Notable ETF Movers of the Day 10/08: (XRT) Higher; (SMH) (QQQ) Lower
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Gainers:
SPDR S&P Retail (NYSE: XRT) gained 0.4 percent to 63.92. Office Depot (NYSE: ODP) climbed 3 percent, recovering some of the losses suffered in the past 5 trading sessions. In September, shares of Office Depot bounced off lows after word hit the street that activist investor Starboard Value Fund took a stake in the retailer. Since then, trading has been choppy around the $12 level.
Decliners:
Market Vectors Semiconductor ETF (NYSE: SMH) declined 1.25 percent to 31.56. Shares of ASML holdings (Nasdaq: ASML) lost 1.8 percent, giving up Friday’s gains. Year-to-date, ASML has outperformed SMH, gaining 30 percent compared to SMH’s paltry 2 percent returns.
PowerShares QQQ (Nasdaq: QQQ) declined 1 percent to 68.29. Apple (Nasdaq: AAPL) has a 20 percent weighting in QQQ, so it is not a surprise the index catches a cold whenever Apple sneezes. Today Apple sneezed to the tune of a 2.25 percent decline, which was attributable to multiple factors including a weak technical pattern and supply issues. Bears are pounding the drum on a further decline with a minimum $620 target.
SPDR S&P Retail (NYSE: XRT) gained 0.4 percent to 63.92. Office Depot (NYSE: ODP) climbed 3 percent, recovering some of the losses suffered in the past 5 trading sessions. In September, shares of Office Depot bounced off lows after word hit the street that activist investor Starboard Value Fund took a stake in the retailer. Since then, trading has been choppy around the $12 level.
Decliners:
Market Vectors Semiconductor ETF (NYSE: SMH) declined 1.25 percent to 31.56. Shares of ASML holdings (Nasdaq: ASML) lost 1.8 percent, giving up Friday’s gains. Year-to-date, ASML has outperformed SMH, gaining 30 percent compared to SMH’s paltry 2 percent returns.
PowerShares QQQ (Nasdaq: QQQ) declined 1 percent to 68.29. Apple (Nasdaq: AAPL) has a 20 percent weighting in QQQ, so it is not a surprise the index catches a cold whenever Apple sneezes. Today Apple sneezed to the tune of a 2.25 percent decline, which was attributable to multiple factors including a weak technical pattern and supply issues. Bears are pounding the drum on a further decline with a minimum $620 target.
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