Mid-Day ETF Update: ETFs, Stocks Slip After Tuesday's Gains

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Active broad-market exchange-traded funds at Wednesday's regular session:

SPDR S&P 500 ( SPY ): -0.08%

iShares MSCI Emerging Markets Index ( EEM ): -0.05%.

iShares Russell 2000 Index ( IWM ): +0.10%

PowerShares QQQ Trust, Series 1 ( QQQ ): -0.03%

Market Vectors Gold Miners ( GDX ): +3.89%

iPath S&P 500 VIX ST Futures (VXX): -4.41%

Broad Market Indicators

Most broad market exchange-traded funds were in negative territory. Actively traded PowerShares QQQ ( QQQ ) was down 0.03%.

U.S. stocks slipped after Tueday's gains. The Atlanta Fed reported that businesses expect inflation to increase to 2.0% from an expectation of 1.9% inflation in December. Markets are now turning their attention to Fed speakers, particularly St. Louis Fed President James Bullard, who said in a speech that when the jobless rate hits 6.5%, the Federal Reserve should switch to "qualitative" guidance to adjust interest rates. Bullard also said he is forecasting at least a 3.0% GDP rate for 2014. Investors will also keep an eye on the Senate as its members vote on a House-passed bill to extend the U.S. debt limit, at 1:45 pm ET.

Power Play: Technology

Technology Select Sector SPDR ETF (XLK), iShares Dow Jones US Technology ETF (IYW), iShares S&P North American Technology ETF (IGM) and iShares S&P North American Technology-Software Index (IGV) were firmer. SPDR S&P International Technology Sector ETF (IPK) was flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 0.79% while Semiconductor Sector Index Fund (SOXX) was up 0.70%, with a new 52-week high.

In stocks news, Trimble (TRMB) was up more than 12% to a record high after it reported late Tuesday Q4 revenue of $599.2 million, better than the analyst consensus of $567 million on Capital IQ. EPS was $0.43, better than expectations of $0.36 per share. For Q1, the company expects revenue of $610 million to $630 million and EPS of $0.40 to $0.43, vs. Street estimates of $617 million in revenue and earnings of $0.42 per share.

Winners and Losers

Financial

Select Financial Sector SPDRs (XLF) was down 0.02%. Direxion Daily Financial Bull 3X shares (FAS) was up 0.01%. Its bearish counterpart, FAZ, was down 0.18%.

Among financial stocks, PHH Corporation (PHH) was up nearly 3% at a new 52-week high after reporting late Tuesday earnings of $0.28 per share and net revenue of $675 million. The Street expected $0.06 per share on $642 million for Q4, according to Capital IQ estimates

Energy

Dow Jones U.S. Energy Fund (IYE) was up 0.17%, and Energy Select Sector SPDR (XLE) was up 0.01%.

In corporate news, Talisman Energy Inc. (TLM, TLM.TO) was up some 4% after reporting Q4 2013 non-GAAP loss of US$0.11 per share versus a non-GAAP loss of US$0.10 in the same period last year. Cash flow for the quarter was $580 million, compared to $573 million in the previous quarter. During the quarter, the company produced 387,000 boe/d, up from 371,000 boe/d in Q3. For 2014, the company expects to spend a total of US$3.2 billion to produce 350 to 365 mboe/d. Furthermore, the board of directors declared a quarterly dividend on the company's common shares of US$0.0675 per share, payable on March 31 to shareholders of record at the close of business on March 10.

Commodities

Crude was up 0.67%; United States Oil Fund (USO) was up 0.56%. Natural gas was up 0.68% and United States Natural Gas Fund (UNG) was up 1.03%.

Gold was up 0.27% and silver was up 0.73%. Among rare metal funds, SPDR Gold Trust (GLD) was up 0.38%; iShares Silver Trust (SLV) was up 0.62%.

Healthcare

Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were all firmer, and touched new 52-week highs. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was up 0.68%, touching a new all-time high.

In corporate news, Seattle Genetics (SGEN) was up nearly 10% after it said late Tuesday Q4 sales were $67.4 million, better than the median Bloomberg estimate for $59.3 million. Net loss was $0.13 per share. Estimates, usually less items, were for a loss of $0.24. It sees 2014 revenues from ADCETRIS net product sales between $155 million to $165 million and 2014 revenues from collaboration and license agreements between $55 million to $65 million.

Consumer

Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were weaker.

In stocks news, Packaging Corp Of America (PKG) was up 7.4%, trading at a new 52-week high after the containerboard maker reported late Tuesday a wide Q4 EPS beat and sales above analyst consensus. Quarterly EPS was $1.04, excluding special items, compared to EPS of $0.61 in the year ago period. Revenue was a record $1.3 billion, compared to $737 million last year. Analysts polled by Capital IQ were expecting EPS of $0.89 on revenues of $1.2 billion.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: SPY , EEM , IWM , QQQ , GDX

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