Active broad market exchange-traded funds in Tuesday's regular
SPDR S&P 500 (
iShares MSCI Japan Index (
): now flat
iShares MSCI Emerging Markets Index (
Financial Select Sector SPDR (
): +1.3%, near year highs
iPath S&P 500 VIX Short Term Futures (
) -2.4%, near 52 week lows
Broad Market Indicators
Most broad-market exchange-traded funds, including SPY, IWM, IVV
and others, continued to be firmer. Actively traded PowerShares QQQ
(QQQ) was up 0.9% and nearer to year highs. Consumer
were in the green, spurred by upbeat the May consumer confidence
index, which came in at 76.2, topping analysts' expectations for a
reading of 72.3, and up from a prior reading of 69 in April.
U.S. stocks were also firmly in positive territory. Aside from
the better-than-expected consumer confidence data, market sentiment
brightened after the S&P/Case-Shiller home price index showed
that prices for U.S. homes rose 1.4% in March - the highest
year-over-year growth rate since April 2006.
Winners and Losers
Select Financial Sector SPDRs (
) was up 1.3% and near year highs. Direxion Daily Financial Bull 3X
shares (FAS) was up 3.3%. Its bearish counterpart, FAZ, was down
3.2% and nearer 52 week lows.
Among financial stocks, CapLease (LSE) shares were up 20% and at
year highs after agreeing to a $2.2 billion merger offer from
American Realty Capital (ARCP). The offer is worth $8.50 a share
and is a roughly 20% premium to the closing price of $7.10 on
Friday. American Realty was up 3%, but well off a day high $17.70,
which is shy of a year high $18.05.
Technology Select Sector SPDR ETF (XLK) was up 0.8%, near its
52-week high. Other tech ETFs iShares Dow Jones US Technology ETF
(IYW), iShares S&P North American Technology ETF (IGM) and
iShares S&P North American Technology-Software Index (IGV) were
Semiconductor ETFs SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) are higher at mid-day. SPDR
S&P International Technology Sector ETF (IPK) was flat.
In sector news, Canadian Solar (CSIQ) was one of the top gainers
in the sector, up 18% and with a new 52-week high of $10.65. The
solar wafers, cells and solar module products company narrowed its
Q1 loss from the prior year period to beat analysts' estimates.
Revenues declined from a year ago but also topped Street view.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) were in positive territory, up 1.4% and 1.2%, respectively,
and both nearer year highs.
In sector news, Seadrill (SDRL) was up 2.5% and at the higher
end of its 52-week range, after its Q1 results topped Street
Crude was up 0.97%; natural gas was down 1.67%. United States
Oil Fund (USO) was up 1.5%. United States Natural Gas Fund (UNG)
was down 0.7%.
Among rare metal funds, SPDR Gold Trust (GLD) was up 0.1% but
well off day highs; iShares Silver Trust (SLV) was down 0.15%.
Health Care SPDR (XLV) was up 1.20% and near its 52-week high,
while other healthcare ETFs Vanguard Health Care ETF (VHT) and
iShares Dow Jones US Healthcare (IYH) have also turned positive.
Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was also
higher, up 1.38%.
In corporate news, Omthera Pharmaceuticals (OMTH) has soared
nearly 100% and has hit new 52 week highs. The specialty
pharmaceutical company earlier said it is being acquired by
AstraZeneca (AZN) for $12.70 per share, or about $323 million.
Additionally, each Omthera shareholder will receive contingent
value rights of up to $4.70 per share, equating to $120 million in
total, if certain milestones are achieved, bringing the total
potential acquisition cost to $443 million. AZN ADRs were up
Power Play -
Consumer ETFs were firmer, in line with the broader market
rally, following the report that the consumer confidence index for
May reached a five year high.
Consumer Staples Select Sector SPDR (XLP) was up 0.36% and near
year highs; iShares Dow Jones US Consumer Goods (IYK) and Vanguard
Consumer Staples ETF (VDC) were also in the green, drawing near
their 52-week highs.
Retail ETFs were firmer, with SPDR S&P Retail (XRT) and
PowerShares Dynamic Retail (PMR) also nearing their 52-week highs.
Market Vectors Retail ETF (RTH) on the other hand has hit a new
52-week high of $53.43.
In sector news, Tiffany (TIF) trimmed earlier gains of some 6%
and was up 4% at last check at around $79.30, after hitting a new
52-week high of $81.25. The jeweler and specialty retailer reported
better-than-expected Q1 results, and issued FY14 EPS outlook in
line with analysts' expectations.
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