Active broad market exchange-traded funds at mid-day:
SPDR S&P 500 (
): +1.22%, with a new 52-week high of $158.80
Financial Select Sector SPDR (
): +1.3%, with a new 52-week high of $18.52
iPath S&P 500 VIX Short Term Futures TM (
): -2.5%, with a new 52-week low of $18.74
iShares MSCI Emerging Markets Index (
iShares Russell 2000 Index (
): +1.6%, near its 52-week high
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, were seeing sharp gains. Actively traded PowerShares QQQ
(QQQ) was up 2%.
U.S. stocks continued to climb to record highs, buoyed by news
that President Barack Obama had already submitted to Congress his
proposed 2014 budget, which includes cuts on entitlement programs
and taxes on the wealthy. The proposed budget seeks to reduce the
U.S. budget deficit by $2 trillion, while providing increased
funding to education and infrastructure. Earlier, the minutes of
the Federal Reserve meeting were released several hours ahead of
schedule. While the minutes showed that most members of the Fed
were for the eventual slowdown of the Fed's quantitative-easing
program by later this year, market sentiment remained upbeat. In
economic data news, weekly MBA mortgage applications increased
4.5%, from last week's decline of 4%. The March Treasury budget is
still on tap, and will be released at 2:00 pm ET.
Winners and Losers
Select Financial Sector SPDRs (
) was up 1.3%, hitting a new 52-week high of $18.52. Direxion Daily
Financial Bull 3X shares (FAS) was up 3.2%, also with a new 52-week
high of $57.46. Its bearish counterpart, FAZ, was down 3.1%, with a
new 52-week low of $39.94.
Among financial stocks, Realogy Holdings (RLGY) was down 2.3%,
but is trimming earlier losses after the company said late Tuesday
it expects Q1 revenue in the range of $950 million to $960 million,
vs. the analyst consensus of $997 million Capital IQ. The company
also said it sees adjusted EBITDA of $70 million - $74 million, up
32% to 40% from the prior year; net loss is seen at $69 million -
$78 million, with an increase in sales volume of 14%.
were in positive territory: Technology Select Sector SPDR ETF
(XLK), up 1.70%; iShares Dow Jones US Technology ETF (IYW), up 2%;
iShares S&P North American Technology ETF (IGM), up 0.1%; and
iShares S&P North American Technology-Software Index (IGV), up
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
up 2% and Semiconductor Sector Index Fund (SOXX) was up 2.1%.
SPDR S&P International Technology Sector ETF (IPK) was up
In sector news, ADTRAN, Inc. (ADTN) is now up 12% but off day
highs after the company reported late Tuesday first quarter 2013
non-GAAP earnings per share of $0.17 versus consensus estimate of
$0.08. Revenues totaled $143 million, better than consensus
estimate of $139.8 million. Year-ago non-GAAP earnings per share
was $0.25, with revenues of $134.7 million. The company's Board of
Directors declared a cash dividend for the first quarter of $0.09
per common share to be paid to holders of record at the close of
business on April 25, 2013. The ex-dividend date is April 23, 2013
and the payment date is May 9, 2013.
Dow Jones U.S. Energy Fund (IYE) was up 0.5% and nearer year
highs and Energy Select Sector SPDR (XLE) was up 0.8%.
In sector news, Duke Energy (DUK) was up 0.8%, climbing to a new
52-week high of $73.28 after the company said it acquired two
commercial solar power projects near Twentynine Palms, Calif., from
project developer SolarWorld. The twin projects, named Highlander
Solar 1 and 2, are in close proximity and will be run as a single
operation. It will collectively generate 21 megawatts of renewable
energy, enough to power more than 4,000 average homes each
Crude was down 0.28%, near its session highs; natural gas was up
3.24%. United States Oil Fund (USO) has turned positive and is now
up 0.3%. United States Natural Gas Fund (UNG) was up 2.5%.
Gold was down 1.05%. Silver was also lower, down 0.94%. Among
rare metal funds, SPDR Gold Trust (GLD) was down 1.5%; iShares
Silver Trust (SLV) was down 1%.
Healthcare ETFs saw sharp gains in mid-day action: Health Care
SPDR (XLV), up 1.6%, with a new 52-week high of $47.38; Vanguard
Health Care ETF (VHT), up 1.6%, with a new 52-week high of $84.94;
and iShares Dow Jones US Healthcare (IYH), up 1.6%, with a new
52-week high of $99.06. Biotech ETF iShares NASDAQ Biotechnology
Index (IBB) was also higher, up 2.5%, hitting a new 52-week high
In corporate news, Health Management Associates (HMA) was down
near 18%, adding to its after hours losses experienced after the
company said it expects to report Q1 diluted earnings of between
$0.08 to $0.09 per share, well under the $0.24 per share profit
analysts, if comparable, were expecting for the hospital operator.
The company also said it expects to post quarterly revenue of $1.48
bln, which also trails the analyst consensus by around $270
Power Play -
Consumer ETFs and stocks continued to see active trade as
several consumer companies report their financials: Consumer
Staples Select Sector SPDR (XLP), up 0.8% and hit year highs;
iShares Dow Jones US Consumer Goods (IYK), up 0.9% and close to
year highs; and Vanguard Consumer Staples ETF (VDC), up 0.9%, with
a new 52-week high too.
Among companies reporting their earnings, CarMax (KMX) was up
2.5% with a new 52-week high of $43.42 after it reported Q4 GAAP
earnings of $0.46 per share, just above the Capital IQ GAAP
consensus of $0.45. Revenues were $2.83 billion, also beating the
analyst estimate of $2.73 billion.