Active broad market exchange-traded funds in Tuesday's regular
SPDR S&P 500 (
): +0.16%, near its 52-week high
iShares MSCI Emerging Markets Index (
Financial Select Sector SPDR (
): +0.43%, with a new 52-week high
iPath S&P 500 VIX Short Term Futures (
iShares Silver Trust (
Broad Market Indicators
Broad market exchange-traded funds, including SPY, IWM, IVV and
others, reversed earlier losses, and were ticking higher at
mid-day, nearing or reaching new 52-week highs. Actively traded
PowerShares QQQ (QQQ) was up 0.16%.
U.S. stocks turned positive in the session's half, following the
bearish comments from St. Louis Fed President James Bullard, who
said in his speech that the U.S. recovery has been slower than
expected and that the Fed's quantitative easing is the most
reliable tool available given already low interest rates. Investors
are now awaiting New York Fed President William Dudley's speech
later today at 1 pm ET, as well as Federal Reserve Chairman Ben
Bernanke's testimony on Wednesday in front of Congress. The Street
will also be focusing on the Federal Open Market Committee, which
will release its meeting minutes also on Wednesday.
Winners and Losers
Select Financial Sector SPDRs (
) was up 0.43%, with a new 52-week high of $20.13. Direxion Daily
Financial Bull 3X shares (FAS) was up 1.29%, hitting a new 52-week
high of $71.55. Its bearish counterpart, FAZ, was down 1.23%, with
a new 52-week low of $31.14.
Among financial stocks, JPMorgan (JPM) was up 2.20% and earlier
hit a new 52-week high of $53.67 following a report on NYT that the
vote to split the role of chairman and CEO at the bank failed. NYT
cited sources who have already seen the tallies. If the result is
true, Jamie Dimon will retain both roles, CEO and chairman.
are mostly lower: Technology Select Sector SPDR ETF (XLK), off
0.25%; iShares Dow Jones US Technology ETF (IYW), down 0.05%;
iShares S&P North American Technology ETF (IGM), down 0.05%,
but near its 52-week high; and iShares S&P North American
Technology-Software Index (IGV) is up 0.08%, also near its 52-week
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
up 0.31%, with a new 52-week high of $54.36; Semiconductor Sector
Index Fund (SOXX) is down 0.09%.
SPDR S&P International Technology Sector ETF (IPK) was
In sector news, Clearwire (CLWR) was up 4.91%, nearing its
52-week high, after the company said it received an offer of $3.40
per share from Sprint (S) to acquire the nearly 50% stake in the
company that it does not currently own. S shares are up 1.12%, also
reaching a new 52-week high of $7.40.
Industrial ETFs were in positive territory at mid-day: Vanguard
Industrials (VIS), off 0.02%, but touched a new 52-week high of
$84.53; iShares Trust Dow Jones U.S. Industrial Sector Index Fund
(IYJ), up 0.21%, with a new 52-week high of $86.58; and Select
Sector SPDR-Industrial (XLI), up 0.18%, with a new 52-week high of
In sector news, Embraer (ERJ) was up 2.61%, with a new 52-week
high of $38.40, while SkyWest (SKYW) was up 0.42%, after the two
companies announced a firm order for 40 EMBRAER 175 aircraft. In
addition, another 60 firm orders were reconfirmable aircraft,
subject to SkyWest being awarded CPA agreement contracts with major
U.S. airline partners. Embraer said that if all 100 firm orders are
exercised, the order has an estimated value of $4.1 billion at
current list prices.
Dow Jones U.S. Energy Fund (IYE) was up 0.23%, hitting a new
52-week high of $47.53; Energy Select Sector SPDR (XLE) was up
0.25%, also with a new 52-week high of $83.66.
In sector news, Laredo Petroleum (LPI) was up 6.16% after it aid
earlier that it sold its interests in properties and assets in the
Anadarko Basin to various affiliates of EnerVest, Ltd. Under the
agreement signed by the two companies, which has an effective date
of April 1, 2013, EnerVest will acquire about 104,000 net acres of
leasehold held by LPI in the Anadarko Basin of Western Oklahoma and
the Texas Panhandle and associated infrastructure. At closing,
EnerVest will pay $438 million in cash to Laredo, before normal
Crude was down 0.48%; natural gas was up 1.69%. United States
Oil Fund (USO) was down 0.46%, United States Natural Gas Fund (UNG)
was up 2.04%.
Gold was down 0.47% and silver was down 0.36%. Among rare metal
funds, SPDR Gold Trust (GLD) was down 1.29%; Market Vectors Gold
Miners (GDX) was down 1.39%. iShares Silver Trust (
) was down 2.20%.
Healthcare ETFs were trading at the higher end of their 52-week
ranges: Health Care SPDR (XLV), up 0.49%; Vanguard Health Care ETF
(VHT), up 0.33%; and iShares Dow Jones US Healthcare (IYH), up
0.40%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was
also firmer, up 0.40%.
In corporate news, Medtronic (MDT) was up 4.99%, touching a new
52-week high of $53.83, after reporting Q4 adjusted EPS of $1.10,
vs. the analyst consensus of $1.03 per share on Capital IQ. Revenue
was $4.46 bln, vs. expectations of $4.38 bln. For FY 2014, the
company expects EPS of $3.80 to $3.85 and revenue growth of 3% to
4% on a constant currency basis. The Street view is $4.01 per share
Power Play -
Consumer ETFs are mostly lower: Consumer Staples Select Sector
SPDR (XLP), up 0.05%; iShares Dow Jones US Consumer Goods (IYK),
down 0.14%; and Vanguard Consumer Staples ETF (VDC), down
In sector news, Monro Muffler Brake (MNRO) was up 5.15%, earlier
jumping to a new 52-week high of $50.22. The company reported Q4
earnings of $0.25 per share, in line with the Capital IQ consensus
of $0.25. Revenues were $195.9 million, versus the analyst estimate
of $190.43 million. Adjusted for days, comparable store sales for
the quarter decreased 5.6%; on a reported basis, comparable store
sales decreased 11.4%.
The company projects Q1 EPS of $0.42 - $0.46 versus the Street
view of $0.48 EPS. Comparable store sales are anticipated to
increase 3% - 4%. MNRO also expects FY14 EPS of $1.65 - $1.80 on
revenues of $840 million - $865 million. The Street view is EPS of
$1.78 on revenues of $864.57 million. Comparable store sales are
anticipated to increase 2.5% - 4.5%.
In a separate announcement, the company's board of directors
declared a quarterly dividend of $0.11 per share payable to
shareholders of record on May 31 payable on June 11. This is a 10%
increase in the last quarterly dividend of $0.10.
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