Mid-Day ETF Update: Mixed as Broader Market Hangs on to Uneasy Gains; Positive Jobs Data and Same Store Figures Provide Support

By MidnightTrader.com Staff,

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

SPDR S&P 500 ( SPY ): +0.11%

Financial Select Sector SPDR ( XLF ): -1.52%

iShares MSCI Emerging Markets Index ( EEM ): +0.75%

iPath S&P 500 VIX Short-Term Futures ( VXX ): +0.92%

iShares Russell 2000 Index ( IWM ): -0.11%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are lower. Actively traded PowerShares QQQ (QQQ) is up 0.65%.

U.S. stocks are mixed as the broader market struggles to hold on to uneasy gains in the session's half, after a slump in the pre-market session and a rocky open. Weekly jobless claims that fell more than expected have offered some support, but renewed concerns over Europe's debt still cast a shadow over the broader market. Retailers reporting March same store sales are in the spotlight.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) is down 0.19% in mid-day trading. Direxion Daily Financial Bull 3X shares (FAS) is down 0.44%. Its bearish counterpart, FAZ, is up 38%.

Among actives: Bank of America (BAC) is up 0.65%, Goldman Sachs (GS) is down 1.19%, Morgan Stanley (MS) is down 1.02%, Citigroup (C) is down 0.6%.

AIG (AIG) is up 1.32% after the salary of the its CEO, Robert Benmosche, was approved by the U.S. Treasury and will remain unchanged at $10.5 million, according to a report on Market Watch.

Morgan Stanley (MS) on the other hand is down 1.44% after it was reported late yesterday that its CEO James Gorman was in talks with Moody's to try to avoid a downgrade from the rating agency, according to Market Watch.

Technology -

Among tech actives: Apple (AAPL) is up 1.2%; Microsoft (MSFT) is up 1.07%; Intel (INTC) is up 0.21%; Google (GOOG) is down 0.34%; Cisco (CSCO) is down 0.19%; Yahoo (YHOO) is down 1.18%.

Parametric Technology (PMTC) is down 21.77% after announcing that it expects EPS of $0.26-$0.28, ex one-time items, down from the prior guidance of $0.32 - $0.36. This is below the Capital IQ consensus estimate of $0.34 EPS. PMTC also expects revenues to be $299 mln, below the prior forecast of $305 mln - $320 mln and below the Street view of $314.54 mln.

Polycom (PLCM) is down 17.32% after the company said that preliminary Q1 revenue is expected in the range of $364 to $370 mln, below the analyst consensus of $400 mln on Thomson Reuters. Non-GAAP EPS is seen between $0.21 and $0.23 per share. The Street is at $0.30 per share.

Meru Networks (MERU) is down 19.24% after the company said it now expects to report Q1 revenues in a range of $19.0 million to $19.5 million. Analysts are expecting MERU to generate about $21.89 million in Q1 sales.

LinkedIn (LNKD) is up 0.05% after shares were initiated with a Buy at Capstone and a price target of $125.

SemiLEDs (LEDS) shares are down 6.46% after reporting a Q2 loss per share of $0.26, a penny wider than the $0.25 loss analysts were looking for. Revenue for the quarter dropped 21% from the previous year to $7.9 million. The Street was looking for $7.41 million. Shares of the company are currently flat at yesterday's close of $3.95.

Vodafone (VOD) is down 0.83% in U.S. trading after it bought 12.5 million of its own shares on the London Stock Exchange. The company says it will hold the purchased shares in treasury.

In the ETF space, iShares Dow Jones US Technology ETF (IYW) is up 0.31%; Technology Select Sector SPDR ETF (XLK) is up 0.20% and iShares S&P North American Technology ETF (IGM) is down 0.01%. iShares S&P North American Technology-Software Index (IGV) is up 0.08%.

SPDR S&P Semiconductor (XSD) is down 0.34% while Semiconductor Sector Index Fund (SOXX) is up 0.33%.

SPDR S&P International Technology Sector ETF (IPK) is up 0.47%.

Energy -

Dow Jones U.S. Energy Fund (IYE) is down 0.07%. Energy Select Sector SPDR (XLE) on the other hand is up 0.1%.

L&L Energy (LLEN) is up 6.71% after thje company signed a deal to provide thermal coal for the HeShan power plant of state-owned utility company, Datang International Power Generation in China.

Commodities -

Crude is up $1.32 or 1.3% at $102.80 a barrel. United States Oil Fund (USO) is up 0.82%.

Gold is up $15.80 at $1,629.60 an ounce. SPDR Gold Trust (GLD) is up 0.6% at 158.12. Silver is up 1.97% at $31.66 a pound. iShares Silver Trust (SLV) is up 1.52% at 30.79.

Power Play

Retail -

The retail space is mostly outperforming the broader market on the back of March same store sales reports from major retailers. Among ETFs, Merrill Lynch Retail HOLDRS ETF (RTH), is up 0.6%; SPDR S&P Retail (XRT) is up 0.41%; and PowerShares Dynamic Retail (PMR) is up 0.9%.

Bed Bath & Beyond (BBBY) is up 9.27% to $72.37, just off the new 52-week high of $72.50, after reporting Q4 EPS of $1.48, and sales of $2.732 bln. The analyst consensus was $1.33 per share in earnings on revenue of $2.66 bln. For Q1, the company sees EPS of $.79 to $.83 versus the Street view of $0.82 per share.

On the downside, Constellation Brands (STZ) is down 13.55% after reporting Q4 EPS of $0.69 on sales of $628 mln, beating out the Street view of $0.39 EPS on revenues of $626.4 mln.

Retailers reporting March same store sales and missed the Retail Metrics estimates include: The Buckle, -6.06%, with same store sales up 6.4%; The Bon-Ton Stores (BONT), -6.21%, reported same store sales decrease of 0.1%; Stein Mart (SMRT), -1.56%, reported same store sales down 0.3%; and The Wet Seal (WTSLA), -0.57%, reported same store sales down 7.8%.

Retailers whose same store sales beat estimates include: Cato (CATO), +1.42%, with comp store sales up 5%; Macy's (M), +0.5% to $41.12, just off the new year high of $41.27, with comp store sales up 7.3%; Nordstrom (JWN), +1.48% after hitting a new year high of 56.50, with comp store sales up 8.6%; Rite Aid (RAD), +3.51%, with same store sales up 3.6%; Ross Stores (ROST), +2.79% to $60, just off the new year high of $60.02, with same store sales up 10%; and Target (TGT), +0.66% to $58.20, near the 52-week high of $58.95, with same store sales up 7.3%; and TJX (TJX), +2.74% to near the new year high of $40.62, with same store sales up 10%.

On the downside, the following retailers met estimates but are trading down: : Fred's (FRED), -2.21%, with comp store sales flat; The Gap (GPS), -0.19%, with same store sales up 8%; Kohl's (KSS), -3.44% with same store sales up 3.6%; and Limited Brands (LTD), -0.18%, with comp store sales up 8%.

Saks (SKS), now down 3.11%, reported comp store sales growth of 6.3%, in line with estimates.

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 , IWM , SPY , VXX , XLF

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