Active broad market exchange-traded funds in Wednesday's regular
SPDR S&P 500 ( SPY ): +0.5%, hit new
Financial Select Sector SPDR ( XLF ) +0.9%, also hit
fresh 52 week highs
iShares MSCI Japan Index ( EWJ ): +0.8%, ditto
with new year highs
iShares MSCI Emerging Markets Index ( EEM )-0.02, has turned
iPath S&P 500 VIX Short Term Futures ( VXX ) +1.4% from near
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are mostly firmer. Actively traded PowerShares QQQ (QQQ) is
up 0.03%, having earlier
hit new year highs.
U.S. stocks have turned higher, as optimism for ongoing stimulus
from the Federal Reserve trumped negative sentiment stemming from
earlier economic data released. The New York Fed reported that the
Empire State manufacturing survey fell to a negative 1.4 in May -
the first time it slipped into negative territory since January.
Economists had expected it to come in at 3, according to
MarketWatch. Wholesale prices also declined sharply in April, but
were in line with expectations.
Winners and Losers
Select Financial Sector SPDRs ( XLF ) was up 1%, with a
new 52-week high of $19.86. Direxion Daily Financial Bull 3X shares
(FAS) was up 2.2%, with a 52-week high of $69.02. Its bearish
counterpart, FAZ, was down 2.3% and has hit fresh year lows.
Among financial stocks, Citigroup (C) was up 2%, with a new
52-week high of $51.45, after the company said it inked a deal to
sell its Credicard unit to Brazilian bank Itau Unibnco Holding for
were losing some earlier gains: Technology Select Sector SPDR ETF
(XLK), now down 0.03%, having gone near its 52-week high; iShares
Dow Jones US Technology ETF (IYW), now down 0.2%; iShares S&P
North American Technology ETF (IGM), now down 0.02%, near 52-week
highs; and iShares S&P North American Technology-Software Index
(IGV), up 0.5%, with a 52-week high of $70.80.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
up 1.17% at new year highs while Semiconductor Sector Index Fund
(SOXX) was up 1.15%, having also posted new year highs. SPDR
S&P International Technology Sector ETF (IPK) was down 0.4% and
nearer year lows.
In sector news, TriQuint Semiconductor (TQNT) was up 3%, with a
new 52-week high of $6.23, after it announced a program authorizing
the repurchase of up to $75 million of the company's stock. It said
that under the buyback, stock repurchases may be made from time to
time in the open market at prevailing market prices or through
privately negotiated transactions at the discretion of company
Dow Jones U.S. Energy Fund (IYE) was down 0.3% from year highs
and Energy Select Sector SPDR (XLE) was down 0.3%, also from 52
In sector news, Tidewater (TDW) has turned slightly negative
after earlier touching a new 52-week high of $57.10. The company
said that it has entered into an agreement with HitecVision to
purchase Troms Offshore Supply AS for approximately $395 million.
The Troms Offshore-owned fleet is expected to include five large,
modern and technically-advanced deepwater Platform Supply Vessels
(PSVs) at closing. In addition, Troms Offshore has one additional
deepwater PSV under construction at the VARD Aukra yard in MC8re og
Romsdal, Norway and an option to build a seventh vessel.
Crude was down 0.37%; natural gas was up 1.13%. United States
Oil Fund (USO) was down 03%. United States Natural Gas Fund (UNG)
was up 1.15%.
Gold was down 1.9% and silver was down 2.9%. Among rare metal
funds, SPDR Gold Trust (GLD) was down 1.9%; iShares Silver Trust
(SLV) was down 2.7%, and has touched new year lows.
In sector news, First Majestic Silver (AG) is now down 8% at
around $10.34, but above a year low $10.20 hit earlier after the
company reported Q1 EPS of $0.23, versus the Capital IQ consensus
of $0.19. In the same period last year, the company reported EPS of
$0.25. Revenues were $67.1 million, up 16.1% from $57.8 million
last year. No analyst estimates for revenues were available for
comparison. The company reported that silver ounces produced in the
quarter increased by 33% to 2,437,664 ounces compared to 1,826,803
ounces in the same quarter last year. Silver equivalent ounces
produced increased by 36% to 2,731,792 ounces compared to 2,007,219
ounces year over year.
Healthcare ETFs Health Care SPDR (XLV), up 0.7%, and has posted
a new year high; Vanguard Health Care ETF (VHT), up 0.55%, with a
fresh 52 week high; and iShares Dow Jones US Healthcare (IYH), up
0.55% with a new year high. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) was lower, down 0.9%, having earlier hit
fresh year highs.
In corporate news, VIVUS (VVUS) was now down 3.7% after the
company said it plans to offer 200 million convertible senior notes
Consumer ETFs were higher: Consumer Staples Select Sector SPDR
(XLP), up 0.93%; iShares Dow Jones US Consumer Goods (IYK), up
1.08%; and Vanguard Consumer Staples ETF (VDC), up 0.95%.
In sector news, Macy's (M) was up 2.7% and has posted a fresh 52
week high after it reported Q1 EPS of $0.55, vs. the analyst
consensus of $0.53 per share on Capital IQ. Sales were $6.38 bln,
vs. expectations of $6.39 bln. The company raised its quarterly
dividend to $0.25 per share, up from $0.20, and increased its stock
buyback authorization by $1.5 bln.
Power Play -
Industrial ETFs were firmer: Vanguard Industrials (VIS), up 0.5%
with a new year high; iShares Trust Dow Jones U.S. Industrial
Sector Index Fund (IYJ), up 0.5%, also with a fresh 52 week high;
and Select Sector SPDR-Industrial (XLI), up 0.32%, with a new year
Among stocks, Deere & Co's (DE) is now down 4.5% after
management expects company equipment sales to be up by 5% in FY13
(analysts were expecting 6%), and FY net income to be $3.3 billion,
lower than consensus of $3.4 billion, per Thomson Reuters.
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