%; Wells Fargo & Co. (WFC) up 2.87%
with a 53-week high of $38.04; and Citigroup (C), off 0.11%, but
near its 52-week high. JPMorgan Chase & Co. (JPM) edged lower
1.63% as the bank's representatives testify before a Senate
subcommittee regarding losses that resulted from the so-called
London Whale trades.