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On Wednesday, the Commerce Department released the bad news that U.S. durable goods orders, excluding transportation, fell 0.1% instead of rising 1.8% as predicted. It was the second-consecutive monthly decline in this business-spending barometer. As a result, it was a tough week for the technology sector -- although a few tech funds did manage to survive the week unscathed. If businesses continue to cut back on spending, delaying the purchase of new equipment, the Business Cycle Dating Committee of the National Bureau of Economic Research may look back at this period and declare it the beginning of a recession. Beyond the patent lawsuit at Vonage Holdings VG and accounting problem at Dell DELL, technology companies tend to be sensitive to the mood of the overall economy. The Fed is on the lookout for spillover from the real estate recession. One such result could be that consumers will have to pass on the latest high-tech gadget as their variable rate mortgage payment skyrockets. For the five trading days ending Thursday, March 29, the worst-performing technology fund was the Ultra Semiconductors ProSharesUSD. By doubling up its bet on the stocks of the Dow Jones U.S. Semiconductor Index, this exchange-traded fund lost 4.45% of its chips. The second-worst performer, SMPIXProFunds Semiconductor UltraSector ProFund, (SMPIX) lost 3.18% with its 150% exposure to the same index. The top four holdings make up more than 36% of the index, with Intel INTC slipping 0.37%, Texas Instruments TXN sliding 2.75%, Applied Materials AMAT off 1.65% and Broadcom BRCM shedding 3.30% of its value. Another member of the index, RF Micro Devices RFMD, steered analysts toward lower estimates of its fiscal first quarter ending in June. This drove the stock 10.24% lower for the period under review. Also, Marvell Technology Group MRVL lost 7.25% with the delay of its annual report in conjunction with a six-year restatement of financials due to misdated stock options. Unlike the two worst performers, the FELTXFidelity Advisor Electronics Fund (FELTX) managed to lose 3.01% without the use of leverage. The largest hit came from Jabil Circuit JBL, whacked for 14.2%. Rolling disclosures of charges exceeding $54.3 million from stock option compensation, $250 million in restructuring costs and the expected restatements of the 2003, 2004 and 2005 annual reports weigh heavily on the stock.
| Worst-Performing Technology, Internet and Telecom Funds | ||||
| Fund | Ticker | Rating | Fund Type | One-Week Total Return |
| Ultra Semiconductors ProShares | USD | U | ETF | -4.45% |
| ProFunds Semiconductor UltraSector ProFund | SMPIX | E- | Open-End | -3.18% |
| Fidelity Advisor Electronics Fund | FELAX | E- | Open-End | -3.01% |
| SPDR S&P Semiconductor ETF | XSD | U | ETF | -3.00% |
| Powershares Dynamic Semiconductors Portfolio | PSI | D | ETF | -2.91% |
| First Trust Nasdaq-100 Technology Index Fund | QTEC | U | ETF | -2.90% |
| Internet Infrastructure HOLDRs Trust | IIH | D | ETF | -2.66% |
| Fidelity Select Electronics Portfolio | FSELX | E- | Open-End | -2.60% |
| Oppenheimer Emerging Technologies Fund | OETAX | E- | Open-End | -2.45% |
| Source: Bloomberg March 22, 2007 to March 29, 2007 | ||||
| Best Performing Technology, Internet, & Telecom Funds | ||||||
| Fund | Ticker | Rating | Fund Type | One-Week Total Return | ||
| UltraShort Semiconductors ProShares | SSG | U | ETF | 5.26% | ||
| UltraShort Technology ProShares | REW | U | ETF | 3.54% | ||
| B2B Internet HOLDRs Trust | BHH | E- | ETF | 1.87% | ||
| Firsthand Technology Innovators Fund | TIFQX | E- | Open-End | 1.17% | ||
| Kinetics Internet Fund | WWWFX | D | Open-End | 0.52% | ||
| Internet HOLDRs Trust | HHH | E- | ETF | 0.07% | ||
| The Gamco Global Telecommunications Fund | GABTX | A+ | Open-End | 0.04% | ||
| iShares Dow Jones US Telecom Sector Index Fund | IYZ | A | ETF | -0.16% | ||
| Telecom HOLDRs Trust | TTH | B- | ETF | -0.17% | ||
| iShares S&P Global Telecom Sector Index Fund | IXP | A+ | ETF | -0.20% | ||
| Source: Bloomberg March 22, 2007 to March 29, 2007 | ||||||
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