Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
Financial Select Sector SPDR (
iShares MSCI Emerging Markets Index (
iPath S&P 500 VIX Short Term Futures TM ETN (
iShares Russell 2000 Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are sharply lower. Actively traded PowerShares QQQ (QQQ) is
U.S. stocks continue to be slammed in mid-day action, with the
financial and energy sectors especially underperforming while the
rest are tracking the broader market lower. With President Barack
Obama set to start a second term in office, post- election
concerns, particularly around the so-called fiscal cliff, have
steadily gained traction, driving market sentiment lower. Much of
Wall Street's fears revolve around the possibility that the economy
could go into another recession should a divided Congress fail to
reach a compromise before $600 billion of automatic tax increases
and spending cuts take effect at the end of 2012.
Winners and Losers
Select Financial Sector SPDRs (
) is down 2.6%. Direxion Daily Financial Bull 3X shares (FAS) is
down 7%. Its bearish counterpart, FAZ, is up 6.7%.
Among financial actives, JP Morgan (JPM) is down 4.4% after WSJ
reported that the bank is close to a settlement with the Securities
and Exchange Commission that would end one probe into how the
company's Bear Stearns Cos. unit packaged and sold home loans to
are sharply lower: Technology Select Sector SPDR ETF (XLK), down
2.1%; iShares Dow Jones US Technology ETF (IYW), down 2.5%; iShares
S&P North American Technology ETF (IGM), down 2.3%; and iShares
S&P North American Technology-Software Index (IGV), down
Likewise, semiconductor ETFs are seeing continued weakness: SPDR
S&P Semiconductor (XSD) is down 3.2%; and Semiconductor Sector
Index Fund (SOXX) is down 2.8%.
SPDR S&P International Technology Sector ETF (IPK) is down
In sector news, VirnetX Holding Corp. (VHC) is up more than 20%
following a report on Bloomberg stated that it was awarded $368.2
million, after a federal jury yesterday said Apple Inc. (AAPL)
infringed its patents for virtual-private-network technology used
in Apple's FaceTime video-calling function. Shares of Apple are now
Industrial ETFs are in the red: Vanguard Industrials (VIS), down
2.1%; iShares Trust Dow Jones U.S. Industrial Sector Index Fund
(IYJ), down 2%; and Select Sector SPDR-Industrial (XLI), down
In sector news, Agrium (AGU) is now down 9.5% after the company
reported Q3 earnings of $1.34 per share, ex one-time items, versus
the Capital IQ consensus of $1.82. Revenues were $2.96 bln, versus
the analyst estimate of $3.07 bln. The company expects Q4 EPS of
$1.50-$1.90, below the Street view of $2.07 EPS.
Dow Jones U.S. Energy Fund (IYE) is down 2.3%; Energy Select
Sector SPDR (XLE) is down 2.1%.
In sector news, James River Coal (JRCC) continues to sink into
negative territory, now down 23% after earlier reporting a Q3 loss
of $0.59 per share, which includes a gain from the repurchase of
outstanding notes in open market purchases, and may not be
comparable to the Capital IQ consensus of $1.01 loss per share. In
the same period last year, the company reported a loss of $0.11 per
share. Revenues were $288.1 mln, down 5.2% from the prior-year
period's $303.86 mln. This beat the analyst estimate of $264.29
Crude was down 4.07%; natural gas was down 1.31%. United States
Oil Fund (USO) is down 3.6%. United States Natural Gas Fund (UNG)
is down 0.9%.
Gold was down 0.16%; silver was down 1.31%. Among rare metal
funds, SPDR Gold Trust (GLD) is down 0.29%; iShares Silver Trust
(SLV) is down 1%.
Among stocks, Randgold Resources (GOLD) ADRs are down 7% after
it reported Q3 earnings of $1.12 per basic share, or $1.11 per
diluted share, versus the Capital IQ consensus of $1.45. Revenues
were $319.9 mln, versus the analyst estimate of $379.13 mln.
Healthcare ETFs continue to be sharply lower: Health Care SPDR
(XLV), down 1.5%; Vanguard Health Care ETF (VHT), down 1.5%; and
iShares Dow Jones US Healthcare (IYH), down 1.5% Biotech ETF
iShares NASDAQ Biotechnology Index (IBB) is down 2.2%.
In corporate news, Tenet Healthcare (THC) is up 10% to new year
highs after the company earlier reported Q3 earnings of $0.37 per
share, versus the Capital IQ consensus of $0.32. Revenues were
$2.43 bln, versus the analyst estimate of $2.42 bln.
Power Play -
Consumer ETFs slipped lower at session's half: Consumer Staples
Select Sector SPDR (XLP), down 1.24%; iShares Dow Jones US Consumer
Goods (IYK), down 1.39%; and Vanguard Consumer Staples ETF (VDC),
Retail ETFs are lower: SPDR S&P Retail (XRT), down 1.76%;
PowerShares Dynamic Retail (PMR), down 1.63%; and Market Vectors
Retail ETF (RTH), down 1.18%.
In sector news, Blyth (BTH) is down 10% at aroudn $17.10 but
well above a new year low of $15.63 hit ealier. The company earlier
said reported earnings per share is expected to be $2.28 - $2.43
for the year ending December 31, 2012 compared to prior guidance of
reported earnings per share of $2.47 - $2.62. On a normalized
basis, earnings per share is expected to be $2.40 to $2.55 for the
year ended December 31, 2012 compared to prior guidance of $3.00 to
$3.15. Cash flow from operations for 2012 is expected to be
approximately $65 million versus prior guidance of $85 million,
reflecting the impact of lower projected sales and IPO related
fees. Capital spending is anticipated to be approximately $20
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