Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
iPath S&P 500 VIX Short Term Futures (
): -4.9%, hit year lows
Financial Select Sector SPDR (
PowerShares QQQ Trust, Series 1 (
iShares MSCI Emerging Markets Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are higher. Actively traded PowerShares QQQ (
) is up 1.4%.
U.S. stocks continue to trade firmer as hopes for quantitative
easing rise with renewed vigor following earlier weak economic
reports. Markets were unfazed by the downgrade of Italy's debt
rating by Moody's, and the report that China's economic growth has
slowed to its slowest rate in about three years. Back home, US
wholesale-level inflation was reportedly up 0.1% in June, while
core PPI increased 0.2%, as expected. Producer prices also climbed
0.1% in June.
Winners and Losers
Tech actives are firmly in the green: Apple (AAPL), up 1.1%;
Microsoft (MSFT), up 2%; Intel (INTC), up 1.6%; Google (GOOG), up
0.8%; Cisco (CSCO), up 2%; Yahoo (YHOO), up 0.5%.
Lexmark International, Inc. (LXK) shares hit new year lows after
the company late Thursday said that second quarter 2012 financial
results will be lower than expected. Earnings per share are now
expected to be in the range of $0.53 to $0.55, or $0.87 to $0.89.
This compares to the earnings per share guidance that the company
previously provided for the second quarter of $0.65 to $0.75, or
$0.95 to $1.05.
iGate Corp (IGTE) is now up 1.8%, recovering earlier losses,
after posting Q2 EPS of $0.28, missing estimates by a penny.
Revenue for the quarter came in at $268 million, in line with the
$268.64 million consensus.
Nokia (NOK) is near year lows as Bloomberg reports the company
will close two of its four regional sales offices in China, as part
of a restructuring plan the company announced last month to halt
mounting losses from plunging smartphone sales.
ETFs in the space are firmer: iShares Dow Jones US Technology
ETF (IYW), up 1.3%; iShares S&P North American Technology ETF
(IGM), up 1%; iShares S&P North American Technology-Software
Index (IGV), up 1%; and Technology Select Sector SPDR ETF (XLK), up
SPDR S&P Semiconductor (XSD) is up 0.6%; Semiconductor
Sector Index Fund (SOXX), up 0.7%.
SPDR S&P International Technology Sector ETF (IPK) is
Dow Jones U.S. Energy Fund (IYE) is up 1.3%; Energy Select
Sector SPDR (XLE), up 1.2%.
Royal Dutch Shell (RDS.A) is up 0.9% following a MarketWatch
report that U.K. regulator, the Takeover Panel, has waded into the
takeover battle between Shell and Thailand's PTT Exploration &
Production PCL over Africa-focused Cove Energy PLC, giving the
companies a deadline of July 16 to make their final offers.
Crude was up around 0.9%. United States Oil Fund (USO) up
Gold was up around 1.7% while silver was up around 0.7%. Among
rare metal funds, SPDR Gold Trust (GLD) was up 1.3%; iShares Silver
Trust (SLV), up 0.9%.
Health Care SPDR (XLV) is up 1.1% to near year highs; iShares
NASDAQ Biotechnology Index (IBB), up 0.7%; Vanguard Health Care ETF
(VHT), up 1% to near year highs; and iShares Dow Jones US
Healthcare (IYH), up 1.1% to near year highs.
Ampio Pharmaceuticals, Inc. (AMPE) is down 11.5% after it
announced the pricing of its previously announced underwritten
public offering of 4,615,400 shares of its common stock, offered at
a price to the public of $3.25 per share. The gross proceeds to
Ampio from this offering are expected to be $15 million.
Consumer Staples Select Sector SPDR (XLP) is up 0.9% and has hit
year highs; iShares Dow Jones US Consumer Goods (IYK), up 1.31%;
and Vanguard Consumer Staples ETF (VDC), up 1%, hit year highs
SPDR S&P Retail (XRT) is up 1.4%; PowerShares Dynamic Retail
(PMR), up 1.1%; and Market Vectors Retail ETF (RTH), up 1%.
New York & Company, Inc. (NWY) is up 14% after the company
announced in yesterday's after hours that, based on quarter-to-date
performance and expectations for the balance of the quarter, it
expects to exceed second quarter fiscal 2012 guidance. The company
also expects operating loss to be in the range of $5 million to $7
million versus an operating loss of $15.1 million in the year-ago
period. Total quarter-end inventories are expected to be down
slightly versus the prior year. Inventory per average store is
expected to be approximately flat to last year.
Dean Foods (DF) is down 4% after it was downgraded to Neutral
from Buy at Goldman. Price target remains $17.
CTPartners Executive Search (CTP) today said that it expects Q2
EPS to be $0.07, up from its previous outlook of $0.01 - $0.06, and
above the single analyst estimate of $0.04 on Capital IQ. It also
raised its outlook for revenues, now expecting around $33.5 mln, up
from the prior guidance of $33.5 mln - $34 mln and also above the
single analyst estimate of $32.50 mln. For FY12 the company sees
EPS of $0.15 - $0.30 on revenues of $128 mln - $132 mln. Analysts
are looking for EPS of $0.35 on revenues of $129.70 mln.
Power Play -
Select Financial Sector SPDRs (
) is up 2%.5. Direxion Daily Financial Bull 3X shares (FAS) is up
65%. Its bearish counterpart, FAZ, is down 6%.
Actives in the sector continue to be firmer: Bank of America
(BAC), up 3.3%; Goldman Sachs (GS), up 3.5%; Morgan Stanley (MS),
up 3.5%; and Citigroup (C), up 4.6%.
Presidential Life (PLFE) shares are up 36.5% to new 52-week
highs after the company announced that it will be acquired by
Athene Holding's subsidiary, Athene Annuity & Life Assurance,
for $14.00 per share in cash, representing an aggregate purchase
price of $415 mln.
JPMorgan Chase & Co. (JPM) continues to gap higher, and is
now up 5.6% after reporting that it will restate its
previously-filed interim financial statements for the first quarter
of 2012. The restatement will have no effect on total earnings or
revenues for the company year-to-date. The restatement will reduce
the firm's previously-reported net income for the 2012 first
quarter by $459 million. The restatement relates to valuations of
certain positions in the synthetic credit portfolio in the firm's
Chief Investment Office. The bank also reports Q2 earnings of $1.21
per share, down from $1.27 per share in the year ago quarter.
Revenue was $22.89 billion, down from $27.41 billion in the year
ago quarter. The analyst consensus was $0.77 per share in earnings
on revenue of $21.4 billion, according to Capital IQ. The company
noted its results included $4.4 billion of losses on its CIO's
synthetic credit portfolio, $1 billion in securities gains in CIO,
and a separate $545 million gain.
Wells Fargo (WFC) is up more than 3% and closing in on year
highs, reversing earlier losses, after reporting Q2 EPS of $0.82,
up 17% from the year ago period and ahead of the analyst consensus
of $0.81 per share on Capital IQ. Revenue was $21.3 bln, up from
$20.4 bln a year ago. The analyst view was $21.4 bln.