Mid-Day ETF Update: ETFs, Stocks Pare Losses Following Better-Than-Expected ISm Nonmanufacturing Data; Fisher Comments Weigh
Active broad-market exchange-traded funds in Monday's regular session:
SPDR S&P 500 ( SPY ): -0.16%, near 52 week highs.
iShares MSCI Emerging Markets Index ( EEM ): -0.9%.
Direxion Daily Gold Miners Bull 3X Shares ( NUGT ): +0.2%, has turned positive.
iShares MSCI Japan Index Fund ( EWJ ) +0.04%
Select Sector SPDR Fund - Financial ( XLF ): -0.2%, earlier neared 52 week high.
Broad Market Indicators
Most broad-market exchange-traded funds, including SPY, IWM, IVV and others, are in the red. Actively traded PowerShares QQQ (QQQ) is now down 0.13% but earlier hit a new 52-week high.
U.S. stocks were also down, but trimmed earlier losses following the ISM non-manufacturing report for July, which showed that the index jumped 56%, up from last month's increase of 52.2% and better than forecasted. Markets also fizzled after Dallas Fed President Richard Fisher's comments, saying that the Fed is closer to cutting back on bond purchasers after last week's jobs data. Looking ahead to the rest of the week, Chicago Fed President Charles Evans is scheduled to speak on Tuesday.
Select Financial Sector SPDRs ( XLF ) is down 0.2% from near 52 week highs. Direxion Daily Financial Bull 3X shares (FAS) is down 0.5%. Its bearish counterpart, FAZ, is up 0.5% from near 52 week lows.
Among financial stocks, HSBC (HBC) was down 4.3% after it said net profit for the first half was $10.28 billion, compared with $8.44 billion in the first half of 2012. Revenue fell 7% to $34.4 billion.
Technology Select Sector SPDR ETF (XLK) was up 0.1%, with a new 52-week high of $32.31; other tech ETFs 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 also firmer and near 52 week highs.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 0.35% while Semiconductor Sector Index Fund (SOXX) was down 0.3%.
SPDR S&P International Technology Sector ETF (IPK) was flat.
In sector news, Canadian Solar Inc. (CSIQ) jumped 10%, with a new 52-week high of $15.83, after it said its Canadian Solar Solutions unit has agreed to sell five utility-scale solar power plants to a Concord Pacific affiliate in a transaction worth $277 million. Under the agreement, the plants, located in Chesterville, Pefferlaw, Springwater, Sudbury and Wyebridge, Ontario, Canada, are expected to start construction during 2013 and 2014 with commercial operation expected in 2014.
Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were down 0.4% and 0.5% from near 52 week highs, respectively.
In sector news, Resolute Energy (REN) was up 1.15% and nearer 52 week highs after it reported Q2 GAAP earnings of $0.14 per share, versus the Capital IQ GAAP consensus of $0.04. Revenues were $89.1 million, versus the analyst estimate of $91.3 million. Production for the quarter increased 39% to 1,193 MBoe as compared to 858 MBoe during the same quarter of 2012.
Crude was down 0.08%; natural gas was down 0.72%. United States Oil Fund (USO) was up 0.03%. United States Natural Gas Fund (UNG) was down 1%.
Gold was down 0.88% and silver was down 1.14%. Among rare metal funds, SPDR Gold Trust (GLD) was down 0.66%; iShares Silver Trust (SLV) was down 0.47%.
Health Care SPDR (XLV) was down 0.04%, but still near its 52 week highs; Vanguard Health Care ETF (VHT), iShares Dow Jones US Healthcare (IYH), Biotech ETF iShares and NASDAQ Biotechnology Index (IBB) were also weaker.
In corporate news, Curis (CRIS) was up 3.5% after it reported a Q2 net loss of $1.3 million, or $0.02 per share as compared to a net loss of $2.9 million or ($0.04) per share on both a basic and fully diluted basis for the same period in 2012. Revenues for Q2 2013 were $5.4 million, as compared to $4.4 million for the same period in 2012. Analyst estimates were not available. The company currently anticipates that it will end 2013 with cash, cash equivalents and investments of $49 million to $54 million, which includes the $6 million milestone payment that Curis earned in July 2013 related to the conditional approval of Erivedge in the European Union.
Power Play -
Consumer Staples Select Sector SPDR (XLP) was down 0.02% from near 52 week highs; iShares Dow Jones US Consumer Goods (IYK) and Vanguard Consumer Staples ETF (VDC) were also mildly lower, but at high end of 52 week range.
In sector news, Tyson Foods (TSN) was up 4%, reaching new 52-week high of $29.85 after reporting Q2 EPS of $0.69 on revenues of $8.73 billion, exceeding the Capital IQ consensus estimates. The company reaffirmed its FY13 revenue guidance of $34.5 million, in line with the consensus of $34.2 million. It sees FY14 revenues of $36 billion, above the consensus of $35 billion.