Active broad market exchange-traded funds in Wednesday's regular
SPDR S&P 500 (
Select Financial Sector SPDRS (
iShares MSCI Emerging Markets Index (
iPath S&P 500 VIX Short Term Futures (
iShares Silver Trust (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and
others, were firmer. Actively traded PowerShares QQQ (QQQ) was up
U.S. stocks were higher at the mid-session after Federal Reserve
Chairman Ben Bernanke indicated stimulus measures should stay in
place, warning their early removal would endanger the economic
recovery in testimony to Congress. Also helping sentiment was
economic data showing existing home sales for April rose to their
highest level in three years. Purchases of existing houses
increased 0.6% to an annual rate of 4.97 million, the most since
November 2009, the National Association of Realtors reported.
Winners and Losers
Select Financial Sector SPDRs (
) was up 1.1%. Direxion Daily Financial Bull 3X shares (FAS) was up
3.1%. Its bearish counterpart, FAZ, was down 2.9%.
Among financial stocks, S.Y. Bancorp, Inc. (SYBT), parent
company of Stock Yards Bank & Trust Company, announced its
board declared a quarterly cash dividend of $0.20 per share. The
dividend will be paid on July 1, to stockholders of record as of
June 10. Separately, the company noted that the Wilmington Trust
Company, trustee for the 10% fixed-rate cumulative trust preferred
securities issued by S.Y. Bancorp Capital Trust II, will make a
normal quarterly distribution on the trust preferred securities on
or about June 30. The amount will be $0.25 on each $10 preferred
security owned. The shares are up 1% at $24.48.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR
(XLE) were slightly firmer.
In sector news, KBR (KBR) said late yesterday that it has been
awarded a contract by Pacific NorthWest LNG Ltd. to execute
front-end engineering and design and early detailed engineering
work for a world-scale LNG export facility near British Columbia.
Terms were not disclosed. KBR is up 2.5% at $36.33 and earlier hit
a year top of $36.42.
June crude was down 1.2%; July natural gas was down 0.33%.
United States Oil Fund (USO) was down 0.34%. United States Natural
Gas Fund (UNG) was down 0.22%.
June gold was down 0.2% and silver for July delivery was up
0.78%. Among rare metal funds, SPDR Gold Trust (GLD) was up 0.56%;
iShares Silver Trust (
) was up 1.62%.
Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US
Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were
all showing modest gains.
In sector news, Zale (ZLC) shares were up 25% as it reports Q3
net earnings of $5 million, or $0.13 per diluted share, compared to
a loss of $5 million in the prior year quarter. Revenues were $443
million compared to $445 million in Q3 2012. Analysts expected a
loss of $0.01 per share on revenues of $440 million.
Healthcare ETFs Health Care SPDR (XLV) was up 1.8%, Vanguard
Health Care ETF (VHT) was up 1.5% and iShares Dow Jones US
Healthcare (IYH) was up 1.7%. Biotech ETF iShares NASDAQ
Biotechnology Index (IBB) gained 2%.
In corporate news, Oncolytics Biotech (ONCY) was up 4.7% after
it reported preliminary results from its U.S. Phase 2 clinical
trial in patients with metastatic melanoma using intravenous
administration of REOLYSIN in combination with carboplatin and
paclitaxel. The study was a two stage design. Up to 18 evaluable
patients with metastatic melanoma were to be treated in the first
stage. If three or more patients demonstrated a PR or better, the
study could then proceed to the second stage, with up to 43
patients being treated in the entire study. This endpoint was met
after 14 evaluable patients were enrolled. Three of 14 patients
exhibited a PR, and an additional seven patients had SD for a
disease control rate of 71.5%.
Tech ETFs Technology Select Sector SPDR ETF (XLK), 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 modestly higher.
Semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 0.5%
and Semiconductor Sector Index Fund (SOXX) gained 0.6%.
SPDR S&P International Technology Sector ETF (IPK) was up
In sector news, Sony (SNE) recovered from early losses to trade
slightly higher after it said that it expects to achieve its
previously announced FY14 financial targets of sales of JPY 8.5
trillion, operating income margin of more than 5%, and return on
equity of 10% for the Sony Group overall. Analysts on Capital IQ
are expecting sales of JPY 7.43 trillion.
The company added that it is on track to bring its electronics
business to profitability, expecting JPY 6 trillion in sales. The
company also said that its board of directors is considering
spinning off part of its entertainment business, as had been
proposed by U.S. hedge fund ad top Sony investor, Third Point. But
the company clarified that discussions related to the proposal were
in the preliminary stages.
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