Mid-Day ETF Update: ETFs Weaker, Stocks Slip Lower On Mixed Economic Data; Banks Stocks Active Following Earnings Reports
Active broad market exchange-traded funds at mid-day:
SPDR S&P 500 ETF Trust ( SPY ): -0.10%
Financial Select Sector SPDR ( XLF ): -0.03%, with a new year high of $17.17
PowerShares QQQ Trust, Series 1 ( QQQ ): +0.35%
iShares MSCI Emerging Markets Index ( EEM ): -0.34%
iShares MSCI Hong Kong Index Fund ( EWH ): +0.40%
Broad Market Indicators
Broad market exchange-traded funds, including SPY, IWM, IVV and others, are edging lower. Actively traded PowerShares QQQ ( QQQ ) is up 0.35%.
U.S. stocks are mostly lower as investors sift through several economic data reports and earnings results, mostly from the financial sector. Earlier, the consumer price for December was reported to have remained flat, after declining in November, while the core consumer prices rose 1.5%. Both figures are in line with economists' forecasts.
December industrial production was slightly above expectations, up 0.3%; while capacity utilization was up 78.8%, also above forecasts. On the other hand, the January NAHB Housng Market Index was at 47, slightly below estimates. Still on tap, the Federal Reserve's January Beige Book will be out 2 PM ET. Among banks that have reported their earnings, Goldman Sachs (GS) continues to tick higher on a better-than-expected Q4.
Winners and Losers
Most tech ETFs have turned higher: Technology Select Sector SPDR ETF (XLK), up 0.34%; iShares Dow Jones US Technology ETF (IYW), up 0.70%; iShares S&P North American Technology ETF (IGM), and up 0.13%. iShares S&P North American Technology-Software Index (IGV), is down 0.27%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD), up 1.36% and Semiconductor Sector Index Fund (SOXX), up 0.96%.
SPDR S&P International Technology Sector ETF (IPK) is down 1.46%.
In sector news, TTM Technologies, Inc. (TTMI) is up 6.20%, but is still near its 52-week low. The company said in Tuesday's after-hours session that it expects to report both revenue and earnings per share at or somewhat above the high end of its previous guidance for Q4 2012. The company provided fourth quarter guidance of revenue from $360 - $380 million, and non-GAAP earnings attributable to stockholders of $0.14 - $0.21 per diluted share. The Street view currently anticipates sales of $366.14 mln and EPS of $0.17.
Industrial ETFs are weaker but are trading at the top of their 52-week ranges: Vanguard Industrials (VIS), down 0.42%; iShares Trust Dow Jones U.S. Industrial Sector Index Fund (IYJ), down 0.45%; and Select Sector SPDR-Industrial (XLI), down 0.51$.
Among stocks, Stag Industrial (STAG) is now up 1.38%, reversing earlier losses of more than 2%, and even touched a new 52-week high of $19.14. It said late Tuesday that it will commence an underwritten public offering of 5 million shares of its common stock. The company also said it intends to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock.
Dow Jones U.S. Energy Fund (IYE) s up 0.02% while Energy Select Sector SPDR (XLE) is up 0.16%.
In sector news, Stone Energy (SGY) is up 5.47% after it said late Tuesday that Q4 production should be toward the top end of its prior guidance of 42,500 to 45,000 barrels per day, or about 255 million to 270 million cubic feet of natural per day.
FY13 guidance remains at 41,000 to 44,000 barrels per day as production from the La Cantera #3 well starting in Q3 works to offset lost Q1 production from the Stone's Mary field in Appalachia. SGY also announced a 28% rise in its estimated proved reserves at the end of 2012 over year-ago levels to 129 million barrels of oil equivalent. The proved reserves contain about 35% oil, 14% natural gas liquids and 51% gas on an equivalent basis.
According to the latest petroleum inventory data released earlier, U.S. crude oil refinery inputs averaged 15.1 mln barrels per day (bpd), below the previous week's average. U.S. crude oil imports averaged over 8.0 mln bpd last week, down from the previous week. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 mln barrels from the previous week.
Crude was up 0.95%; natural gas was down 2.46%. United States Oil Fund (USO) is up 0.76%. United States Natural Gas Fund (UNG) is down 1.65%.
Gold was down 0.24% and silver was down 0.33%. Among rare metal funds, SPDR Gold Trust (GLD) is up 0.09%; iShares Silver Trust (SLV) is up 0.07%.
Healthcare ETFs are weaker at mid-day: Health Care SPDR (XLV), down 0.07%, but near its 52-week high; Vanguard Health Care ETF (VHT), down 0.08%, also at the higher end of its 52-week range; and iShares Dow Jones US Healthcare (IYH), down 0.09%, near its 52-week high. Biotech ETF iShares NASDAQ Biotechnology Index (IBB) is down 0.58%.
In corporate news, Hyperion Therapeutics (HPTX) is now up16.17%, off a new 52-week high of $14.30, after the company earlier announced that the U.S. Food and Drug Administration (FDA) has advised the company not to expect a final action by the Prescription Drug User Fee Act action date of January 23, 2013. The FDA told the company that the agency is continuing to work on label and post-marketing requirements in connection with HPTX's New Drug Application for Ravicti (glycerol phenylbutyrate) for the treatment of Urea Cycle Disorders.
Consumer ETFs are lower: Consumer Staples Select Sector SPDR (XLP), down 0.08%; iShares Dow Jones US Consumer Goods (IYK), down 0.28%, but near the 52-week high; and Vanguard Consumer Staples ETF (VDC), down 0.11%.
In sector news, Crocs (CROX) is now down 7% after it reaffirmed in a regulatory filing its previous guidance for Q4 revenues of $220 mln. Analysts are expecting revenues of $221.33 mln, according to Capital IQ.
Power Play -
Select Financial Sector SPDRs ( XLF ) is down 0.03%, but with a new 52-week high of $17.17. Direxion Daily Financial Bull 3X shares (FAS) is down 0.11%. Its bearish counterpart, FAZ, is up 0.08%.
Among financial stocks, Genworth Financial, Inc. (GNW) is up 9.23%, paring earlier gains of more than 11%, following the company's announcement that it will launch a comprehensive U.S. Mortgage Insurance capital plan. According to GNW, this new plan will reduce Genworth Mortgage Insurance Company's, GNW's main U.S. mortgage insurance subsidiary, risk-to-capital by 12 to 15 points, decrease the likelihood that the U.S. mortgage insurance subsidiaries will require additional capital and reduce the risk of a default under the indenture governing GNW's senior notes.