Weaker-than-Expected Skyworks Earnings Outlook Drags Exchange-Traded Funds, Equity Futures Lower Pre-Bell
MT NEWSWIRES 8:13 AM ET 5/9/2023
Symbol Last Price Change |
| AAPL | 173.5 | 0 (0%) | | SWKS | 105.24 | 0 (0%) | | NEO | 15.4 | 0 (0%) | | COTY | 12.11 | 0 (0%) | | ARMK | 34.19 | 0 (0%) | | QUOTES AS OF 04:00:00 PM ET 05/08/2023 |
08:13 AM EDT, 05/09/2023 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) fell 0.4%, while the actively traded Invesco QQQ Trust (QQQ) was 0.5% lower in Tuesday's premarket activity after Apple(AAPL) supplier Skyworks Solutions(SWKS) provided a weaker-than-expected outlook and as investors awaited key inflation data due for release this week.
US stock futures were also under pressure, with S&P Index futures down by 0.4% before the start of trading.
The National Federation of Independent Business' monthly Small Business Optimism Index fell to a reading of 89 in April from 90.1 in March, keeping it below the 93.2 reading in April 2022.
Meanwhile, Federal Reserve Board of Governors member Philip Jefferson speaks at 8:30 am ET, and New York Federal Reserve President John Williams speaks at 12:05 pm ET.
In premarket action, bitcoin was up by 0.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) increased by 0.8%.
Power Play: Technology
Technology Select Sector SPDR ETF (XLK) was down by 0.6%, the iShares US Technology ETF (IYW) was inactive, and the iShares Expanded Tech Sector ETF (IGM) was also inactive.
Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) dropped 1%.
Skyworks Solutions (SWKS) fell almost 10% after issuing late Monday fiscal Q3 adjusted earnings per share and revenue guidance below analysts' forecasts. It reported fiscal Q2 adjusted diluted EPS of $2.02 and revenue of $1.15 billion.
Winners and Losers:
Financials
Financial Select Sector SPDR Fund (XLF) was off 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) declined 1.5%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% higher.
UBS AG (UBS) fell 0.8% after it said Todd Tuckner will replace Sarah Youngwood as group chief financial officer after the completion of its merger with Credit Suisse (CS).
Healthcare
The Health Care Select Sector SPDR Fund (XLV) was 0.3% lower, while the Vanguard Health Care Index Fund (VHT), the iShares US Healthcare ETF (IYH), and the iShares Biotechnology ETF (IBB) were each inactive.
NeoGenomics (NEO) rose 7% after reporting a Q1 adjusted loss of $0.09 per diluted share, narrower than a loss of $0.20 a year earlier. Revenue for the quarter ended March 31 was $137.2 million, up from $117.2 million a year earlier.
Consumer
Consumer Staples Select Sector SPDR Fund (XLP) was lower by 0.2%, the Vanguard Consumer Staples Fund (VDC) was inactive and so was the iShares US Consumer Staples ETF (IYK).
Consumer Discretionary Select Sector SPDR Fund (XLY) was down by 0.4%, the VanEck Retail ETF (RTH) was inactive, and the SPDR S&P Retail ETF (XRT) declined by 1.7%.
Coty (COTY) gained 1.7% after reporting fiscal Q3 adjusted earnings of $0.19 per diluted share, up from $0.03 per share a year earlier. Revenue for the quarter ended March 31 was $1.29 billion, up from $1.19 billion a year ago.
Industrial
Industrial Select Sector SPDR Fund (XLI) lost 0.4%, while Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were each inactive.
Aramark (ARMK) added about 0.1% after reporting fiscal Q2 adjusted earnings of $0.28 per diluted share, up from $0.21 a year earlier. Revenue for the quarter ended March 31 was $4.60 billion, compared with $3.86 billion a year earlier.
Commodities
Front-month US West Texas Intermediate crude oil decreased by 1.1% while natural gas was down by 1.9%. United States Oil Fund (USO) fell 0.6%, and the United States Natural Gas Fund (UNG) lost 1.7%.
Gold was 0.3% higher and silver was 0.3% lower; SPDR Gold Shares (GLD) added 0.6% and iShares Silver Trust (SLV) was down by 0.3%.
Energy
The iShares US Energy ETF (IYE) was inactive, and the Energy Select Sector SPDR Fund (XLE) was down by 0.6%.
TotalEnergies (TTE) fell 1.1% after it said it has acquired plastics recycling company Iber Resinas. |
