Notable ETF Movers of the Day 12/19: (TAN) Higher; (IBB) (GDX) Lower
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Gainers:
Guggenheim Solar (NYSE: TAN) gained 5 percent to 17.56. Suntech Power Holdings Co. Ltd. (NYSE: STP) was the biggest winner in the space, with strength across the board on news China would take steps to consolidate the industry. The move could trim oversupply of solar panels in China. Essentially, Beijing will make it easier, not harder, for solar companies in China to declare bankruptcy. JA Solar Holdings Co., Ltd. (Nasdaq: JASO) gained nearly 10 percent, and U.S. solar company, First Solar, Inc. (Nasdaq: FSLR) ticked higher by a relatively modest 2.5 percent.
Decliners:
iShares Nasdaq Biotechnology (NYSE: IBB) declined 1 percent to 139.2. Shares of Regeneron Pharmaceuticals (Nasdaq: REGN) sank 2.75 percent, with weakness rippling throughout the sector.
Market Vectors Gold Miners ETF (NYSE: GDX) declined 0.6 percent. Gold related equities came under pressure as the price of spot gold declined below $1670, its lowest level since August. The selloff appears to be related to progress on fiscal cliff negotiations in the U.S. While a deal remains out of reach for the time being, watchers say intense talks in Washington could soon reach a breakthrough. In the meantime, investors remain on pins and needles. Interestingly, for the time being, a bullish bet on gold appears to be a bet on fiscal gridlock and lack of movement on reform in the U.S.
Guggenheim Solar (NYSE: TAN) gained 5 percent to 17.56. Suntech Power Holdings Co. Ltd. (NYSE: STP) was the biggest winner in the space, with strength across the board on news China would take steps to consolidate the industry. The move could trim oversupply of solar panels in China. Essentially, Beijing will make it easier, not harder, for solar companies in China to declare bankruptcy. JA Solar Holdings Co., Ltd. (Nasdaq: JASO) gained nearly 10 percent, and U.S. solar company, First Solar, Inc. (Nasdaq: FSLR) ticked higher by a relatively modest 2.5 percent.
Decliners:
iShares Nasdaq Biotechnology (NYSE: IBB) declined 1 percent to 139.2. Shares of Regeneron Pharmaceuticals (Nasdaq: REGN) sank 2.75 percent, with weakness rippling throughout the sector.
Market Vectors Gold Miners ETF (NYSE: GDX) declined 0.6 percent. Gold related equities came under pressure as the price of spot gold declined below $1670, its lowest level since August. The selloff appears to be related to progress on fiscal cliff negotiations in the U.S. While a deal remains out of reach for the time being, watchers say intense talks in Washington could soon reach a breakthrough. In the meantime, investors remain on pins and needles. Interestingly, for the time being, a bullish bet on gold appears to be a bet on fiscal gridlock and lack of movement on reform in the U.S.
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