Active broad-market exchange-traded funds in Thursday's regular
SPDR S&P 500 ETF Trust (
iShares MSCI Emerging Markets Index (
Market Vectors Gold Miners (
iPath S&P 500 VIX Short Term Futures (
): +0.5%, near 52 week lows
Select Financial Sector SPDRs (
): -0.5% from near 52 week highs
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, extended losses into the session's half. Actively traded
PowerShares QQQ (QQQ) is flat, but near its 52-week highs.
U.S. stocks were also mostly weaker, with the initial cheer
following the report that weekly jobless claims fell to their
lowest level since April 2006 dissipating. Analysts observed that
the data could have been skewed by computer glitches. Syria is back
in focus as U.S. Secretary of State John Kerry held discussions
with the foreign minister of Russia regarding Syria's surrender of
its chemical weapons. Investors are also already looking ahead to
the Federal Open Markets Committee meeting next week.
Winners and Losers
Select Financial Sector SPDRs (
) was down 0.6% from near 52 week highs. Direxion Daily Financial
Bull 3X shares (FAS) was down 1.35%. Its bearish counterpart, FAZ,
was up 1.4%.
Among financial stocks, Sterling Financial (STSA) was up near
9%, approaching 52-week highs, after the bank agreed to be bought
by Umpqua Holdings Corp (UMPQ) for $2 billion in cash and stock.
Sterling shareholders will receive 1.671 shares of Umpqua and $2.18
in cash for each share of Sterling common stock they hold. That's
worth $30.52 based on Umpqua's closing price of $16.96 on
Wednesday, when the deal was announced. UMPQ shares were down
Technology Select Sector SPDR ETF (XLK) was up 0.2%, just below
its 52-week high; iShares Dow Jones US Technology ETF (IYW) was
slightly up; iShares S&P North American Technology ETF (IGM)
was slightly lower after hitting a new 52 week high; as was the
iShares S&P North American Technology-Software Index (IGV), but
it earlier went very close to 52-week highs.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were weaker, but still at
the higher end of their 52-week ranges. SPDR S&P International
Technology Sector ETF (IPK) was up 0.58%, also near 52 week
In sector news, Extreme Networks (EXTR) was up 10% and earlier
reached new 52-week high of $4.66 after saying it is acquiring
privately held Enterasys Networks for $180 million in cash.
Dow Jones U.S. Energy Fund (IYE) was down 0.54%, but touched a
new 52-week high of $47.83. Energy Select Sector SPDR (XLE) also
hit a new 52-week high of $84.57, but was down 0.4% at last
In sector news, Weatherford International (WFT) was down 5%
after the oilfield services company disclosed in a regulatory
filing late Wednesday it has agreed to sell a 38.5% equity interest
in Borets International Ltd to Tangent Fund Ltd, its joint partner
in Borets, for around $400 million. The company also disclosed that
its CFO, John H. Briscoe, will be departing the company to pursue
other opportunities effective Sept. 12, 2013.
Crude was up 1.26%, and United States Oil Fund (USO) was up
Natural gas was up 2.11%, and United States Natural Gas Fund
(UNG) was up 2.25% following the natural gas inventories data. The
EIA reported that inventories showed a build of 65 bcf versus
expectations for a build of 65 - 66 bcf.
Gold was down 2.41%, but above session lows, and the SPDR Gold
Trust (GLD) was down 2.4%. Silver was down 4.%, also up from the
day's lows; iShares Silver Trust (SLV) was down 4%.
Health Care SPDR (XLV) has turned slightly up, nearer its
52-week highs; Vanguard Health Care ETF (VHT), iShares Dow Jones US
Healthcare (IYH) and Biotech ETF iShares NASDAQ Biotechnology Index
(IBB) were also all now higher and also trading at the higher end
of their 52-week ranges.
In corporate news, Insmed Inc. (INSM) was up 6.5% and reached a
new 52-week high of $16.20 after it said late Wednesday that it has
been awarded two new patents in the U.S. and Europe. The U.S.
patent for ARIKACE will provide exclusivity at least through
December 5, 2026. The European patent allowance is in addition to
the recent European Patent Office's EU patent No. 1909759 for
ARIKACE that will provide exclusivity through at least July 19,
Power Play -
Consumer Staples Select Sector SPDR (XLP) was up 0.07% and
Vanguard Consumer Staples ETF (VDC) was up 0.08%. iShares Dow Jones
US Consumer Goods (IYK), on the other hand, was down 0.13%.
SPDR S&P Retail (XRT) was down 1% but other retail ETFs were
faring better: PowerShares Dynamic Retail (PMR), up 0.03%, and
Market Vectors Retail ETF (RTH), up 0.02% after hitting a new year
high of $55.08.
In sector news, lululemon (LULU) was down 4.5% but more than $2
above day lows after the company reported Q2 revenue of $344.5 mln,
vs. the analyst consensus of $343.9 mln on Capital IQ. EPS was
$0.39, vs. expectations of $0.35 per share. Despite the beat, the
company guided Q3 and FY14 below Street expectations. Investors
were also looking for more clarification regarding LULU's CEO
succession and product issues, particularly the luon shortage.