ETF Movers: BBH 6.6% Higher; XLF Adds Another 2.4%, More...
StreetInsider.com ETF Movers:
Biotech HOLDRs (AMEX: BBH) 6.6% HIGHER: Driving the action is news Roche offered to buy the remaining shares of Genetech (NYSE: DNA) for $89 per share. Shareholders expect a higher bid.
Financial Select Sector SPDR (AMEX: XLF) 2.4% HIGHER; Bank of America (NYSE: BAC) is driving the action today after reporting better-than-expected Q2 results. Bank of America news continues last week's trend of large money center banks reporting better-than-expected results, which is mainly due to low analyst expectations. Last week, Wells Fargo (NYSE: WFC) started the trend on Wednesday by topping expectations and raising their dividend. JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C) followed with their own beats.
Market Vectors Agribusiness ETF (AMEX: MOO) 2.6% HIGHER; Ag stocks recover after recent selling. Large holding Potash Corp. (NYSE: POT) had estimates raised at JPMorgan today.
Claymore/MAC Global Solar Energy (NYSE: TAN) 2.4% HIGHER; Solars recover after weeks of selling on news of Spain subsidy cutbacks.
Technology Select Sector SPDR (AMEX: XLK) 1.9% LOWER; Large holding Apple (Nasdaq: AAPL) reports tonight.
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