Active broad-market exchange-traded funds in Friday's regular session:
SPDR S&P 500 ( SPY ): -0.8%
iShares MSCI Emerging Index Fund ( EEM ): -1.2%
SPDR Select Sector Fund - Financial ( XLF ): +0.2%
VelocityShares Daily 2x VIX Short Term ETN ( TVIX ): +6.6%
PowerShares QQQ Trust, Series 1 ( QQQ )
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV were lower. Actively traded PowerShares QQQ ( QQQ ) was down 1.3%.
U.S. stocks returned to negative territory as declines in the technology and energy sectors offset early gains among financial and real estate stocks.
No major economic data was due to be released but oil prices and a raft of earnings reports were influencing share prices. Crude oil futures slipped after President Trump took to Twitter to criticize the Organization of the Petroleum Exporting Countries for maintaining high crude prices in the face of a supply glut, tweeting that high prices "will not be accepted."
In earnings news, GE (GE) led gainers after reiterating its full year guidance as it posted better-than-expected results for its first quarter which were supported by strong growth in revenue from oil and gas. Stanley Black & Decker (SWK), a manufacturer of industrial tools and household hardware, was lower after the company lowered its fiscal year 2018 earnings per share estimate range slightly while reiterating its adjusted outlook for earnings per share over the same period.
Consumer Staples Select Sector SPDR (XLP) was down 1.5% and other funds Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were weaker.
Consumer Discretionary Select Sector SPDR (XLY) was down 0.6% and retail funds SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR) and Market Vectors Retail ETF (RTH) were in negative territory.
Stanley Black & Decker (SWK) fell more than 6% after it said Q1 sales rose 12% to $3.2 billion from the year-ago period and just topped the CapIQ mean for $3.1 billion. Less items, EPS rose 7% to $1.39 from last year and beat expectations for $1.35. It lowered its FY18 GAAP EPS estimate to $7.40 - $7.60 from $7.80 - $8.00 and reiterated its adjusted outlook of $8.30 - $8.50. Street forecasts were for GAAP EPS of $7.99 and normalized EPS of $8.44.
Winners and Losers
The Select Financial Sector SPDRs ( XLF ) was up 0.2%. Direxion Daily Financial Bull 3X shares (FAS) was down 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) was up 0.3%.
State Street (STT) fell more than 4% after posting Q1 earnings of $1.62 per share, compared with the prior-year period's $1.15 per share. Analysts polled by Capital IQ were expecting EPS of $1.59. Revenue was $3 billion, up from $2.7 million in the same quarter last year and matching Street estimates.
Dow Jones US Energy Fund (IYE) was up 0.6% and Energy Select Sector SPDR (XLE) was down 0.6%.
Baker Hughes (BHGE) were almost 3% higher after it reported Q1 sales rose 1% year over year to $5.40 billion from the year-ago period and were about in line with the Capital IQ mean estimate. GAAP EPS were $0.17, up from $0.07 sequentially, while adjusted EPS were $0.09 from $0.15 last quarter. Estimates were for a nickel on a GAAP basis and $0.06 normalized.
Technology Select Sector SPDR ETF (XLK) was down 1.6% and other tech funds 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 lower.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was down 1.2% and Semiconductor Sector Index Fund (SOXX) was down 1.2%.
Xerox (XRX) rose nearly 3% after a report from CNBC that said the company and Fujifilm are talking to possibly renegotiate a deal the two made in January. The report cited the companies' lawyers at a court hearing on Thursday. Darwin Deason, Xerox's largest individual shareholder, who sued in New York State court to challenge the planned $6.1 billion deal, said the tie-up undervalued the American company, according to the report. Activist investor Carl Icahn has also been challenging the deal, saying it unfairly favors Fuji, according to CNBC.
Crude was up 0.2%. United States Oil Fund (USO) was up 0.1%. Natural gas was up 2.1% while United States Natural Gas Fund (UNG) was up 2.2%.
Gold was down 0.7%. SPDR Gold Trust (GLD) was down 0.6%. Silver was down 0.3%, while iShares Silver Trust (SLV) was down 0.6%.
Health Care SPDR (XLV) was down 0.6% and other health care funds Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were lower. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was down 0.4%.
Hemispherx BioPharma (HEB) fell nearly 4% after it said it had entered into an agreement to sell $2.6 million shares of its common stock and warrants to certain accredited institutional investors. Under the deal, the company will sell 6.6 million shares of its common stock in a registered direct offering to the investors. In a concurrent private placement, the company has agreed to issue warrants to purchase up to an aggregate of 3.3 million shares of class A common stock, and up to 3.3 million shares of class B common stock. The combined purchase for each share of common stock, plus an accompanying warrant, is priced at $0.39. The offering is expected to close on or about April 24, subject to customary closing conditions
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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.