Major market ETFs, including the SPY, DIA, UYG and others, are lower.
Stock futures are reflecting the broader market's fatigue at 2009 highs
and the impact of some key earnings disappointments this morning. The
PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq
Composite, is down 0.3%.
Major banking and brokerage shares are lower after disappointing
results from Bank of America (
BAC). Select Financial Sector SPDRS (XLF)
is down 1.7%. The Direxion Financial Bull 3X fund (FAS) is down 5%; its
bearish counterpart, FAZ, is up 5% and among the most active movers on
Nasdaq. Major banking shares are lower and leading volume ranks: C,
-2.3%; BAC, -4.5%; UBS -2.7%.
Bank of America (
BAC) reports a Q3 loss of $0.26 vs income of $0.15
in the year ago period. The Thomson Reuters mean analyst estimate was
for a loss of $0.21.
Revenue net of interest rose 32% to $26.4 billion. The Street looked for $27.6 billion.
Technology Select Sector SPDR (XLK) is flat. iShares U.S.
Technology (IYW) should see increased interest closer to the opening
bell. iShares S&P North American Technology Semiconductor (IGW) and
Semiconductor HOLDRs (SMH) could see increased interest closer to the
bell. AMD is lower despite reporting a loss that was smaller than the
Street view; IBM is lower after reporting a revenue decline.
Internet HOLDRs (HHH) could get a boost after Google (
GOOG) results and several price target upgrades this morning.
Google (GOOG) is upgraded to Buy vs Hold by The Benchmark Co. after
the Internet search engine's results out in Thursday's after-hours.
The analyst expects continued momentum because large advertisers
have returned, the seasonally strongest period of the year is starting,
currency impacts are turning positive and comparisons are getting
easier. It lifted its price target to $625 from $500, according to a
report on MarketWatch. Goldman Sachs, Bank of America/Merrill, UBS and
JP Morgan all raised their price targets to above $600 a share.
Late Thursday, GOOG reported Q3 revenue of $4.38 bln, ex Traffic
Acquisition Costs, better than the analyst mean of $4.24 bln on Thomson
Reuters.
