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Mid-Day ETF Update: Broad Market ETF's Modestly Higher, Emerging Market Funds Dip on China Data

By: MT Newswires
Posted: 6/10/2013 12:45:00 PM
Referenced Stocks: EEM;EWJ;SPY;VXX;XLF

Active broad-market exchange-traded funds in Monday's regular session:

SPDR S&P 500 ( SPY ): +0.1%

iShares MSCI Emerging Markets Index ( EEM ): -1.25%

Select Financial Sector SPDRS ( XLF ): +0.1%, nearer year highs

iShares MSCI Japan Index Fund ( EWJ ) +1.4%

iShares S&P 500 VIX Short Term Futures ( VXX ) -1%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are modestly firmer. Actively traded PowerShares QQQ (QQQ) is up 0.3%. Emerging market funds are weaker following weaker-than-expected data from China, pointing to a slowdown. Japan funds are among the best performers after the country's Topix Index put in its best performance since March 2011.

U.S. stock indices are slightly higher at the mid-session, shrugging off the weak data from China. Sentiment was helped by Standard & Poor's upping the U.S.'s AA+ credit rating outlook to stable from negative.

Winners and Losers

Financial -

Select Financial Sector SPDRs ( XLF ) is up 0.1% and nearer a year high. Direxion Daily Financial Bull 3X shares (FAS) is up 0.35%. Its bearish counterpart, FAZ, is down 0.4% and near its year low.

Among financial stocks, Stellarone (STEL) is up almost 17% and earlier hit a 52-week high of $19.43 after it agreed to a buyout offer from Union First Market Bank (UBSH) for $19.50 in stock to create a banking group with assets of $7.2 billion. StellarOne shareholders will receive 0.9739 shares of Union common stock for each share of StellarOne. UBSH is down more than 1%.

Technology -

Tech ETFs Technology Select Sector SPDR ETF (XLK) is up 0.44%, iShares Dow Jones US Technology ETF (IYW) is up 0.3%, iShares S&P North American Technology ETF (IGM) has gained 0.04%. All are near year highs. iShares S&P North American Technology-Software Index (IGV) is bucking the trend, down 0.6%.

Semiconductor ETFs, SPDR S&P Semiconductor (XSD) has gained 0.5% and Semiconductor Sector Index Fund (SOXX) is up 0.33%. SPDR S&P International Technology Sector ETF (IPK) is up 1.3%.

In company news, Apple Inc (AAPL) is up nearly 1.2% with the tech giant reportedly set to introduce new iOS software and a new digital music service at its world-wide developer's conference starting today in San Francisco.

Energy -

Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) are both little changed, with a negative bias.

FieldPoint Petroleum Corporation (FPP) announced that company Founder, President, and CEO, Mr. Ray D. Reaves, died in an automobile accident in Bastrop County, Texas. The shares are down 9% and nearer a year low.

Commodities -

July crude is down 0.32%; July natural gas is up 0.16%. United States Oil Fund (USO) is down 0.4%. United States Natural Gas Fund (UNG) is down 1.1%.

June gold is flat and silver for July delivery is up 0.75%. Among rare metal funds, SPDR Gold Trust (GLD) is up 0.5%, but remains near a year low; iShares Silver Trust (SLV) is up 1.8% from near year lows.

Consumer -

Consumer ETFs Consumer Staples Select Sector SPDR (XLP) up 0.02%, iShares Dow Jones US Consumer Goods (IYK) is up 0.23%, and Vanguard Consumer Staples ETF (VDC) has gained 0.07%.

In company news, Motorcar Parts of America (MPAA) is up 12%, earlier climbing to a new 52-week high of $7.80 after today saying it expects to report record annual sales of around $213 mln for its rotating electrical operations when it files its FY13 results for the 12 months ended in March later this month.

Healthcare -

Healthcare ETFs Health Care SPDR (XLV) has gained 0.36%, Vanguard Health Care ETF (VHT) is 0.36% higher, and iShares Dow Jones US Healthcare (IYH) has gained 0.35%. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 0.24%.

In corporate news, Elan Corporation (ELN) is up 1% after its Board of Directors has rejected the revised $13/share bid from privately held investment firm Royalty Pharma.

Industrial -

Industrial ETFs Vanguard Industrials (VIS) has gained 0.13%, iShares Trust Dow Jones U.S. Industrial Sector Index Fund (IYJ) is up 0.08%, and Select Sector SPDR-Industrial (XLI) are slightly lower, down 0.09%. All are close to 52-week highs.

In sector news, KMG Chemicals, Inc. (KMG) is up 1% and hit a year high of $23.06 after it reported third quarter 2013 diluted earnings per share of $0.25, compared to analyst estimate of $0.22. Net sales for the quarter totaled $59.9 million. Year-ago diluted earnings per share was $0.33, with net sales of $66.6 million. The company expects earnings per share to slightly improve in fourth quarter 2013, after taking into consideration over $1 million of closing and integration costs anticipated to be recognized in quarter.