Mid-Day ETF Update: ETFs Tracking Stocks Mixed to Lower - And That Was Before The Google Saga

By MidnightTrader.com Staff,

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Active broad-market exchange-traded funds at mid-day:

SPDR S&P 500 ( SPY ): -0.28%

PowerShares QQQ Trust, Series 1 ( QQQ ): -1.3%

Financial Select Sector SPDR ( XLF ): +0.1%, still near year high

iShares MSCI Emerging Markets Index ( EEM ): -0.5%

iShares MSCI EAFE Index Fund ( EFA ): -0.2%, from near year highs

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are mixed to lower. Actively traded PowerShares QQQ ( QQQ ) is down 1.3%.

U.S. stocks continue to waver. Investors are digesting earnings reports, with companies posting mostly mixed results for the most part. That was even before Google (GOOG) earnings were "accidentally" released earlier than its scheduled after hours report, sending shares down about 9% before being halted. The company posted earnings of $9.03 per share on revenue of $11.33 billion, missing expectations for $10.67 per share on sales of $11.86 billion, according to Capital IQ.

Winners and Losers

Tech ETFs Technology are mixed in mid-day action: Select Sector SPDR ETF (XLK), now down 1.1%; iShares Dow Jones US Technology ETF (IYW), down 1.9%; iShares S&P North American Technology ETF (IGM), up 0.2%; and iShares S&P North American Technology-Software Index (IGV), down 0.56%. SPDR S&P International Technology Sector ETF (IPK) is flat.

Semiconductors are weighing on the tech sector. Among the top losers, Mellanox Technologies (MLNX) is now down 20.3%, after it said in its earnings conference call late yesterday that it expects Q4 revenues to be $145 mln - $150 mln, well below the Capital IQ consensus of $156.7 mln. The fabless semiconductor company had posted Q3 earnings of $1.37 per share, ex one-time items, beating the Capital IQ consensus of $1.12. Revenues were $156.5 mln, versus the analyst estimate of $152.8 mln. In the same period last year, the company reported EPS of $0.34 on revenues of $68.16 mln.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD), is down 0.8% and Semiconductor Sector Index Fund (SOXX) is down 0.7%.

Energy -

Dow Jones U.S. Energy Fund (IYE) is up 0.1%; Energy Select Sector SPDR (XLE) is up 0.2%.

In sector news, Diamond Offshore Drilling (DO) is up 2.3% after it posted Q3 earnings of $1.28 per share, versus the Capital IQ consensus of $1.02. Revenues were $729 mln, versus the analyst estimate of $735.78 mln. In the same period last year, the company reported EPS of $1.85 on revenues of $878 mln.

Commodities -

Crude was down 0.48% while natural gas was down 0.05%. United States Oil Fund (USO) is flat. United States Natural Gas Fund (UNG) is up 2.1%.

Gold and silver were lower, down 0.38% and 0.41% respectively. Among rare metal funds, SPDR Gold Trust (GLD) is down 0.3%; iShares Silver Trust (SLV) is down 0.8%.

Healthcare -

Healthcare ETFs are lower: Health Care SPDR (XLV), down 0.05%, but near its year high; Vanguard Health Care ETF (VHT), down 0.2%; and iShares Dow Jones US Healthcare (IYH), down 0.3%, near its year high. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 1%.

Consumer -

Consumer ETFs are weaker: Consumer Staples Select Sector SPDR (XLP), down 0.55%; iShares Dow Jones US Consumer Goods (IYK), down 0.08%; and Vanguard Consumer Staples ETF (VDC), down 0.4%.

Retail ETFs are higher: SPDR S&P Retail (XRT), up 0.11%; PowerShares Dynamic Retail (PMR), up 0.4%: and Market Vectors Retail ETF (RTH), down 0.19%, after hitting a new year high.

Power Play -

Financial -

The financial sector is seeing solid gains in mid-day trading. Select Financial Sector SPDRs ( XLF ) is up 0.3%, pushing near its 52-week high. Direxion Daily Financial Bull 3X shares (FAS) is up 0.7%, also near its year high. Its bearish counterpart, FAZ, is down 0.7% and has hit a new year low of $15.91.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: EEM , EFA , QQQ , SPY , XLF

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