Notable ETF Movers of the Day 01/09: (XHB) (XLI) Higher; (UNG) Lower
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Gainers:
SPDR S&P Homebuilders (NYSE: XHB) gained 1.5 percent to 27.9. Gains came following a report by the Mortgage Bankers Association which showed an increase in new mortgage applications. Applications rose 11.7 percent overall. A breakdown showed a 12.1 percent gain in refinances and a 9.6 percent gain in loans tied to new home sales. Homebuilders stocks rose across the board with Hovnanian Enterprises Inc. (NSYE: HOV) leading the pack as it recovered losses following an analyst downgrade yesterday.
Industrial Select Sector SPDR (NYSE: XLI) climbed 0.9 percent to 39. Interestingly, recent laggard Boeing Company (NYSE: BA) gained 3.2 percent as it recovered from recent losses related to a fire on a 787 aircraft. This morning Oppenheimer called the latest problems "teething" and recommended investors buy into weakness. Boeing has an estimated 4 percent weighting in XLI. XLI's top holding, General Electric Company (NYSE: GE), was higher by 0.7 percent.
Decliners:
United States Natural Gas ETF (NYSE: UNG) declined 4 percent to 17.4. The downturn in UNG came as natural gas futures fell to $3.10 per million btu. Warmer weather forecasts, high inventory, and overall negative sentiment are reasons cited for today's decline. The latest 6 to 10 day weather forecasts call for above normal temperatures in the east, a key area for heating demand. In addition, natural gas production remains high by most measures. With supplies already at above normal levels, some fear gas price will repeat 2012 performance.
SPDR S&P Homebuilders (NYSE: XHB) gained 1.5 percent to 27.9. Gains came following a report by the Mortgage Bankers Association which showed an increase in new mortgage applications. Applications rose 11.7 percent overall. A breakdown showed a 12.1 percent gain in refinances and a 9.6 percent gain in loans tied to new home sales. Homebuilders stocks rose across the board with Hovnanian Enterprises Inc. (NSYE: HOV) leading the pack as it recovered losses following an analyst downgrade yesterday.
Industrial Select Sector SPDR (NYSE: XLI) climbed 0.9 percent to 39. Interestingly, recent laggard Boeing Company (NYSE: BA) gained 3.2 percent as it recovered from recent losses related to a fire on a 787 aircraft. This morning Oppenheimer called the latest problems "teething" and recommended investors buy into weakness. Boeing has an estimated 4 percent weighting in XLI. XLI's top holding, General Electric Company (NYSE: GE), was higher by 0.7 percent.
Decliners:
United States Natural Gas ETF (NYSE: UNG) declined 4 percent to 17.4. The downturn in UNG came as natural gas futures fell to $3.10 per million btu. Warmer weather forecasts, high inventory, and overall negative sentiment are reasons cited for today's decline. The latest 6 to 10 day weather forecasts call for above normal temperatures in the east, a key area for heating demand. In addition, natural gas production remains high by most measures. With supplies already at above normal levels, some fear gas price will repeat 2012 performance.
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