Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
Financial Select Sector SPDR (
): +1%, near year high
PowerShares QQQ Trust, Series 1 (
iShares Russell 2000 Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are mostly higher. Actively traded PowerShares QQQ (
) is up 0.1%.
U.S. stocks continue to churn in mixed trading after wavering or
staying flat throughout most of the pre-market session. The market
briefly inched up following the release of upbeat housing data,
with construction on new U.S. homes up 15% in September, exceeding
Street forecasts and at the highest level in more than four years.
Building permits also rose to a four year high, up 11.6%. Earnings
from reporting companies were mixed, with financials mostly up on
beating or meeting estimates, led by Bank of America (BAC) and
Piper Jaffray (PJC), while tech stocks are edging lower after
lackluster earnings reports from IBM (IBM) and Intel (INTC).
Winners and Losers
Tech ETFs are lower: iShares Dow Jones US Technology ETF (IYW),
down 0.7%; iShares S&P North American Technology ETF (IGM),
down 0.5%; and iShares S&P North American Technology-Software
Index (IGV), down 1.4%. Technology Select Sector SPDR ETF (XLK) is
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is up
0.26% and Semiconductor Sector Index Fund (SOXX) up 0.2%. SPDR
S&P International Technology Sector ETF (IPK) is flat.
In sector news, Intel (INTC) is down 3%, with a fresh new
52-week low of $21.26, despite beating Q3 estimates. Late
yesterday, it reported Q3 revenue of $13.5 bln, better than the
analyst consensus of $13.2 bln on Capital IQ. EPS was $0.58, vs.
expectations of $0.52 per share. For Q4, the company expects
revenue of $13.6 bln, plus or minus $500 mln. The Street view is
$13.7 bln. The company said that two-thirds of gross margin
declines in Q4 will be due to inventory reserves, as customers and
suppliers are taking cautious inventory approach on market
uncertainty as well as Microsoft's (MSFT) Windows 8 OS
introduction. But it expects factory adjustments in Q4 to bring
down inventory levels. Additionally, INTC believes the PC business
in Q4 will grow half of the seasonal norm.
Dow Jones U.S. Energy Fund (IYE) is up 1.1%; Energy Select
Sector SPDR (XLE) is up 1%.
In sector news, Halliburton (HAL) has turned positive and is now
up 0.6% after the oilfield services company reported Q3 ex-items
EPS of $0.67, in-line with expectations. Revenue for the quarter
came in at $7.11 billion, just shy of the $7.14 billion
Crude was down 0.3% while natural gas was up 1.62%. United
States Oil Fund (USO) is flat. United States Natural Gas Fund (UNG)
is up 1.1%.
Gold was up 0.38%; silver was up 0.78%. Among rare metal funds,
SPDR Gold Trust (GLD) is up 0.2%; iShares Silver Trust (SLV) is up
Healthcare ETFs are higher: Health Care SPDR (XLV), down 0.02%
after hitting new year highs; Vanguard Health Care ETF (VHT), up
0.01% and near year highs; and iShares Dow Jones US Healthcare
(IYH), up 0.1% to near year highs too. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB), is up 1.3%.
In corporate news, St. Jude Medical (STJ) is down 6% after it
posted Q3 EPS of $0.83, topping estimates by two cents. Revenue for
the quarter came in at $1.33 billion, just shy of the $1.34 billion
consensus. The company says it sees full-year EPS of $3.42 - $3.44,
in-line with the $3.43 consensus. For Q4, the company says it sees
EPS of $0.86 - $0.88, below the Street view for $0.89. The company
also announced plans to buy back up to $300 million in stock.
Consumer ETFs are higher: Consumer Staples Select Sector SPDR
(XLP), up 0.5% to near year highs; iShares Dow Jones US Consumer
Goods (IYK), up 0.84% to near 52-week highs; and Vanguard Consumer
Staples ETF (VDC), up 0.52% and also near its year highs.
Retail ETFs are firmer: SPDR S&P Retail (XRT), up 0.7%;
PowerShares Dynamic Retail (PMR), up 0.6%; and Market Vectors
Retail ETF (RTH), up 0.5% and has hit new year highs.
In earnings news, UniFirst (UNF) is up 3.5% and touched a new
year high of $70. The company reported Q4 earnings of $1.13 per
share, versus the Capital IQ consensus of $1.01. Revenues were
$312.4 mln, versus the analyst estimate of $312.2 mln. For FY13,
the company expects EPS of $4.65 - $4.85 on revenues of $1.325 bln
- $1.338 bln. The Street is at $4.80 in EPS on $1.33 bln in
Power Play -
Select Financial Sector SPDRs (
) is up 1% and near year highs. Direxion Daily Financial Bull 3X
shares (FAS) is up 2.2%. Its bearish counterpart, FAZ, is down 2.3%
and nearer year lows.
Among financial actives, Piper Jaffray (PJC) is up 8% and hit a
fresh new high of $29.44, after the firm earlier reported Q3
earnings of $0.72 per share, on revenues from continuing operations
of $133 mln. In the prior year period, PJC posted EPS of $0.22 on
revenues of $95.9 mln. Analysts polled by Capital IQ were expecting
EPS of $0.29, but it is unclear if this is comparable to the firm's
results. Revenues were expected to be $106.40 mln.
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