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Published May 30, 2008 | A A A

Daily ETF Wrap-Up by Rob Wherry (Author Archive)

Tech ETF Jumps on Dell Earnings Report

Market Wrap-Up

Given the last few months, this shortened trading week was a relatively quiet one for the stock market. Oil, of course, grabbed most of the headlines. It sold off most of the week as traders chalked up dwindling supplies to a one-time glitch in the offloading of tankers in the Gulf of Mexico. There were also concerns that consumers, who have grown tired of paying $4 a gallon gas, will fix the supply problem simply by keeping their cars in their driveways.

This week saw a return of the worries about whether financial-services firms will continue to write down asset values. And speaking of financial services, shareholders approved the sale of Bear Stearns (BSC) to J.P. Morgan (JPM), ending the firm's 85-year history. Finally, the retail picture didn't get any clearer this week. Sears Holdings (SHLD) swung to a first-quarter loss while discount shopping chain Costco (COST) topped analysts' estimates. Dell (DELL) announced first-quarter net income grew a healthy 3.7%, thanks to strong international sales.

The Dow Jones Industrial Average ended three out of four sessions in the black, albeit small gains each time, ending the week up 159 points to 12,638. Oil closed just under $128; gold at $886.

Winners

Solar stocks fell most of the week due to an analyst downgrade of two prominent companies and news that Germany, one of the biggest solar markets in the world, was going to slash the subsidies it gives this industry. The German government evidently decided not to cut as much as originally thought, prompting investors to buy back shares heading into the weekend. Market Vectors Solar Energy (KWT) and Claymore/Mac Global Solar Energy (TAN), two of the most popular alternative energy funds, gained 6.6% and 5.1%, respectively, Friday.

As for the week, Dell's rosy numbers helped lift technology stocks. The ProShares Ultra Technology ETF (ROM), a fund that tries to double the returns of its underlying benchmark, gained 8% during the last four trading sessions.

Coal also made a move. An analyst upgrade of Peabody Energy (BTU), which celebrated its 125th birthday by ringing the closing bell Thursday, and a bullish prognosis on prices helped Market Vectors Coal (KOL) gain 6.2% this week.

Losers

While some traders have been willing to bet on the turnaround of some big financial-services firms, they haven't been willing to make a similar move with regional and small bank chains. Friday was no different. The SPDR KBW Regional Banking ETF (KRE) dropped 1.4%.

While solar ETFs enjoyed their day in the sun Friday, they still couldn't make up recently-lost ground. Market Vectors Solar Energy dropped 6.3% for the week.

The Week's Industry Headlines

Launching Pad
Northern Trust added two new funds to its NETS lineup this week. The funds, NETS PSI 20 and NETS TA-25, track large-company indexes in Portugal and Israel, respectively.

Closing Time
Index Universe reported this week that Ameristock will shutter five Treasury bond ETFs that launched last year. This continues a trend of ETF closures started earlier this year when Claymore shut down 11 equity funds.

Next Week's Notebook

Earnings
Monday: ABM Industries, Mitcham Industries
Tuesday: Bob Evans Farms, Diamond Foods, Guess, SAIC, Sport Chalet, Toll Brothers
Wednesday: American Woodmark, Collective Brands, Dynamex, Hovnanian, Vimpel Communications, Williams Sonoma
Thursday: Brown Forman, Ciena, Del Monte, Jackson Hewitt, Midas, National Semiconductor, Quicksilver, Take-Two, Vail Resorts

Economic Data
Monday: Construction Spending (10 a.m.), ISM Manufacturing Business index (10 a.m.)
Tuesday: Chain Store Sales (7:45 a.m.), Retail Sales (8:55 a.m.), Factory Orders (10 a.m.)
Wednesday: 1st Quarter Productivity (8:30 a.m.), 1st Quarter Labor Costs (8:30 a.m.), ISM Non-Manufacturing Composite index (10 a.m.)
Thursday: Jobless Claims (8:30 a.m.), Business Barometer (10 a.m.)
Friday: Nonfarm Payrolls (8: 30 a.m.), Unemployment Rate (8:30 a.m.), Wholesale Trade (10 a.m.), Consumer Credit (3 p.m.)

Quick Take

A look at how the industry's most popular ETFs did on Friday.

10 Largest ETFs
Symbol	Net Assets	Price	52 Week High	52 Week Low	Volume
SPY	75,056	140.30	156.39	127.71	112,733,841
EFA	47,363	76.80	85.64	67.18	8,363,139
EEM	26,329	151.30	165.39	117.49	9,687,750
GLD	NA	87.43	99.81	63.55	4,942,429
IVV	19,029	140.40	156.65	127.94	3,925,360
QQQQ	17,729	50.01	55.03	41.17	91,862,440
IWF	13,447	59.40	63.64	52.79	3,151,913
SHY	9,296	82.91	84.49	79.64	903,117
VTI	10,450	140.17	155.31	126.28	594,874
IWD	8,843	76.31	89.77	70.41	1,855,068