Mid-Day ETF Update: ETFs, Stocks Continue to Slip Lower Despite Upbeat Jobs, Wholesale Inventories Data

By MidnightTrader.com Staff,

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Active broad-market exchange-traded funds in Thursday's regular session:

SPDR S&P 500 ( SPY ): +0.03%, with a new 52-week high

iShares MSCI Japan Index ( EWJ ): -1.01%, near its 52-week high

iPath S&P VIX Short Term Futures ( VXX ): +0.76%, near its 52-week low

iShares Russell 2000 ( IWM ): -0.09%, near its 52-week high

iShares MSCI Emerging Markets Index ( UVXY ): +1.72% , near its 52-week low

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, continued to see weakness. Actively traded PowerShares QQQ (QQQ) is up 0.23%, with a new 52-week high of $72.90.

U.S. stocks slipped lower at session's half, despite the upbeat economic data released earlier. The Labor Department reported that initial jobless claims for the week declined 4,000 to 323,000 - the lowest level since 2008. This beat the economists' expectations for jobless claims to rise to 335,000. Wholesale inventories grew 0.3% in March, up from a 0.3% decline in February, and in line with estimates. Despite the earnings season winding down, earnings are still spurring active trade in mid-day action. NVIDIA (NVDA) is set to report its earnings in today's after hours session.

Winners and Losers

Financial -

Select Financial Sector SPDRs (XLF) was down 0.54%, near its 52-week high. Direxion Daily Financial Bull 3X shares (FAS) was down 1.25%, but with a new 52-week high of $64.19. Its bearish counterpart, FAZ, was up 1.23%, near its 52-week low.

Among financial stocks, Walter Investment Management (WAC) pared its earlier gains of nearly 9%, and was up 4.48% at last check. The company reported Q1 core earnings of $0.71 per share, versus the Capital IQ consensus of $0.47. Revenues were $291.8 million, versus the analyst estimate of $267.44 million. In the same period last year, the company reported EPS of $0.64 on revenues of $152.8 million.

Technology -

Tech ETFs slipped lower at mid-day: Technology Select Sector SPDR ETF (XLK), is off 0.17%, but near its 52-week high; iShares Dow Jones US Technology ETF (IYW), up 0.08%; iShares S&P North American Technology ETF (IGM) up 0.16%, with a new 52-week high of $75.11; and iShares S&P North American Technology-Software Index (IGV), down 0.65%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 0.66%,

with a new 52-week high of $52.12; and Semiconductor Sector Index Fund (SOXX) was up 0.92%, with a new 52-week high of $62.81.

SPDR S&P International Technology Sector ETF (IPK) was flat.

In sector news, Groupon (GRPN) was up 9.12% after it reported Q1 revenue of $601.4 million and non-GAAP EPS $0.03 per share. Analysts expected $0.03 per share in earnings on $591 million in revenue. Groupon reaffirms its guidance that full year 2013 GAAP operating income will exceed $100 million. Groupon anticipates incremental investments of between $15 million and $30 million in customer incentives and marketing in the second quarter 2013. As a result, for Q2 2013, revenue is expected to be between $575 million and $625 million, in line with the $618 analysts estimate.

Energy -

Dow Jones U.S. Energy Fund (IYE) was up 0.09% and Energy Select Sector SPDR (XLE) was up 0.14%, near its 52-week high.

In sector news, Apache (APA) was up 4.5% after the independent energy company reported Q1 EPS of $2.02, missing the Capital IQ consensus estimate of $2.21. Revenues of $4.08 billion also fell short of the consensus of $4.31 billion. The company said it plans to divest $4 billion in assets by the end of 2013. Initial proceeds of $2 billion from the divestiture will be used to reduce debt and enhance the company's financial flexibility.

Commodities -

Crude was down 0.64%, natural gas was up 0.68%. United States Oil Fund (USO) was down 0.73%. United States Natural Gas Fund (UNG) is up 0.09%.

Gold was down 0.33% and silver was hovering near even. Among rare metal funds, SPDR Gold Trust (GLD) is down 0.25%; iShares Silver Trust (SLV) is down 0.13%.

Healthcare -

Healthcare ETFs were mostly higher: Health Care SPDR (XLV), up 0.38%; Vanguard Health Care ETF (VHT), up 0.38% and iShares Dow Jones US Healthcare (IYH), up 0.91%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was up 0.57%.

In corporate news, Sarepta Therapeutics (SRPT) was up 6.24%, adding to early gains of some 2%, after it reported non-GAAP net loss for Q1 2013 was $13.0 million, or $0.41 per share, compared to a net loss from Q1 2012 of $6.0 million, or $0.27 per share. Total revenues from grants were $4.5 million versus $11.2 million a year prior. Analyst estimates were not available.

Power Play -

Consumer -

Consumer ETFs were weaker: Consumer Staples Select Sector SPDR (XLP), down 0.47%, nearing its 52-week high; iShares Dow Jones US Consumer Goods (IYK), down 0.03%, with a new 52-week high of $88.84; and Vanguard Consumer Staples ETF (VDC), down 0.29%. also near its 52-week high.

In sector news, Green Mountain (GMCR) continued to gap higher, and was up 23.76% at last check. Late Wednesday, the company reported net sales of $1.00 billion, a 14% increase over $885.1 billion a year ago. Non-GAAP income was $140.9 million, up from $101.7 million a year prior and income per share was $0.93, up from $0.64. The Street Consensus was $0.72 per share up on $1.0 billion in revenue. The company raised its fiscal 2013 non-GAAP EPS estimates to $3.05 to $3.15, which is well ahead of the $2.82 the Street expects.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: EWJ , IWM , SPY , UVXY , VXX

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