Active broad-market exchange-traded funds at Friday's regular
SPDR S&P 500 (
iShares MSCI Emerging Markets Index (
iShares MSCI Japan (
PowerShares QQQ Trust, Series 1 (
Select Financial Sector SPDRs (
iPath S&P 500 VIX Short Term Futures (VXX): +6.4%
Broad Market Indicators
Most broad market exchange-traded funds were edging lower in the
session's half. Actively traded PowerShares QQQ (
) was down 1.2%.
U.S. stocks were in the red as well, with the main indices
heading for weekly losses, pressured by a decline in emerging
markets, weak Chinese economic data from earlier this week, and
currency instability in Turkey, Argentina and Thailand. With no
U.S. economic data on tap, investors have been digesting earnings
reports. A few companies like Microsoft (MSFT), Kimberly-Clark and
Covidien (COV) are bucking the downward trend after posting
results, but this was not enough to offset the broader market
Power Play: Financial
Select Financial Sector SPDRs (
) was down 1.7%; Direxion Daily Financial Bull 3X shares (FAS) was
down 5.1%. FAZ, was up 5.2%.
Among financial stocks, Prosperity Bancshares, Inc. (PB) was up
more than 4% and reached record highs after reporting Q4 2013 net
income was $62.971 million, or $0.98 per diluted share, up from net
income of $48.266 million, or $0.85 per diluted share, in the same
period last year. No information on the non-GAAP income was
provided, which would have been comparable to the Capital IQ
consensus of $0.91. Net interest income before provision for credit
losses increased 34.3% to $145.469 million compared with $108.301
million during the same period in 2012.
Winners and Losers
Technology Select Sector SPDR ETF (XLK) was down 1.1%. 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 also lower, but still near 52
week highs. SPDR S&P International Technology Sector ETF (IPK)
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
down 2% while Semiconductor Sector Index Fund (SOXX) was down
In stocks news, Open Text Corp. (OTEX, OTC.TO) was up nearly 12%
and reached a record high after the company reported after the
close on Thursday fiscal Q2 adjusted earnings of $1.58 per share,
flat compared to the year-ago quarter but better than the Capital
IQ analyst consensus for $1.50. Total revenue rose 3%
year-over-year to $363.5 million. The Cap IQ consensus called for
$352 million. The company declared a dividend of $0.15 per common
share (or $0.30 per common share on a pre-stock split basis, also
announced Thursday, 2-for-1 stock split). The record date for this
dividend is Feb. 25, 2014 and the payment date is March 14,
Dow Jones U.S. Energy Fund (IYE) was down 1.7%. Likewise, Energy
Select Sector SPDR (XLE) was lower, down 1.45% at last check.
In corporate news, CST Brands (CST) was down near 5% after it
said Thursday that it expects US and Canada motor fuel volume and
merchandise sales to be at the low end of its guidance in Q4. US
motor fuel volume is seen at the low end of its guidance of 4,850
to 4,950 gallons per site per day. It also sees merchandise sales
at the low end of the previously provided guidance of $3,250 to
$3,350 per site per day. Merchandise gross margin percentages are
seen slightly above its estimates.
Crude was up 0.76%; United States Oil Fund (USO) was down 0.4%.
Natural gas was up 5.33%, after hitting a new 52-week high and
United States Natural Gas Fund (UNG) was up 5.2% and near 52 week
highs. Gold was up 0.10% and silver was down 0.90%. Among rare
metal funds, SPDR Gold Trust (GLD) was down 0.1%; iShares Silver
Trust (SLV) was down 1.25%.
Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer
Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK)
were all edging lower.
In stocks news, Procter & Gamble (PG) was up 2.5% after
reporting Q2 core EPS of $1.21, a penny better than the analyst
consensus on Capital IQ. Sales were $22.28 billion, just shy of
expectations of $22.34 billion. The company reiterated its 2014
outlook, expecting organic sales growth of 3% to 4%. All-in sales
growth is estimated in the range of one percent to two percent,
including a negative foreign exchange impact of approximately 2%.
Core earnings per share are expected to grow five percent to seven
percent for the fiscal year, and reported earnings per share are
expected to grow in the range of 7% - 9%.
Health Care SPDR (XLV) and Vanguard Health Care ETF (VHT) and
iShares Dow Jones US Healthcare (IYH) and Biotech ETF iShares
NASDAQ Biotechnology Index (IBB) were all lower, but still near
In corporate news, Covidien PLC (COV) hit an all-time high
Friday, and was still up some 2.5% at last check after posting
adjusted earnings per share from continuing operations of $1, up
from $0.97 a year earlier and topping the Capital IQ consensus by
$0.06. Net sales rose 2.8% to $2.64 billion, in line with analysts'
estimate for $2.6 billion. For fiscal 2014, the company confirmed
its December guidance, which had been for net sales to rise 2% to
5% from fiscal 2013.
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