Active broad-market exchange-traded funds ahead of Friday's regular session:
iShares MSCI Emerging Index Fund ( EEM ): -0.8%
SPDR S&P 500 ( SPY ): -0.5%
SPDR Select Sector Fund - Financial ( XLF ): -0.6%
ProShares UltraPro Short QQQ ( SQQQ ): +2.7%
Invesco QQQ Trust, Series 1 ( QQQ ): -0.8%
Broad Market Indicators
Broad-market exchange-traded funds, including IWM and IVV were lower. Actively traded PowerShares QQQ ( QQQ ) was down 0.8%.
US stocks were pointing to a weaker open as doubts that a US-China trade deal can be reached any time soon continued to linger, while fears of sluggish global growth also weighed on market sentiment.
US President Donald Trump said there were no plans for a meeting with Chinese President Xi Jinping before the March 1 deadline for a trade deal. Also, there have been reports that Trump will sign an executive order that would ban the use of Chinese-made wireless equipment in US networks -- a move that aims to increase cyber security for the US but might exacerbate trade tensions.
In economic data releases, the December reading for wholesale inventories will be released at 10 am ET.
Among companies whose stocks were moving after releasing their financial results late Thursday evening and early Friday morning, consumer stocks Sketchers (SKX), Coty (COTY) and Matel (MAT) led gainers while Vocera Communications (VCRA), QuinStreet (QNST) and Carbonite (CARB) were gapping lower.
Power Play: Consumer
Consumer Staples Select Sector SPDR (XLP) and Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones U.S. Consumer Goods (IYK) were inactive.
Consumer Discretionary Select Sector SPDR (XLY) and retail funds SPDR S&P Retail (XRT) and Market Vectors Retail ETF (RTH) were quiet in pre-market trade.
Skechers USA (SKX) rose more than 18% after the footwear gian t report ed Q4 adjusted earnings that topped but revenue that missed Wall Street expectations. Adjusted EPS increased to $0.31 for the December quarter, from $0.21 a year earlier. That exceeded the $0.23 average estimate of analysts surveyed by Capital IQ. Q4 sales grew 11.4% to $1.080 billion, from $0.971 billion, but trailed the analyst consensus of $1.099 billion. Moving forward, the company anticipates Q1 EPS to be in the range of $0.70 to $0.75, and revenue in the range of $1.28 billion to $1.30 billion. Wall Street was looking for $0.66 of EPS and $1.33 billion of revenue, if comparable.
Winners and Losers
The Select Financial Sector SPDRs ( XLF ) was down 0.6% in the pre-market session. Direxion Daily Financial Bull 3X shares (FAS) was flat while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.5%.
CBOE (CBOE) rose more than 1% after the trading exchan ge report ed Q4 adjusted earnings of $1.54 per share, up from $0.87 in the same period a year ago and topping the estimate of $1.37 from analysts polled by Capital IQ. Total revenue of $334.4 million was up from $265.6 million in the same period a year ago and topped the Street projection of $324.5 million.
Technology Select Sector SPDR ETF (XLK) was down 0.6% and other tech funds iShares Dow Jones US Technology ETF (IYW) and iShares S&P North American Technology ETF (IGM) were inactive.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) and Semiconductor Sector Index Fund (SOXX) were flat.
eGain (EGAN) rose nearly 22% after it reported late Thursday fiscal Q2 non-GAAP diluted earnings of $0.08 per share, compared with the prior-year period's $0.02 per share. Analysts polled by Capital IQ were expecting breakeven earnings. Revenue was $17.7 million, up from $15.4 million in the same quarter last year. The Street view was for revenue of $16.3 million. The company said it expects fiscal 2019 SaaS revenue growth of 30% to 35% versus the prior outlook of 25% to 30%. It sees subscription revenue growth of 13% to 16%, up from the previous guidance range of 10% to 15%.
Dow Jones US Energy Fund (IYE) and Energy Select Sector SPDR (XLE) were both inactive in pre-market trade.
Phillips 66 (PSX) rose nearly 5% after the company reported Q4 adjusted earnings of $4.87 per share, compared with the prior-year period's $1.07 per share. Analysts polled by Capital IQ were expecting EPS of $2.89. Revenue was $29.84 billion, up from $3.2 billion in the same quarter last year. The Street view was for revenue of $28.89 billion.
Crude was down 0.4%. United States Oil Fund (USO) was up 0.4%. Natural gas was up 1.5% while the United States Natural Gas Fund (UNG) was up 0.6%.
Gold was up 0.2%. SPDR Gold Trust (GLD) was up 0.4%. Silver was up 0.9%, while iShares Silver Trust (SLV) was up 0.7%.
Health Care SPDR (XLV) was down 0.7% and other health care funds including Vanguard Health Care ETF (VHT) and iShares Dow Jones U.S. Healthcare (IYH) were flat in pre-market trade. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was also inactive.
Seattle Genetics Inc. (SGEN) fell more than 9% after it said adjusted loss per share in the fourth quarter sank to $0.75 from a loss of $0.41 in the year-ago quarter, missing analysts' estimates for a loss of ($0.43) compiled by Capital IQ. The company said revenue in the period climbed to $174.51 million from $129.61 million in the year-earlier period, beating Street estimates of $164.03 million. Management sees 2019 revenues in the range of $790 million to $840 million. The Street view is $860 million.
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