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IBM, Goldman Sachs Misses Hinder ETFs

NEW YORK ( TheStreet) -- Technology and financial ETFs were under pressure on Tuesday morning after IBM (IBM - Get Report) and Goldman Sachs (GS - Get Report) missed revenue estimates, disappointing investors. Both stocks were down more than 4% in morning trading.

The iShares North American Semiconductor ETF (IGW) dropped 3.6% as shareholders sold Texas Instruments (TXN - Get Report) and Applied Materials (AMAT - Get Report), two of its top holdings.

Internet Architecture HOLDRS (IAH) shed 2.8%. The fund has about 32% of its portfolio invested in IBM.

Regional bank stocks were being punished on Tuesday as many regionals prepare to declare results this week. The iShares Dow Jones Regional Banks Index (IAT) was down 2.2%. Shares of U.S. Bancorp (USB - Get Report), its largest holding at 19% of the portfolio, are down 1.6%. Shares of BB&T (BBT - Get Report) and PNC Financial Services (PNC - Get Report) were also trending lower on Tuesday.

The iShares Dow Jones US Brokers-Dealers (IAI), the ETF which offers the largest exposure to Goldman Sachs at 10% of its portfolio, slipped 0.9% in forenoon trading.

-- Reported by Shanthi Venkataraman in New York.

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Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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AMAT $16.06 0.00%
BBT $31.58 0.00%
GS $146.13 0.00%
IBM $121.04 0.00%
IAT $29.63 0.00%


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