Active broad-market exchange-traded funds in Wednesday's regular
SPDR S&P 500 ETF Trust (
): -.48%, but with a new 52-week high.
iPath S&P 500 VIX Short Term Futures TM (
): +2.00%, with a new 52-week low.
iShares MSCI Emerging Markets Index (
Select Financial Sector SPDRs (
): -0.77%, but still near 52-week highs
PowerShares QQQ Trust, Series 1 (
): -0.79%, near 52-week high
Broad Market Indicators
Most broad-market exchange-traded funds, including SPY, IWM, IVV
and others, tumbled into negative territory despite most of them
touching 52-week highs. Actively traded PowerShares QQQ (
) was down 0.79%, but still near its 52-week high.
U.S. stocks were also weaker, dragged by mixed results from
major companies reporting their earnings. Caterpillar (CAT)
reported disappointing Q3 results, while Boeing (BA) led gainers
with its better-than-expected report. In economic data, the Labor
Department said import prices rose 0.2% in September, while export
prices, ex agriculture, inched up 0.3% after an unchanged prior
reading. The Federal Housing Finance Agency reported a seasonally
adjusted 0.3% gain for home prices in September.
Power Play: Healthcare
Healthcare ETFs and stocks are mostly lower but outperforming
the broader market. Health Care SPDR (XLV) was down 0.21%; Vanguard
Health Care ETF (VHT), was down 0.26%; and iShares Dow Jones US
Healthcare (IYH), was down 0.50% - all reached new 52-week hgihs.
Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was up
Among stocks, Repros (RPRX) tumbled more than 30% after
disclosing FDA guidance it received for its clinical program for
Androxal, a potential treatment for low testosterone in men. Among
the FDA determinations were instructions for Repros to request a
meeting to discuss the adequacy of its studies for efficacy;
consideration of label claims; and a new requirement for one year
exposure for men up-titrated to high dose in a DEXA study. The
company now guides for a second-half 2014 NDA submission.
Winners and Losers
Select Financial Sector SPDRs (
) was down 0.77%, but still near its 52-week high. Direxion Daily
Financial Bull 3X shares (FAS) hit a new 52-week high but was down
2.08% at last check; its bearish counterpart, FAZ, also sank to a
new 52-week low, but was up about 2%.
Among financial stocks, Xoom (XOOM) was down 7.27% after the
online international money transfer services provider reported late
Tuesday Q3 revenue of $32.3 million, with non-GAAP EPS of $0.06.
The company expects revenue to be between $30.2 million and $31.2
million and non-GAAP diluted net loss per share to be in the range
of $0.03 to $0.01. For 2013, the company expects revenue to be
between $120.3 million and $121.3 million and non-GAAP diluted net
income per share to be in the range of $0.18 to $0.21. Analysts
expect $0.12 in earnings for 2013.
Technology Select Sector SPDR ETF (XLK) was down 0.66%, but with
a new 52-week high of $33.32. Other tech ETFs - iShares Dow Jones
US Technology ETF (IYW) and iShares S&P North American
Technology ETF (IGM) also touched 52-week highs but were weaker.
iShares S&P North American Technology-Software Index (IGV) was
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) saw sharp losses, down 3.67%
and 3.19%, respectively. SPDR S&P International Technology
Sector ETF (IPK) was down 0.48%, but logged a new 52-week high of
In sector news, Corning (GLW) was up 11.27%, with a new 52-week
high of $18.07 after it said Tuesday it struck a deal to acquire
the remaining stake of its joint venture with Samsung called
Samsung Corning Precision Materials Co. Samsung Display Co. will
make an investment of convertible preferred shares of Corning with
an aggregate face amount of $1.9 billion. Corning also
pre-announced Q3 earnings and revenue in line with those
from Wall Street.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) both reached new 52 week highs but were weaker in the
In sector news, Encana Corporation (ECA, ECA.TO) was up 4% after
it reported Q3 earnings of $0.20 per share, ex one-time items,
versus the consensus of $0.17. Encana has revised its guidance for
expected 2013 natural gas production to be between 2.7 Bcf/d and
2.8 Bcf/d, an adjustment which reflects asset divestitures and
delays associated with ongoing work to ramp up the Deep Panuke
offshore project to its full production capacity.
Crude was down 1.57%; United States Oil Fund (USO) was down
1.5%. Natural gas was up 0.79%, and United States Natural Gas Fund
(UNG) was up 0.6%.
Gold was down 0.53%, and SPDR Gold Trust (GLD) was down 0.35%.
Silver was down 0.64%; iShares Silver Trust (SLV) was down
Consumer Staples Select Sector SPDR (XLP) was up 0.9%. iShares
Dow Jones US Consumer Goods (IYK) and Vanguard Consumer Staples ETF
(VDC) were also firmer and near their 52-week highs.
In sector news, Federal-Mogul (FDML) jumped about 20% to new
52-week highs after reporting Q3 earnings of $0.26 per share, on
revenues of $1.69 billion - topping the Capital IQ consensus of
$0.12 on revenues of $1.67 billion. The company swung to profit
from the prior year period's loss of $0.11 per share. Revenues grew
9% from $1.55 billion in the same period last year.
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