Active broad-market exchange-traded funds at Wednesday's regular
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
iShares Russell 2000 Index (
PowerShares QQQ Trust, Series 1 (
Market Vectors Gold Miners (
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 (
) 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
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
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.
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%.
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 Staples Select Sector SPDR (XLP), Vanguard Consumer
Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK)
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
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