Active broad market exchange-traded funds at mid-day:
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
SPDR Gold Trust (
Financial Select Sector SPDR (
): -0.75%, near its 52-week high
iShares Russell 2000 Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, continued to be weaker. Actively traded PowerShares QQQ
(QQQ) was down 0.26%.
U.S. stocks extended their losses into the session's half,
logging further losses following the report that the University of
Michigan-Thomson Reuters gauge on consumer sentiment dropped to
72.3 - its lowest reading since July, and missing the forecast of
79.3. Earlier, retail sales for March were reported to have
declined to an adjusted 0.4% - its biggest decline since June; ex
auto, retail sales also slipped 0.4%.
Analysts had pegged retail sales to remain unchanged, according
to Briefing.com. Meanwhile, PPI for March fell 0.6%, a wider
decline than the expected decrease of 0.1%. Core PPI rose 0.2%,
versus the forecasts of a 0.1% growth. Business inventories for
February rose 0.1% but missed the estimate of 0.4% increase. Fed
Chairman Ben Bernanke spoke at a press conference, discussing the
creation of resilient communities, but did not tackle monetary
Winners and Losers
were in the red at mid-day: Technology Select Sector SPDR ETF
(XLK), down 0.85%; iShares Dow Jones US Technology ETF (IYW), down
0.89%; iShares S&P North American Technology ETF (IGM), down
0.84%; and iShares S&P North American Technology-Software Index
(IGV), down 0.57%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
down 0.77% and Semiconductor Sector Index Fund (SOXX) was down
SPDR S&P International Technology Sector ETF (IPK) was down
In sector news, Infosys Ltd. (INFY) slipped further, down 20.5%
at mid-day. The company reported that fourth quarter 2013 EPS was
$0.78 versus consensus estimate of $0.74. Revenues totaled $2
billion. Year-ago earnings per share was 81 cents, with revenues of
$1.8 billion. For the fiscal year ending March 31, 2014, revenues
are expected to grow 6% to 10%. The company also discontinued EPS
Dow Jones U.S. Energy Fund (IYE) was down 1.64%. Energy Select
Sector SPDR (XLE) was down 1.73%.
In sector news, CONSOL Energy (CNX) reversed and was down 2.66%
at last check. The coal and natural gas company reported that its
Coal Division produced 14.8 million tons for Q1 of 2013, including
1.3 million tons of low-vol coking coal from the company's Buchanan
Mine. Both figures exceeded guidance as production surged to meet
stronger-than-expected export markets.
CNX's Gas Division produced 39.2 Bcfe for Q1 or 4% more than the
37.7 Bcfe produced in the comparable quarter last year. This
represented a decline in production of 6% compared to the prior
quarter. For Q2, the company expects total coal production to be
between 13.25 - 13.75 million tons. Buchanan Mine's Q2 production
is expected to be between 0.9 - 1.0 million tons.
Gas production, net to CNX, is expected to be 38 Bcfe - 40 Bcfe,
or relatively flat compared with the 39.2 Bcfe produced in Q1 of
2013. For FY13, total coal production guidance is 55.5 - 57.5
million tons. Gas production is projected to be 170 Bcfe - 180
Bcfe, net to CNX. Buchanan Mine's annual production guidance is now
estimated at 4.0 - 4.2 million tons.
Crude was down 2.87%; natural gas was up 2.05%. United States
Oil Fund (USO) was down 2.60%. United States Natural Gas Fund (UNG)
was up 1.77%.
Gold was down 3.73%, sinking to a new 52-week low of $1491.
Silver saw sharp losses as well, and was down 4.72%, hitting a new
52-week low of $25.97. Among rare metal funds, SPDR Gold Trust (
) was down 3.53%, with a 52-week low of $144.34; iShares Silver
Trust (SLV) was down 4.19%, also with a new 52-week low of
Healthcare ETFs were mixed but trading at the higher end of
their 52-week ranges: Health Care SPDR (XLV), up 0.05%; Vanguard
Health Care ETF (VHT), down 0.01%; and iShares Dow Jones US
Healthcare (IYH), up 0.03%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) was up 0.40%, with a new 52-week high of
In corporate news, Warner Chilcott (WCRX) was up 4.51% after
earlier announcing that the FDA approved a 200-mg dosage of DORYX
Delayed-Release Tablets. DORYX Delayed-Release Tablets are a
tetracycline-class oral antibiotic. The company anticipates that it
will commercially launch DORYX Delayed-Release 200-mg Tablets in
Consumer ETFs were mixed but near their 52-week highs: Consumer
Staples Select Sector SPDR (XLP), up 0.17%; iShares Dow Jones US
Consumer Goods (IYK), down 0.13%; and Vanguard Consumer Staples ETF
(VDC), up 0.20%.
In sector news, Chuy's Holdings (CHUY) was down 4.81% after
pricing its secondary public offering of common stock at $33 a
share, a discount to the $34.17 closing price on Thursday. Existing
shareholders are selling a total of 3 million shares in the
offering, with an option for underwriters to take a further 450,000
Power Play -
ETFs and stocks in the space continued to see active trade
following the earnings results of major banks JPMorgan Chase (JPM)
and Wells Fargo (WFC). Select Financial Sector SPDRs (
) was down 0.75%, but still near its 52-week high. Direxion Daily
Financial Bull 3X shares (FAS) was down 2.32%. Its bearish
counterpart, FAZ, was up 2.35%.
Among financial stocks, Wells Fargo (WFC) was steady lower, down
1.76% after it reported Q1 earnings of $0.92, better than the
analyst consensus of $0.89 per share on Capital IQ. Revenue was
$21.26 bln, shy of the Street view of $21.4 bln. Both loans and
core deposits were up from year ago levels. According to Bloomberg
News, shares are feeling pressure after WFC's interest margin for
the quarter missed estimates.
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