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Mid-Day ETF Update: ETFs, Stocks Mixed as Worries Over Effects of Harvey, Irma Continue to Sour Market Sentiment


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

SPDR Select Sector Fund - Financial ( XLF ): +1.1%

SPDR S&P 500 ( SPY ): -0.01%

VanEck Vectors Gold Miners ETF ( GDX ): -1.2%

iPath S&P 500 VIX Short Term Futures ETN ( VXX ): +2%

iShares MSCI Emerging Index Fund ( EEM ): -0.6%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV were lower. Actively traded PowerShares QQQ (QQQ) was down 0.5%.

US stocks were mixed at session's half, with the Dow Jones Industrial Average inching higher while the S&P 500 and Nasdaq remained in the red.

Investors were spooked by the expected cost of the two catastrophic hurricanes Harvey and Irma. News of another potential missile launch by North Korea over the coming weekend further eroded investor confidence.

In economic data news, July wholesale inventories increased 0.6%, slightly above expectations, while sales fell 0.1%, missing forecasts for a 0.5% gain.

Power Play: Health Care

Health care funds Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH), were firmer. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was down 0.4%.

Kura Oncology (KURA) shares surged 90% after the company reported late Thursday topline results from a phase 2 trial for tipifarnib in patients with HRAS mutant relapsed or refractory squamous cell carcinomas of the head and neck (HNSCC). The phase 2 trial achieved its primary endpoint prior to the completion of enrollment.

Winners and Losers

Financial

Select Financial Sector SPDRs ( XLF ) was up 1.1%. Direxion Daily Financial Bull 3X shares (FAS) was up 2% and its bearish counterpart, FAZ, was down 2.1%.

The Blackstone Group L.P (BX) is planning to put the headquarters of IG Group Holdings in the City of London up for sale for about GBP250 million ($330 million), Reuters reported, citing two unnamed people with knowledge of the matter. The report said Blackstone bought the building for about GBP170 million in 2015. BX shares were p 0.3%.

Technology

Tech funds 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) were weaker. SPDR S&P International Technology Sector ETF (IPK) was flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was down 1.1% while Semiconductor Sector Index Fund (SOXX) was down 1%,

Science Applications International (SAIC) fell 16% after the company said Q2 sales dipped 2% to $1.078 billion from the year-ago period and just missed the CapIQ mean for $1.080 billion. EPS slipped 1% to $0.80 from last year and missed expectations for $0.92.

Energy

Dow Jones U.S. Energy Fund (IYE) was down 1.1% and Energy Select Sector SPDR (XLE) was up 0.1%.

Cherokee (CHKE) was down 14% after it said Q2 sales were $14.0 million, above the CapIQ mean for $7.8 million. Non-GAAP net loss per share was $0.05, better than estimates for a $0.07 loss. It now expects gross profit for the full fiscal year to be in the range of $39.0 million - $41.0 million, which includes royalty revenues from the Hi-Tec brand portfolio of approximately $12.0 million and gross profit generated from indirect product sales of approximately $7.0 million. Adjusted EBITDA for the full fiscal year is anticipated to be in the range of $10.0 million - $12.0 million. Fiscal 2018 Adjusted EBITDA excludes an estimated $7.0 million in costs primarily related to the integration and acquisition of Hi-Tec and other professional and legal fees the company said it believes are unlikely to recur.

Commodities

Crude was down 2%. United States Oil Fund (USO) was down 1.9%. Natural gas was down 2.9% while United States Natural Gas Fund (UNG) was down 3%. Gasoline was down 0.2% and United States Gasoline Fund (UGA) was down 0.3%.

Gold was up 0.1%. SPDR Gold Trust (GLD) was down 0.1%. Silver was down 0.2%, while iShares Silver Trust (SLV) was down 0.4%.

Consumer

Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were weaker.

Consumer Discretionary Select Sector SPDR (XLY) and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were also negative.

Zumiez (ZUMZ) was up 22% after it said Q2 sales rose 7.8% to $192.2 million from the year-ago period and just beat the CapIQ mean for $192.1 million. Comparable sales for the thirteen weeks ended July 29, 2017 increased 4.7%. Net loss narrowed to $0.02 per share from a loss of $0.03 last year and better than estimates for a $0.06 loss. Total net sales for the four-week period ended August 26, 2017 increased 10.1% to $98.6 million. Comparable sales increased 7.4%. Q3 sales are seen between $236 million to $241 million, above forecasts for $228.2 million. EPS are seen approximately $0.43 to $0.48, in line to above estimates for $0.43.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , ETFs
Referenced Symbols: XLF , SPY , GDX , VXX , EEM


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