Notable ETF Movers of the Day 01/22: (FAA) (IYT) Higher; (EWJ) Lower
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Gainers:
Guggenheim Airline ETF (NYSE: FAA) gained 1.7 percent to 38.66. The rally in airlines is being tied to bullish comments by David Tepper of Appaloosa Management. Tepper said airlines are in the best shape they have been in for years. Today’s top gainers in the space include Delta Air Lines Inc. (NYSE: DAL), Southwest Airlines Co. (NYSE: LUV), and Spirit Airlines, Inc. (Nasdaq: SAVE).
iShares Dow Jones Transportation Average ETF (NYSE: IYT) gained 1 percent to 102.3. While strength was seen across the board, Kansas City Southern (NYSE: KSU) was a clear leader. This morning Kansas City Southern reported earnings that came in ahead of expectations. This sent the stock to multi-year highs. The top holding in IYT, Union Pacific Corporation's (NYSE: UNP), reports earnings on Thursday.
Decliners:
iShares MSCI Japan Index (NYSE: EWJ) declined 1.3 percent to 9.74. The decline in EWJ came following an announcement by the JCB. Bankers set an inflation target of 2 percent and pledged massive government spending on bonds, seen as an effort to weaken the currency and boost growth in the region. The move was bold but widely expected and it prompted German officials to warn about the dangers of a currency ware. Others called the target unrealistic. Instead of declining, the announcement caused the value of the Yen to rise against the dollar and a number of other currencies. Japanese equities also weakened. This appears to be another case of 'buy the rumor, sell the news'.
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Guggenheim Airline ETF (NYSE: FAA) gained 1.7 percent to 38.66. The rally in airlines is being tied to bullish comments by David Tepper of Appaloosa Management. Tepper said airlines are in the best shape they have been in for years. Today’s top gainers in the space include Delta Air Lines Inc. (NYSE: DAL), Southwest Airlines Co. (NYSE: LUV), and Spirit Airlines, Inc. (Nasdaq: SAVE).
iShares Dow Jones Transportation Average ETF (NYSE: IYT) gained 1 percent to 102.3. While strength was seen across the board, Kansas City Southern (NYSE: KSU) was a clear leader. This morning Kansas City Southern reported earnings that came in ahead of expectations. This sent the stock to multi-year highs. The top holding in IYT, Union Pacific Corporation's (NYSE: UNP), reports earnings on Thursday.
Decliners:
iShares MSCI Japan Index (NYSE: EWJ) declined 1.3 percent to 9.74. The decline in EWJ came following an announcement by the JCB. Bankers set an inflation target of 2 percent and pledged massive government spending on bonds, seen as an effort to weaken the currency and boost growth in the region. The move was bold but widely expected and it prompted German officials to warn about the dangers of a currency ware. Others called the target unrealistic. Instead of declining, the announcement caused the value of the Yen to rise against the dollar and a number of other currencies. Japanese equities also weakened. This appears to be another case of 'buy the rumor, sell the news'.
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Appaloosa Management, Notable ETF Movers, Earnings
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