Updated from 1:00 p.m. EDT with new stock prices
Exchange-traded funds tracking technology names were among the worst performers of a losing session Wednesday, following sharp declines for shares of
After the previous close, Internet retailer Amazon.com beat third-quarter forecasts by a penny as revenue jumped 41% from a year ago. However, gross margin declined when compared with the second quarter, and shares were dropping 11.99%.
Bundled securities tracking the Internet sector were sent tumbling. The
was falling $2.35, or 3.49%, to $64.90. The
First Trust Dow Jones Internet Index
was down 65 cents, or 2.34%, to $27.13. The
Internet Infrastructure HOLDRs
was off 15 cents, or 2.61%, to $5.59.
Amazon's loss also hit retail ETFs. The
SPDR S&P Retail
was losing 22 cents, or 0.58%, to $37.85. The
slumped 50 cents, or 0.51%, to $97.40. The
PowerShares Dynamic Retail
was up, however, 7 cents, or 0.41%, to $17.24.
Also following Tuesday's close, chipmakers Altera and Broadcom delivered poor earnings reports, sending both stocks spiraling lower by 15% or more.
Ultra Semiconductor ProShares
was losing $4.89, or 5.62%, to $82.11. The
iShares S&P GTSI Semiconductor
was sinking by $2.06, or 3.06%, to $65.16. The
PowerShares Dynamic Semiconductors
shed 46 cents, or 2.45%, to $18.35.
Financial-related ETFs were also among the worst decliners of the day on the back of
greater-than-expected $7.9 billion writedown due to the credit crisis that plague financial markets during the summer. Merrill swung to a third-quarter continuing-operations loss of $2.24 billion, or $2.85 a share, from a year-ago profit of $3.05 billion, or $3.14 a share.
Ultra Financials ProShares
was falling by $3.70, or 6.89%, to $50. The
KBW Regional Banking
ETF was down 65 cents, or 1.58%, to $40.55. The
PowerShares Dynamic Banking
was off 10 cents, or 0.48%, to $20.83.
Bundled securities tracking homebuilders were hit after the National Association of Realtors said that existing home sales fell a greater-than-expected 8% to 5.04 million annualized units in September, well below expectations. The report comes a day after
swung to a fiscal second-quarter loss.
SPDR S&P Homebuilders
was barely up 1 cent, or 0.05%, to $22.21 after falling earlier in the day. The
iShares Dow Jones U.S. Home Construction
also recovered, up 30 cents, or 1.48%, to $20.56 after being down earlier.
Oil and gas-related ETFs were among the only real winners of the session, though, following a bullish report from the Energy Department that showed that crude stocks unexpectedly dropped by 5.3 million barrels last week. Gasoline and distillate inventories also declined, compared with expectations for slight gains. Recently, the December front-month crude contract was up 60 cents to $87.10 a barrel.
United States Oil
ETF was adding $2.15, or 3.27%, to $67.98. The
iPath S&P GSCI Crude Oil Index
was higher by $1.39, or 2.84%, to $50.28. The
PowerShares DB Oil
was up 36 cents, or 1.16%, to $31.35.