Pre-Market movers Thursday:
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV
were higher. Actively traded PowerShares QQQ (
) was up 0.1%. Precious metal funds were the best performers,
reflecting a gain in the underlying price of the commodities.
Silver earlier this week entered a bull market on expectations a
pick up in China will boost demand for the metal, which has
widespread industrial uses. Direxion Daily Gold Miners Bull 3X ETF
) was up 10% and the best performer pre-bell while ProShares Ultra
) was up 7%.
U.S. stock futures are pointing to a higher open as bullish
jobless figures outweighed a miss in the April Philadelphia Fed
Business Outlook survey. Initial jobless claims fell 6,000 to
247,000 in the week ending April 9th, handily topping estimates for
a gain of 12,000 to 265,000.
However, the April Philadelphia Fed Business Outlook Index fell
to -1.6 From +12.4, missing +9.0% estimates, while the March
Chicago Fed National Activity Index fell to 0.44 from a revised
0.38 in February.
Power Play: Commodities
Crude was up 0.1%; United States Oil Fund (
) gained 1.5%. Natural gas was barely changed and United States
Natural Gas Fund (
) slipped 0.3%.
Gold was up 1.9%, while silver was up 1.3%. Among rare metal
funds, SPDR Gold Trust (GLD) was up 2.7% and iShares Silver Trust
(SLV) was up 3.8%.
Winners and Losers
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) all inactive after closing higher. SPDR S&P International
Technology Sector ETF (IPK) was also flat.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and
Semiconductor Sector Index Fund (SOXX) were unchanged and closed
Verizon Communications (VZ), a wireless network provider,
reported Q1 results in line with the Street view on earnings per
share as revenues fell short of expectations.
The company reported Q1 net income of $4.43 billion, or $1.06
per share, up from $4.34 billion, or $1.02 per share, in Q1 2015
and in line with analyst estimates of $1.06. No adjustments were
made to EPS for the quarter.
Total revenues of $32.17 billion were up from $31.98 billion in
Q1 2015 but fell short of analyst projections of $32.48
Select Financial Sector SPDRs (XLF) fell 0.7%. Direxion Daily
Financial Bull 3X shares (FAS) gained 0.7% while its bearish
counterpart, FAZ, was unchanged.
Home BancShares (HOMB), parent company of Centennial Bank,
reported a 33.1% higher-than-expected profit for the first quarter,
helped by solid organic loan growth.
Net income rose to $41.4 million, or $0.59 per diluted share,
for the January-to-March quarter, from $31.1 million, or $0.46 per
diluted share, for the year-earlier period.
That beat the $0.57 average estimate of eight analysts polled by
Dow Jones U.S. Energy Fund (IYE) was flat; Energy Select Sector
SPDR (XLE) was up 0.5%.
Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US
Consumer Goods (IYK) and Vanguard Consumer Staples ETF (VDC) were
inactive after a lower close.
Consumer Discretionary Select Sector SPDR (XLY) was leaning
higher and retail funds SPDR S&P Retail (XRT), PowerShares
Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were all
flat after a positive close.
Under Armour (UA) shares were higher over 4% in recent
pre-market trade after the company reported better-than-expected Q1
results and raised its guidance for 2016.
The maker of apparel, footwear and accessories said net income
rose to $19.2 million or $0.04 per diluted share rom $11.7 million
or $0.03 a year ago, exceeding the $0.02 average estimate from
analysts polled by Capital IQ.
Revenue rose to $1.05 billion from $804.9 million and came in
just ahead of the $1.04 billion consensus.
Health Care SPDR (XLV) gained 0.8%, iShares Dow Jones US
Healthcare (IYH) and Vanguard Health Care ETF (VHT) were inactive
and Biotech ETF iShares NASDAQ Biotechnology Index (IBB) was down
ADRs of Novartis (NVS) were slightly lower pre-market Thursday
after the Swiss drugmaker reported mixed Q1 results, with
better-than-expected core earnings on lower revenues that missed
forecasts, and reaffirmed its full-year revenue outlook just above
Q1 core EPS was $1.17 per share, down from $1.33 per share a
year earlier but beating the $1.11 per share consensus compiled by
Active broad-market exchange-traded funds in Wednesday's regular
iPath S&P 500 VIX ST Futures ETN (VXX): -1.7%
SPDR S&P 500 (SPY): +0.2%
Market Vectors Gold Miners ETF (GDX): +2%
ProShares Trust Ultra VIX Short Term Futures ETF (UVXY): -3%
iShares MSCI Emerging Index Fund (EEM): +0.6%