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Mid-Day ETF Update: ETFs, Stocks Log Modest Gains Following Upbeat Earnings, PMI and Richmond Fed Data

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

Direxion Daily Gold Miners Index Bull 3X Shares ( NUGT ): +5.3%

Direxion Daily Junior Gold Miners Index Bull 3X Shares ( JNUG ): +2.9%

VanEck Vectors Gold Miners ETF ( GDX ): +1.6%

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

SPDR S&P 500 ( SPY ): +0.4%

Broad Market Indicators

Broad-market exchange-traded funds, including SPY, IWM and IVV were higher. Actively traded PowerShares QQQ (QQQ) was up 0.3%.

U.S. stocks turned higher at session's half, buoyed by upbeat earnings coupled with bullish manufacturing data.

Economic data included a better-than-expected improvement in the purchasing manager's flash manufacturing index for January to 55.1 from 54.3 previously. Additionally, the Richmond Fed manufacturing index increased to 12 from 8 in December, beating expectations for a slight drop to 7.0.

The PMI and Richmond Fed indices helped offset a much larger-than-expected decline in existing home sales of 2.8% to a seasonally-adjusted annual rate of 5.49 million from an upwardly revised SAAR of 5.65 million in December. Moreover, the supply of new homes fell to a 17-year low of 3.6 months.

Power Play: Financial

Select Financial Sector SPDRs (XLF) was up 1.2%. Direxion Daily Financial Bull 3X shares (FAS) was up 2.3%, while its bearish counterpart, FAZ, was down 2.4%.

Pacific Premier Bancorp (PPBI) was up 7.9% after it reported Q4 earnings and revenues slightly above Street views. The bank reported Q4 EPS of $0.43, above the $0.41 Street view as compiled by Capital IQ, and also above the $0.37 reported a year earlier, Pacific Premier reported Q4 combined net interest and non-interest revenues of $46.6 million, above the Street view of $45.2 million, and also above the $33.1 million reported a year earlier.

Winners and Losers

Technology

Tech funds were modestly higher, in line with the broader market. Technology Select Sector SPDR ETF (XLK) hit a new 52-week high. 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 in positive territory. Meanwhile, SPDR S&P International Technology Sector ETF (IPK) was up 0.7%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 1.5% and Semiconductor Sector Index Fund (SOXX) was up 1.4%.

II-VI (IIVI) was up 11.5% after it reported fiscal Q2 adjusted EPS of $0.49, up from $0.30 in the same period a year ago and exceeding the estimate of $0.26 from analysts polled by Capital IQ. For the quarter ended Dec. 31, total revenues of $231.8 million were up from $191.5 million in the same period a year ago and topped the Street projection of $221.5 million. The company guided Q3 revenue in a range of $234 million to $244 million, topping the Street estimate of $225.5 million. Q3 EPS is expected between $0.31 and $0.36, beating the Street projection of $0.26.

Energy

Dow Jones U.S. Energy Fund (IYE) was up 1.2% and Energy Select Sector SPDR (XLE) was up 1.2%.

GulfMark Offshore (GLF) rose 6.5% in Friday's mid-morning trade, coming off an earlier trading halt, after the offshore marine support and transportation services provider said it terminated its previously announced cash tender offer to purchase up to $300 million aggregate principal amount of its outstanding 6.375% senior notes due 2022. The tender offer commenced on Nov. 23 and expired at 5:00 p.m. ET, on Dec. 29, 2016. As a result of the termination, none of the notes that have been tendered in the tender offer will be accepted for purchase and no consideration will be paid or become payable to holders of notes who have tendered their notes in the tender offer. All notes previously tendered and not withdrawn will be promptly returned or credited back to their respective holders.

Commodities

Crude was up 1.4%. United States Oil Fund (USO) was up 1.4%. Natural gas was up 1.9% while United States Natural Gas Fund (UNG) was up 2.1%.

Gold was down 0.3%. SPDR Gold Trust (GLD) was down 0.2%. Silver was up 0.3% while iShares Silver Trust (SLV) was up 0.1%.

Consumer

Consumer staples funds were higher, in line with the broader market. Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC), and iShares Dow Jones US Consumer Goods (IYK) were higher.

Consumer Discretionary Select Sector SPDR (XLY) was firmer and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were in positive territory.

MarineMax (HZO) was up 16.8% after the boat and yacht dealer reported Q4 diluted net income of $0.11 per share, up from $0.03 a year ago and besting expectations for a $0.02 loss from analysts polled by Capital IQ. Revenue rose to $226.9 million from $169.5 million and exceeded the $186.1 million consensus. The company meanwhile raised its guidance for 2017 earnings to between $1.14 to $1.24 per share from previously $1.04 to $1.14, exceeding the $1.14 average estimate.

Health Care

Health care funds were lower, behind with the broader market. Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were weaker. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was down 0.9%.

GenVec (GNVC) was soaring 40.7% after it agreed to be acquired by Intrexon Corp. (XON). In the deal, GenVec stockholders will receive 0.297 of a share of Intrexon common stock in exchange for each share of GenVec common stock. This exchange ratio represents $7 per share of GenVec's common stock based on Intrexon's 5-day volume weighted average price as of Jan. 23. GenVec stockholders will also receive a right to contingent consideration equal to 50% of any milestone or royalty payments received within 36 months after the closing of the deal under GenVec's research collaboration and license agreement with Novartis (NVS).

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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