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ETF Preview: ETFs, Futures Log Modest Gains as OPEC Reports Decline in January Production

Active broad-market exchange-traded funds in Monday's pre-market session:

SPDR Select Sector Fund - Financial ( XLF ): +0.3%

VanEck Vectors Gold Miners ETF ( GDX ): -0.8%

Direxion Daily Junior Gold Miners Index Bull 3X Shares ( JNUG ): -2.5%

SPDR S&P 500 ( SPY ): +0.2%

Direxion Daily Gold Miners Index Bull 3X Shares ( NUGT ): -2.4%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV were higher. Actively traded PowerShares QQQ (QQQ) was up 0.2%.

U.S. stock futures were modestly higher following the report that January oil production fell by 890,000 barrels a day compared with December, according to a report by the Organization of the Petroleum Exporting Countries (OPEC). The report confirms that members of the OPEC and other oil-producing countries have been following their agreement to cut production.

With no major economic data on tap, investors will be focusing on President Donald Trump's upcoming meeting with Canadian Prime Minister Justin Trudeau.

Power Play: 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 quiet in pre-market trading . SPDR S&P International Technology Sector ETF (IPK) was flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were inactive.

ON Semiconductor (ON) was up 9.5% after it reported Q4 net profit of $0.26 per share, up from $0.13 per share in the prior year period. Analysts polled by Capital IQ called for a loss of $0.01 per share, if comparable. Revenues were $1.26 billion, up from $840.3 million reported for the same period last year. The Street estimate was for revenues of $1.22 billion. For Q1, the company expects revenues to range from $1.22 billion to $1.27 billion. The Street consensus calls for revenues of $1.2 billion.

Winners and Losers

Financial

Select Financial Sector SPDRs ( XLF ) was up 0.3%. Direxion Daily Financial Bull 3X shares (FAS) was up 0.3% and its bearish counterpart, FAZ was down 2.8%.

The Bank of N.T. Butterfield & Son (NTB) reported Q4 adjusted EPS of $0.62, up from $0.50 in the same period a year ago. Four analysts polled by Capital IQ had expected earnings of $0.55. Total revenues of $107.3 million were up from $85.6 million in the same period a year ago. Analysts had expected revenue of $102.6 million. The board declared an interim dividend of $0.32 per common share, up from $0.10 per share in the prior quarter. The dividend is payable March 27 to shareholders of record on March 13.

Energy

Dow Jones U.S. Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were flat pre-market.

Scorpio Tankers (STNG) was down 9.2% after it reported Q4 adjusted net loss of $0.18 per share, narrowing from an adjusted loss of $0.21 per share a year earlier and beating expectations for a loss of $0.20 a share. Revenues fell to $106.1 million from $178.4 million but were slightly above the $103.8 million consensus. Scorpio Tankers said it will distribute a quarterly cash dividend of $0.01 a share on or about March 30 to holders of record on Feb. 23. Previously, the company said it would distribute a quarterly dividend of $0.125 per share.

Commodities

Crude was down 0.7%. United States Oil Fund (USO) was down 0.4%. Natural gas was down 2.5% while United States Natural Gas Fund (UNG) was down 2.5%.

Gold was down 0.7%. SPDR Gold Trust (GLD) was down 0.5%. Silver was down 0.3% while iShares Silver Trust (SLV) was down 0.1%.

Health Care

Health care funds Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were flat. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.2%.

Teva Pharmaceutical Industries (TEVA) was up 4.1% after it reported Q4 adjusted EPS of $1.38, up from $1.28 in the same period a year ago and topping the estimate of $1.35 from analysts polled by CapIQ. Total revenues of $6.49 billion were up from $4.88 billion in the same period a year ago and exceeded the Street projection of $6.25 billion. The company reaffirmed its 2017 full year revenue guidance in the range of $23.8 billion to $24.5 billion, straddling the Street projection of $23.57 billion. Full year adjusted EPS guidance was reaffirmed in the range of $4.90 to $5.30, exceeding the Street estimate of $4.80.

Consumer

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

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 flat.

Restaurant Brands International (QSR) was up 1.6% after it reported Monday Q4 adjusted net profit of $0.44 per share, up from $0.32 per share in the prior year period. Capital IQ provided a Street estimate of $0.42 earnings per share. Revenues were $1.11 billion, up from $1.06 billion reported for the same period last year. The Street consensus called for revenues of $1.10 billion.

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

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

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