ETF Preview: ETFs Inch Higher, Futures Mostly Weaker as Crude Renews Declines; Existing Home Sales Data Still Ahead

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

Market Vectors Gold Miners ETF ( GDX ): +0.2%

SPDR S&P 500 ( SPY ): +0.1%

iPath S&P 500 VIX ST Futures ETN ( VXX ): -1.8%

iShares MSCI Emerging Index Fund ( EEM ): -0.8%

SPDR Select Sector Fund - Financial ( XLF ): +0.1%

Broad-Market Indicators

Most broad-market exchange-traded funds, including SPY, IWM, IVV and others, inched higher. Actively traded PowerShares QQQ (QQQ) was up 0.1%.

U.S. stock futures were mostly lower, in step with crude oil futures, which declined following news that Kuwait oil workers have ended their 3-day strike. The strike - which had reduced Kuwait's daily production by 60% - had helped lift crude oil prices in the previous session.

Intel (INTC) and Coca-Cola (KO) both fell in pre-market trading on mixed financial results - also weighing on market sentiment.

Looking ahead, investors will be watching for existing-home sales data, which is expected to show a March reading of 5.3 million. The report will be released at 10 am ET.

Power Play: Financial

Select Financial Sector SPDRs ( XLF ) was up 0.1%. Daily Financial Bull 3X shares (FAS) was up 0.2% while its bearish counterpart, FAZ, was up 0.4%.

U.S. Bancorp (USB) was down 1.6% after the company reported earnings in line with estimates while its revenue fell slightly short. Total net income fell to $1.33 billion from $1.37 billion while on a per share basis, it was unchanged at $0.76 each, in line with the average estimate from analysts polled by Capital IQ. Revenue rose to $5.04 billion from $4.91 billion but missed the $5.07 billion consensus.

Winners and Losers


Technology Select Sector SPDR ETF (XLK), Shares 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 inactive. SPDR S&P International Technology Sector ETF (IPK) was also unchanged.

Semiconductor ETFs SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were flat in pre-market trading.

Intel (INTC) was down 1.9% after it reported Q1 revenue of $13.8 billion, about in line with the analyst consensus on Capital IQ of $13.8 billion. Earnings were $0.54 per share, better than expectations of $0.48 per share. For Q2, the company expects revenue of $13.5 billion, plus or minus $500 million. The Street is at $14.18 billion. For the full year, the company expects revenue up in the mid-single digits, vs. its prior outlook of mid- to high-single digits.

Intel also today announced a CFO succession plan, with current CFO Stacy Smith transitioning to a new role at the company, leading sales, manufacturing and operations once his successor is in place. The company is beginning a formal search process for a new CFO. The company also announced a restructuring plan that includes closing facilities and cutting up to 12,000 jobs globally, or about 11% of its total workforce.


Dow Jones U.S. Energy Fund (IYE) was flat while Energy Select Sector SPDR (XLE) was down 0.4% in the pre-market session.

Callon Petroleum Company (CPE) was up 1.1% after it said late Tuesday that it has priced its underwritten public offering of 22 million shares of common stock for total estimated gross proceeds of $187 million. The underwriters have been granted an option to purchase up to 3.3 million additional shares. The company intends to use the net proceeds to fund its pending Big Star acquisition, or for exploration and development activities and for general corporate purposes. The offering is expected to close on April 25, subject to customary closing conditions.


Crude was down 2.4% while natural gas futures were up 0.9%. United States Oil Fund (USO) was down 2.2% and United States Natural Gas Fund (UNG) was down 0.3%.

Gold was down 0.1% and SPDR Gold Trust (GLD) was down 0.02%. Silver was up 0.7% while iShares Silver Trust (SLV) was up 0.4%.

Health Care

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 0.4%.

Oculus Innovative Sciences (OCLS) rose 27.6% after the company said the U.S. Food and Drug Administration has approved its Microcyn-based Lasercyn gel for the management of post-non-ablative laser therapy procedures, post-microdermabrasion therapy and following superficial chemical peels. Lasercyn may also be used to relieve itch and pain from minor skin irritations, lacerations, abrasions and minor burns. The company said it will start marketing Lasercyn via its own U.S. dermatology sales team beginning in the summer of 2016.


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

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

DISH Network (DISH) was up 1.4% after it reported Q1 earnings rose to $389 million or $0.84 per diluted share from $351 million or $0.76 a year ago, exceeding the $0.57 average estimate from analysts polled by Capital IQ. The provider of voice and broadband services as well as TV channels said revenue rose to $3.79 billion from $3.72 a year ago compared to the $3.8 billion consensus. Subscriber-related revenue rose to $3.78 from $3.7 billion a year earlier.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

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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