Active broad-market exchange-traded funds at mid-day:
SPDR S&P 500 (
Financial Select Sector SPDR (
PowerShares QQQ Trust, Series 1 (
iShares MSCI Emerging Markets Index (
iShares Russell 2000 Index (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, are weaker. Actively traded PowerShares QQQ (
) is down 0.5%.
U.S. stocks are lower, touching session lows in mid-day action,
weighed down by concerns on corporate earnings after Alcoa (AA)
lowered its outlook for global metal demand despite an earnings
beat. Chevron (CVX) also issued a warning on lower-than-expected
earnings. Neil Barofsky's criticism of the government's Troubled
Asset Relief Program (TARP), which he called a "double-edged
sword", is also souring market sentiment.
Winners and Losers
Select Financial Sector SPDRs (
) is down 0.3% from near year highs. Direxion Daily Financial Bull
3X shares (FAS) is down 0.65%. Its bearish counterpart, FAZ, is up
Among financial actives, Progressive Corporation (PGR) is up
2.2%, adding to pre-market gains of more than 1%, after the company
earlier reported Q3 earnings of $0.46 per share, versus the Capital
IQ GAAP consensus of $0.34. Revenues were $4.24 mln, versus the
analyst estimate of $4.16 mln. In the same period last year, the
company reported EPS of $0.24 on revenues of $3.87 bln.
Tech ETFs are slipping lower: Technology Select Sector SPDR ETF
(XLK), down 0.5%; iShares Dow Jones US Technology ETF (IYW), also
down 0.5%; iShares S&P North American Technology ETF (IGM),
down 0.71%; and iShares S&P North American Technology-Software
Index (IGV), down 0.6%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is
down 1.3% and Semiconductor Sector Index Fund (SOXX) down 1.1%.
SPDR S&P International Technology Sector ETF (IPK) is flat.
In sector news, OCZ Technology Group (OCZ) is down near 40% and
has hit new year lows after saying it contracted the U.S.
Securities and Exchange Commission asking to extend its filing
deadline for its fiscal Q2 ended Aug. 31 because its financial
statements are under review. The maker of data-storage devices said
it will report a "significant" Q2 net loss and negative gross
margins for the period. It also named board member Ralph Schmitt as
CEO and president, effective immediately. He replaces Alexander Cy
Mei, the company's chief marketing officer who has been serving as
interim chief exectuive at OCZ.
Dow Jones U.S. Energy Fund (IYE) is down 1.9%; Energy Select
Sector SPDR (XLE) is down 1.8%.
In sector news, Chevron (CVX) is down 4.3% after saying Q3
earnings would be "substantially lower" than Q2 with oil production
declining during the first two months of the quarter and the
company receiving a lower price from the sale of oil. CVX said
production took a hit from an August fire at its refinery in
Richmond, Calif., and disruptions from Hurricane Isaac.
Crude was up 0.39% while natural gas is down 0.84%. United
States Oil Fund (USO) has turned negative and is now down 0.6%.
United States Natural Gas Fund (UNG) has done the opposite, turning
positive and now up 0.2%. United States Gasoline Fund, LP (UGA) is
up 0.44% and earlier touched a new year high.
Gold was down 0.11% and while silver was down 0.16%. Among rare
metal funds, SPDR Gold Trust (GLD) is now up 0.05%; iShares Silver
Trust (SLV) is up 0.05%.
Healthcare ETFs Health Care SPDR (XLV), down 0.9%; Vanguard
Health Care ETF (VHT), also down 0.9%; and iShares Dow Jones US
Healthcare (IYH), down 0.8%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) is down 1.2%.
In corporate news, OraSure Technologies Inc. (OSUR) is up 3.9%
after announcing the availability of the OraQuick In-Home HIV Test
at retailers nationwide and online. The company says this is the
first rapid infectious disease test ever to be made available
directly to consumers for in-home use.
Power Play -
Consumer ETFs are mostly up: Consumer Staples Select Sector SPDR
(XLP), now slightly down, away from near year highs; iShares Dow
Jones US Consumer Goods (IYK), down 1.2%; and Vanguard Consumer
Staples ETF (VDC), now down 0.1%.
Retail ETFs are firmer: SPDR S&P Retail (XRT), now 0.2%
lower; PowerShares Dynamic Retail (PMR), up 0.08%; and Market
Vectors Retail ETF (RTH), up 0.2% having hit a new year high.
In sector news, Yum! Brands Inc. (YUM) is up 8.5%, adding to
gains of some 3% in Tuesday's after hours session, after the
company reported adjusted Q3 earnings of $0.99 a share, beating
analyst expectations and also topping the year-ago $0.83 gain.
Revenue for the period was $3.56 billion. Analysts, on average,
were expecting a $0.97 a share profit on $3.64 billion in revenue
for the quarter. YUM also raised its FY12 EPS guidance to at least
$3.24, excluding special items. The Street currently is at $3.26 a