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ETF Preview: ETFs, Stocks Mostly Lower but Rebound in Oil May Spur Gains; Jobless Claims Data Still Ahead

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

SPDR S&P 500 ETF Trust ( SPY ): -0.3%

VelocityShares 3x Long Crude Oil ETN ( UWTI ): -6.1%

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

iShares MSCI Emerging Index Fund ( EEM ): +0.2%

Market Vectors Gold Miners ETF ( GDX ): +1.3%

Broad-Market Indicators

Most broad-market exchange-traded funds, including SPY, IWM, IVV and others, were moderately lower. Meanwhile, actively traded PowerShares QQQ (QQQ) was down 0.2%.

U.S. stock futures slipped into negative territory but could jump back up when the regular session opens, as the rally in crude oil prices continues and as the weakened dollar helps boost market sentiment.

Investors are looking ahead to the weekly jobless claims data, to be released at 8:30 am ET. Forecasts call for 280,000 claims, up from 278,000 in the prior week. Q4 productivity and unit-labor costs data will also be reported at the same time. Expectations are for a 2.1% decline in productivity and a 4.5% increase in unit-labor costs. Finally, factory orders for December are due at 10 am ET.

Power Play: Technology

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 .

Glu Mobile (GLUU) was up 21.9% after it reported Q4 adjusted earnings of $0.02 per share, better than Street estimates for a loss of $0.03 per share but down from $0.11 per share in profits posted a year ago. Revenue was $57.9 million, ahead of expectations of $50.4 million but a decline from $76.2 million recorded a year ago. The company also approved a stock buyback program for up to $50 million in its shares. For Q1, the company is targeting revenue of $46-$48 million, below Street estimates of $56 million. Non-GAAP loss is seen at $0.05 to $0.06 per share, vs. expectations of a loss of $0.04 per share. For FY 2016, the company expects revenue of $250-$275 million, vs. the Street view of $261 million. Non-GAAP loss is seen at $0.08-$0.14 per share, vs. expectations of a loss of $0.06 per share.

Winners and Losers

Financial

Select Financial Sector SPDRs ( XLF ) was up 0.3%. Daily Financial Bull 3X shares (FAS) was up 0.2% while its bearish counterpart, FAZ, was up 0.3%.

Intercontinental Exchange Group (ICE) posted Q4 adjusted net income from continuing operations of $369 million, or $3.27 a share, an increase of 26% over the prior fourth quarter and above estimates for $3.01, according to Capital IQ. Revenue rose 9% to $875 million, beating the $867 million estimate. ICE expects full year 2016 operational capital expenditures in the range of $280 million to $300 million. ICE expects full year 2016 real estate capital expenditures in the range of $45 million to $55 million.

Energy

Dow Jones U.S. Energy Fund (IYE) was flat while Energy Select Sector SPDR (XLE) was down 0.6% in the pre-market session.

ConocoPhillips (COP) was down 4.5% after reporting Q4 adjusted loss that widened to $0.90 per share from a profit of $0.60 a year earlier, missing the $0.64 loss that had been expected by analysts polled by Capital IQ. Revenue dropped to $6.77 billion from $11.85 billion and missed the $7.27 billion consensus. The company reduced its quarter dividend to $0.25 per share from $0.74 paid in the preceding quarter, payale on March 1 to shareholders of record on Feb. 16. In addition, ConocoPhillips lowered its capital expenditure budged to $6.4 billion from $7.7 billion and its operating cost guidance to $7.0 billion from $7.7 billion. Production in 2016 is expected to be approximately flat with 2015 volumes, adjusted for the full-year impact of 2015 asset divestitures.

Commodities

Crude was down 0.6%. United States Oil Fund (USO) was down 2.4%. Natural gas futures were down 1.4%. United States Natural Gas Fund (UNG) was down 2.4%. Gold was up 0.6% and SPDR Gold Trust (GLD) up 0.5%. Silver was down 1.3% while iShares Silver Trust (SLV) was up 0.9%.

Consumer

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 also flat.

Buffalo Wild Wings (BWLD) was up 2.3% after it reported Q4 revenue was up nearly 20% to $490.2 million, below the analyst consensus of $508 million on Capital IQ. Same store sales grew 1.9% at company-owned stores and 0.1% at franchised restaurants. Analysts were expecting a 3.1% increase in same store sales. Earnings were $1.32 per share, below expectations of $1.48 per share, but up from $1.07 per share a year ago. For 2016, the company is targeting EPS of $5.95-$6.20, vs. the Street view of $6.46 per share.

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 down 0.5%.

Pacific Biosciences (PACB) was down 5.1% after it reported late Wednesday Q4 net loss that narrowed to $1.4 million or $0.02 per share from a loss of $19.0 million or $0.26 per share in the year-ago period, beating analysts' consensus forecasts by a penny. Revenues soared 115% year-over-year to $36.3 million, in line with the $36.6 million consensus.

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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