Active broad-market exchange-traded funds in Thursday's regular session:
SPDR S&P 500 ( SPY ): -0.4%
iShares MSCI Emerging Index Fund ( EEM ): -0.66%
ProShares UltraPro Short QQQ ( SQQQ ): +0.96%
SPDR Select Sector Fund - Financial ( XLF ): -0.79%
iShares Inc iShares MSCI Brazil ETF ( EWZ ): -0.26%
Broad Market Indicators
Broad-market exchange-traded funds, including IWM and IVV were lower. Actively traded PowerShares QQQ (QQQ) was down 0.4%.
US stocks were lower at session's half, as concerns surrounding slowing global growth and the lack of progress on US/China trade talks plagued Wall Street.
Thursday's news that President Donald Trump isn't meeting with Chinese president Xi Jinping until after the second tranche of tariffs hit on March 1, coupled with news that Trump is set to sign an order banning Chinese telecom equipment sales in the US, continued to weigh on global financial markets.
Another contraction in Italian industrial production (fourth in a row) and the downward revision to GDP forecasts from the Reserve Bank of Australia also exacerbated global growth stress on global financial markets.
Power Play: Consumer
Consumer Staples Select Sector SPDR (XLP) was down 0.2% and Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones U.S. Consumer Goods (IYK) were lower.
Consumer Discretionary Select Sector SPDR (XLY) was down nearly 1% and retail funds SPDR S&P Retail (XRT) and Market Vectors Retail ETF (RTH) were weaker.
Mattel (MAT) jumped 22% after the company reported late Thursday Q4 EPS of $0.04, up from a loss of $0.82 in the year-ago period and above the CapIQ mean for a loss of $0.17 GAAP and a loss of $0.18 normalized. Sales fell 5% to $1.52 billion from last year but topped forecasts for $1.44 billion.
Winners and Losers
The Select Financial Sector SPDRs ( XLF ) was down 0.9%. Direxion Daily Financial Bull 3X shares (FAS) was down 1.8% and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) was up 1.8%.
Bank of Nova Scotia (BNS) fell marginally after it said that it has agreed to sell its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros, to Imperia Intercontinental Inc., the main shareholder of Banco CuscatlÃ¡n S.A and Seguros e Inversiones S.A. Scotiabank said that it expects the transaction to result in an after-tax loss of about CAD170 million ($128.2 million) that primarily represents the carrying value of goodwill relating to the business. It will record the after-tax loss in the second quarter. It also expects its common equity Tier 1 ratio to increase by approximately 6 basis points upon completion. The company also said that the sale of its Caribbean operations would lead to a net after-tax gain of CAD250 million and an increase in its common equity Tier 1 ratio by approximately 25 basis points.
Technology Select Sector SPDR ETF (XLK) was down 0.1%, while tech funds iShares Dow Jones US Technology ETF (IYW) and iShares S&P North American Technology ETF (IGM) were in the red.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was down 0.2% and Semiconductor Sector Index Fund (SOXX) was down 0.7%.
Ubiquiti Networks (UBNT) was up more than 15% after i t report ed fiscal Q2 adjusted earnings of $1.33 per share, up from $0.76 per share a year ago and higher than the $1.03 per share Street estimate provided by Capital IQ. Revenue for the quarter ended Dec. 31 was $307.3 million, up from $250.8 million in the same period last year and higher than the $276.4 million Street estimate. For fiscal 2019, Ubiquiti maintained its guidance of $4 to $4.80 earnings per share on revenue of $1.1 billion to $1.2 billion. The Street estimate calls for earnings of $4.51 per share on revenue of $1.14 billion.
Dow Jones US Energy Fund (IYE) was down 1.1% and Energy Select Sector SPDR (XLE) was down 1.2%.
Phillips 66 Partners LP (PSXP) was up marginally after it said earnings per unit in Q4 increased to $1.09 from $0.83 a year earlier, beating analysts' estimates of $0.96 compiled by Capital IQ. In a statement released Friday, the company said revenue in the period climbed to $393 million from $331 million in the year-earlier period, beating Street estimates of $375.2 million.
Crude was down 0.1%. United States Oil Fund (USO) was flat. Natural gas up 1.3% while United States Natural Gas Fund (UNG) was up 0.4%.
Gold was up 0.3%. SPDR Gold Trust (GLD) was up 0.4%. Silver was up 0.3%, while iShares Silver Trust (SLV) was up 0.5%.
Health Care SPDR (XLV) was down 0.2% and other health care funds including Vanguard Health Care ETF (VHT) and iShares Dow Jones U.S. Healthcare (IYH) were lower. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was up 0.2%
Biocept (BIOC) fell more than 48% after it said it has priced an underwritten public offering of 6.3 million shares warrants to buy up to 6.3 million shares. Each share is being sold together with one warrant to buy one share at a combined price to the public of $1.20 per share and warrant. Gross proceeds, before expenses, are expected to be $7.5 million. The warrants will be immediately exercisable at $1.20 per share and will expire five years from the date of issuance.
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