ETF Movers 8/12: Financial ETFs Under Pressure Again (XLF, KBE), Solar ETF (TAN) Higher on LDK Results
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StreetInsider.com ETF Movers:
Financial ETFs are lower across the board today. Adding to the selling pressure is a number of estimate cuts on Goldman Sachs (NYSE: GS) from a number of high profile analysts. Goldman has not been hit much by the credit crunch, but the analyst think the equity market slowdown will negatively impact the company. In addition, JP Morgan (NYSE: JPM) had losses of $1.5 billion in mortgage-backed assets since July. Financial Select Sector SPDR (AMEX: XLF) down 5.5%, KBW Bank ETF (AMEX: KBE) down 6.8%, KBW Regional Banking ETF (AMEX: KRE) down 4.4%, Regional Bank HOLDRs (AMEX: RKH) down 6.4%.
Claymore/MAC Global Solar Energy (AMEX: TAN) is up 3.3% today following strong results from solar name LDK Solar (NYSE: LDK) after the close.
Select commodity related ETFs are rallying today following recent selling pressure. Market Vectors Gold Miners ETF (AMEX: GDX) +3.5%, iShares Silver Trust (AMEX: SLV) +0.5%, SPDR S&P Metals & Mining (AMEX: XME) +2%, Market Vectors Agribusiness ETF (AMEX: MOO) +1.2.
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