Active broad-market exchange-traded funds in Friday’s regular session:
SPDR S&P 500 ( SPY ): -0.1%
Direxion Daily Gold Miners Index Bull 3X Shares ( NUGT ): +3.9%
VanEck Vectors Gold Miners ETF ( GDX ): +1.7%
Direxion Daily Junior Gold Miners Index Bull 3X Shares ( JNUG ): +3.9%
SPDR Select Sector Fund – Financial ( XLF ): -0.4%
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV were higher. Actively traded PowerShares QQQ (QQQ) was down 0.3%.
U.S. stocks extended their gains into the session’s half, on track to close the week in positive territory for the sixth straight session.
The positive momentum was spurred on by the presidential elections, with the gains attributed to expectation that the economy will see growth thanks to Donald Trump’s policy proposals.
In economic data news, housing starts declined 18.7% to 1.090 million in November after surging 27.4% to 1.340 million in October (revised from 1.323 million). Building permits fell 4.7% to 1.201 million from a revised 1.260 million (was 1.229 million).
Power Play: Technology
Tech funds were in the red, behind 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 the green. Meanwhile, SPDR S&P International Technology Sector ETF (IPK) was up 0.5%.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was down 0.2% and Semiconductor Sector Index Fund (SOXX) was down 0.8%.
Jabil Circuit (JBL) rose 15.5% to a new 52-week high after it reported late Thursday stronger-than-expected profit and revenue for its fiscal Q1. EPS decreased to $0.69 in the three months ended Nov. 30, from $0.85 a year earlier. That topped the $0.64 average estimate of analysts polled by Capital IQ. Q1 revenue dropped to $5.1 billion from $5.21 billion year-over-year, but topped the analyst consensus of $4.91 billion. Looking ahead, the company anticipates Q2 core EPS in the range of $0.35 to $0.57, and revenue in the range of $4.2 billion to $4.5 billion. Analysts had predicted EPS of $0.45 and revenue of $4.36 billion.
Winners and Losers
Select Financial Sector SPDRs ( XLF ) was down 0.4%. Direxion Daily Financial Bull 3X shares (FAS) was down 0.4%, while its bearish counterpart, FAZ, was up 0.5%.
United Bankshares (UBSI) was down 5.8% after saying it priced a public offering of 4.3 million common shares, without providing the price or the expected proceeds of which it plans to use for its capital program and for other general corporate purposes. The offering is expected to close on Dec. 21.
Dow Jones U.S. Energy Fund (IYE) was up 0.3% and Energy Select Sector SPDR (XLE) was up 0.3%.
Crude was up 0.1%. United States Oil Fund (USO) was up 1.3%. Natural gas was down 2.2% while United States Natural Gas Fund (UNG) was down 0.6%.
Gold was down 2.8%. SPDR Gold Trust (GLD) was up 1%. Silver was down 6.8 while iShares Silver Trust (SLV) was down 4.8%.
Consumer staples funds were slightly behind the broader market . Consumer Staples Select Sector SPDR (XLP), Vanguard Consumer Staples ETF (VDC), and iShares Dow Jones US Consumer Goods (IYK) were weaker.
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 lower.
Core-Mark (CORE) was up 9.8% after the convenience-store products company said late Thursday that it has signed a three-year contract to be the primary supplier of candy, tobacco and certain snack foods to around 530 of Walmart’s (WMT) Neighborhood Markets and Supercenter stores in five western states. Core-Mark said the deal – slated to begin in May 2017 and which can be extended for two one-year periods through mutual agreement of the companies – is expected to boost the company’s candy sales by 40% to 50% over current levels. Candy accounted for about $165.5 million, or about 4%, of Core-Mark’s $3.99 billion in overall sales during the three months ended Sept. 30, according to company documents.
Health care funds were higher, but still slightly, behind the broader market. Health Care SPDR (XLV), Vanguard Health Care ETF (VHT) and iShares Dow Jones US Healthcare (IYH) were firmer. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.5%.
Agios Pharmaceuticals (AGIO) tumbled 19.8% after it said late Thursday that it is no longer developing its second pyruvate kinase-R (PKR) activator, AG-519, and withdrew its investigational new drug application on Wednesday following a verbal notification of a clinical hold from the U.S. Food and Drug Administration. It said this does not affect its ongoing global Phase 2 study (DRIVE PK) for AG-348, a novel, first-in-class activator of both wild-type (normal) and mutated PKR enzymes.
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