Active broad market exchange-traded funds at mid-day:
SPDR S&P 500 (
iPath S&P 500 VIX Short Term Futures TM (
ProShares Trust II (
iShares Russell 2000 Index (
Financial Select Sector SPDR (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, were weaker. Actively traded PowerShares QQQ (QQQ) was down
U.S. stocks have reversed course, giving up earlier gains which
were spurred by the report that jobless claims for the week totaled
352,000, in line with forecasts. Continuing claims fell to 3.068
million from 3.103 million. Market sentiment turned gloomy as solid
earnings from companies such as Verizon (VZ) and Pepsico (PEP) were
overshadowed disappointing results from eBay (EBAY) and
UnitedHealth (UNH). Apple (AAPL) weighed on the tech sector and on
the broader market, settling below $400 at new 52-week lows. In
economic data news, U.S. leading indicators for the month of March
declined 0.1% - the first time in the last seven months. The
Philadelphia manufacturing index also decreased in April to 1.3
from 2 the month before.
Winners and Losers
Select Financial Sector SPDRs (
) was down 0.6%. Direxion Daily Financial Bull 3X shares (FAS) was
down 1.4%. Its bearish counterpart, FAZ, was up 1.5%.
Among financial stocks, Morgan Stanley (MS) was down nearly 4%
after reporting Q1 net revenues were $8.5 billion compared with
$8.9 billion a year ago. Income from continuing ops was $0.50 per
share, vs. a year ago loss of $0.05. Excluding Debt-related credit
spreads, EPS was $0.61, down from $0.71 per share last year.
Analysts expected revenues of $8.35 billion and earnings per share
of $0.57 for the quarter.
Dow Jones U.S. Energy Fund (IYE) was up 1.35% and Energy Select
Sector SPDR (XLE) was up 1.4%.
In sector news, Noble Corp. (NE) was up 5%, reversing losses in
Wednesday's after hours when the offshore drilling company reported
Q1 earnings $0.59 per diluted share, above analyst estimates of
$0.51 per share, and higher compared prior year earnings of $0.47
per diluted share. Revenues of $971 million were shy of analyst
estimates of $973.8 million, and higher compared to $798 million in
Crude was up 0.99%; natural gas was up 3.92%. United States Oil
Fund (USO) was up 1.5%. United States Natural Gas Fund (UNG) was up
4.7% and hit year highs.
Following gold's slump earlier this week - its worst decline in
three decades - gold producers and owners of gold mines are facing
the possibility that their operations will be shuttered, according
to a report on Bloomberg. The report said that gold producers were
largely ignored as stocks in markets around the world recovered in
the past two years, with investors turning exchange-traded funds
that track bullion.
Among these gold producers on the FTSE Gold Mines Index
(FTMIGMI), Barrick Gold Corp. (ABX) and Newmont Mining Corp. (NEM)
have lost a combineed $169 billion in market value since bullion
peaked in 2011, the report added. ABX shares were up 1.13% on the
NYSE while NEM shares were up 1.70% on the same index.
Gold was up 0.37%. Silver was down 0.44%. Among rare metal
funds, SPDR Gold Trust (GLD) up 1.15%. iShares Silver Trust (SLV)
was up 0.16%.
were in the red at mid-day: Health Care SPDR (XLV), down 0.93%;
Vanguard Health Care ETF (VHT), down 0.9%; and iShares Dow Jones US
Healthcare (IYH), down 0.8%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) was also lower, down 1%.
In corporate news, Theravance Inc. (THRX) was up 15% and posted
new 52 week highs after the company said late Wednesday a Food and
Drug Administration advisory panel recommended the full agency
approved the company's inhaler for treating chronic lung disease.
The FDA is expected to announce its decision on the Breo Ellipta
inhaler by May 12.
Consumer ETFs were mostly lower, but at the higher end of their
52-week ranges: Consumer Staples Select Sector SPDR (XLP), down
0.02%; iShares Dow Jones US Consumer Goods (IYK), down 0.25%; and
Vanguard Consumer Staples ETF (VDC), down 0.1%.
In sector news, Travelzoo (TZOO) has spiked 11%, adding slightly
to pre-market gains, after the company reported Q1 adjusted EPS of
$0.36, beating the analyst consensus of $0.34 per share on Capital
IQ. Revenue was $42.2 mln, vs. expectations of $40.5 mln.
Power Play -
The tech sector continues to see losses in mid-dayt action,
dragged down by Apple (AAPL), which slipped below $400 again and
touched a fresh new 52-week low of $393.37. The sector could see
continued trading action into the after hours session when tech
giants Microsoft (MSFT), IBM (IBM) and Google (GOOG) release their
Tech ETFs were weaker: Technology Select Sector SPDR ETF (XLK),
down 0.72%; iShares Dow Jones US Technology ETF (IYW), down 0.84%;
iShares S&P North American Technology ETF (IGM), down 1.04%;
and iShares S&P North American Technology-Software Index (IGV),
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
down 1.06% and Semiconductor Sector Index Fund (SOXX) was
SPDR S&P International Technology Sector ETF (IPK) was up
In sector news, Verizon Communications (VZ) shares were up 3.5%,
touching a new year high of $51.67. The company reported Q1
earnings of $0.68 per share, better than the Capital IQ consensus
of $0.66. Revenues were $29.42 billion, just below the analyst
estimate of $29.54 billion. In the same period last year, the
company reported EPS of $0.59 on revenues of $28.24 billion.
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