Mid-Day ETF Update: ETFs Mixed, Stocks Reverse Into the Red as Investors Look Ahead to G7 Meeting
Active broad market exchange-traded funds at mid-day:
SPDR S&P 500 ETF Trust ( SPY ): -0.13% but hits 52 week high of $151.88
iPath S&P 500 VIX ST Futures ETN ( VXX ): -1%, near 52-week low
Financial Select Sector SPDR ( XLF ): +0.43%, with a new 52-week high of $17.70
iShares MSCI Japan Index ( EWJ ): +0.90%, near 52-week high
iShares MSCI Emerging Markets Index ( EEM ): -0.27%.
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM, IVV and others, are mixed. Actively traded PowerShares QQQ (QQQ) is down 0.13% but is jumping to near new 52-week highs.
U.S. stocks are now lower in the session's half. With little economic data set for release today, earnings will continue to spur much of market activity, with companies such as Loews (L) and Time Warner (TWTC) reporting their earnings. Focus will also be on the upcoming G7 (Group of Seven) meeting later this week, as the G7 nations are reportedly drafting a statement aiming to avert a potential currency war. Precious metals commodities, particularly gold, are nearing 52-week lows following those reports. Additionally, Eurozone finance ministers also are meeting today to discuss aid to Greece and Cyprus.
Winners and Losers
Select Financial Sector SPDRs ( XLF ) is up 0.43%, with a new 52-week high of $17.70. Direxion Daily Financial Bull 3X shares (FAS) is up 0.78%, with a new 52-week high of $150.25. Its bearish counterpart, FAZ, is down 0.59%, with a 52-week low of$11.82.
Among financial stocks, American Capital Mortgage Investment Corp. (MTGE) is now up 4.86% after it reported late Friday net spread income of $0.84 per share, which excludes $0.56 per share of other investment-related net gains as well as other tax and "catch-up" premium amortization benefits. Analysts, on average, were looking for a $0.79 adjusted gain for the period, according to Capital IQ.
Tech ETFs are mixed: Technology Select Sector SPDR ETF (XLK), up 0.07%; iShares Dow Jones US Technology ETF (IYW), up 0.12%; iShares S&P North American Technology ETF (IGM), down 0.07%, near its 52-week high; and iShares S&P North American Technology-Software Index (IGV), down 0.39%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) is up 0.12% and Semiconductor Sector Index Fund (SOXX) is up 0.12%.
SPDR S&P International Technology Sector ETF (IPK) is down 0.11%. It is also nearing its 52-week high.
In sector news, SunPower Corp. (SPWR) has reversed losses and is now up 9.58% after it reported late Friday Q4 earnings of $0.18, better than estimates of $0.15, and higher than Q4 2011 earnings of $0.04. Revenue came in at $678.5 million, below estimates of $783.7 million, but higher than revenues of $625.3 million reported in the year prior. SPWR sees Q1 earnings of $0.05 to $0.20 on revenues of $475 million to $550 million. Analysts expect a loss of $0.07 per share on revenues of $555 million.
Dow Jones U.S. Energy Fund (IYE) is down 0.56% and Energy Select Sector SPDR (XLE) is up 0.51%. Both are near their 52-week highs.
In sector news, Harvest Natural Resources (HNR) is now down 1.10% after logging gains earlier. It announced an update to its drilling operations in the Dussafu Tortue Marin-1 (DTM-1) well drilled in the Dussafu Marin PSC, offshore Gabon in West Africa. Harvest operates the Dussafu PSC, holding a 66.667% interest. The company says the addition of the Tortue oil discovery extends the proven fairway for stacked pre-salt reservoirs and has demonstrated the exploration potential for the outboard part of the Dussafu license.
Crude was up 0.98%; natural gas was down 0.61%. United States Oil Fund (USO) is up 0.81%. United States Natural Gas Fund (UNG) is down 0.33%.
Precious metal commodities slipped to near 52-week lows after reports said the G7 meeting later this week will tackle the potential "currency war." Gold was down 1.19% and silver was down 1.67%. Among rare metal funds, SPDR Gold Trust (GLD) is down 1.4%; iShares Silver Trust (SLV) is down 1.97%.
Healthcare ETFs Health Care SPDR (XLV), down 0.21%, with a new 52-week high of $43.39; Vanguard Health Care ETF (VHT), down 0.23%, with a new 52-week high of $78.11; and iShares Dow Jones US Healthcare (IYH), down 0.22%, nearing its 52-week high. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 0.09%.
In corporate news, Medical Action Industries (MDCI) is now up 15.17% after it reported Q3 earnings of $0.10 per share, ex one-time items, versus the Capital IQ consensus of $0.05. Revenues were $109.4 mln, versus the analyst estimate of $115.19 mln.
Power Play -
Consumer ETFs are edging lower after nearing their new 52-week highs: Consumer Staples Select Sector SPDR (XLP), down 0.15%; iShares Dow Jones US Consumer Goods (IYK), down 0.111; and Vanguard Consumer Staples ETF (VDC), down 0.03%.
In sector news, Wendy's (WEN) is now up 3.64%, touching a new 52-week high of $5.33 after the stock was highlighted in this weekend's Barron's. The story suggests the stock could jump 40%. It notes at 10 times 2014 estimated Ebitda, Wendy's could be worth $7.20 per share.