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Mid-Day ETF Update: ETFs, Stocks Rally on Trump's Tax Plan

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

Direxion Daily Junior Gold Miners Index Bull 3X Shares ( JNUG ): +4.9%

Direxion Daily Gold Miners Index Bull 3X Shares ( NUGT ): +3.1%

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

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

VanEck Vectors Gold Miners ETF ( GDX ): -1%

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 were higher, as President Donald Trump's tax promises reignited the post-election rally, and energy shares led gains amid higher prices for oil.

In economic data news, import prices rose 0.4% in January, after a revised 0.5% increase in December. Excluding fuel, import prices fell 0.2% last month. The price of goods exported, meanwhile, rose 0.1% in January.

And, the preliminary February University Michigan consumer sentiment headline slipped to 95.7 following a surge to a 98.5 cycle-high in December from 93.8 in November and a two-year low of 87.2 in October.

Power Play: Consumer

Consumer staples funds were firmer, 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.

Likewise, 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 in the green.

Yelp Inc. (YELP) was down 12.6% after the company issued downside guidance on Q1 revenues and reported Q4 earnings that were slightly better-than-expected on in line revenues. The provider of crowd-sourced reviews of local businesses said Q4 adjusted EPS was $0.27 per share, up from $0.11 per share a year earlier and a penny above the consensus of analysts polled by Capital IQ. Revenues jumped 27% year-over-year to $194.8 million and met analysts' expectations. Q1 revenues are forecast at $195 million to $199 million, below the $204.4 million mean estimate. For FY17, Yelp expects revenues of $880 million to $900 million, straddling the $895.8 million consensus.

Winners and Losers

Financial

Select Financial Sector SPDRs ( XLF ) was up 0.1%. Direxion Daily Financial Bull 3X shares (FAS) was up 0.6%, while its bearish counterpart, FAZ, was down 0.6%.

The Bancorp (TBBK) was down 5.2% and near the low of its 52-week range after the company reported Q4 net loss was $0.52 compared with expectations for a profit of $0.05, according to Capital IQ. After the close on Thursday, The Bancorp reported a loss per share from continuing operations of $0.43, down from a profit of $0.46 per share a year ago. Revenue was $25 million was up from $18.6 million from a year ago, and above the estimated $24.1 million.

Technology

Tech stocks were higher, in line with the broader market. 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 in positive territory. Meanwhile, SPDR S&P International Technology Sector ETF (IPK) was up 0.03%.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was up 0.2% and Semiconductor Sector Index Fund (SOXX) was up 0.1%.

Sierra Wireless (SWIR) was up 29% after the company said Q4 sales were $163.0 million, an increase of 12.5% from the year-ago period and above the CapIQ mean for $161.06 million. Non-GAAP EPS were $0.27, up from $0.08 last year and above forecasts for $0.16. Q1 sales are seen between $152 million to $161 million, in line with estimates for $155.51 million. Non-GAAP EPS are seen between $0.13 to $0.20, above the Street's $0.12.

Industrial

Industrial funds Select Sector SPDR-Industrial (XLI), iShares Trust Dow Jones U.S. Industrial Sector Index Fund (IYJ), and Vanguard Industrials (VIS) were firmer, above the broader market.

Carlisle Companies Inc. (CSL) was down 4.1% after it reported late Thursday Q4 adjusted EPS of $1.32 per share, up from $1.24 per share a year earlier and three cents above expectations compiled by Capital IQ. The diversified manufacturing firm said revenues rose to $893.5 million from $876.2 million but were shy of the $907.0 million average estimate. Looking ahead, Carlisle expects FY17 net sales to grow in the high single-digit percent range with capital expenditures of $125 million to $150 million.

Energy

Dow Jones U.S. Energy Fund (IYE) was up 1.3% and Energy Select Sector SPDR (XLE) was up 1.2%.

Forum Energy Technologies (FET) was down 7.2% after it reported a Q4 adjusted loss per share of $0.16, compared with a loss of $0.12 for the same period last year, and edging out the Capital IQ forecast of a loss of $0.17 per share. Revenues for the quarter were $147.1 million, down from $196.1 million in the year-ago quarter, but ahead of the analyst forecast of $146.6 million.

Commodities

Crude was up 0.6%. United States Oil Fund (USO) was up 1.7%. Natural gas was up 1% while United States Natural Gas Fund (UNG) was down 2.6%.

Gold was up 0.7%. SPDR Gold Trust (GLD) was up 0.1%. Silver was up 0.3% while iShares Silver Trust (SLV) was up 1.4%.

Health Care

Health care funds were higher, but behind the broader market. Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were firmer. Meanwhile, Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.1%.

Immunomedics (IMMU) was up 27.2% after it said it has postponed its annual shareholders' meeting which was scheduled for Feb.16 to March 3. This comes after the company announced it entered into an exclusive global licensing agreement with Seattle Genetics, Inc. (SGEN) in a transaction with potential payments of up to $2 billion, plus double-digit tiered royalties on global net sales. Immunomedics says its board believes that before voting at the Annual Meeting, it is important that the modified "go-shop" period is completed and that stockholders have the opportunity to carefully consider the value created by the transaction with Seattle Genetics. In addition, the company said the board believes that it is particularly important for stockholders to consider the full details of the transaction with Seattle Genetics because they will be asked to vote on a proposal to increase the authorized share capital of the company. If approved by stockholders, the increase in authorized shares would allow Immunomedics to issue and sell approximately 8.6 million shares of common stock to Seattle Genetics as contemplated under the warrant. SGEN was down 3.8%.

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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