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Cisco Weighs on Tech ETFs

NEW YORK ( TheStreet) -- Stocks continue to decline for the third straight day on Thursday after jobless claims unexpectedly rose and Cisco (CSCO - Get Report) announced disappointing results.

Tech ETFs are suffering the brunt of the decline after Cisco missed revenue estimates and gave a cautious outlook. The Internet Architecture HOLDRS (IAH), which has a 12% exposure to Cisco, is shedding 2%. The iShares S&P North America Tech-Multimedia Networking ETF (IGN), which has a 9% holding in Cisco, is down 3.3%.

Other tech ETFs such as PowerShares Semiconductor ETFs (PSI) and SPDR S&P International Sector (IPK) are also declining on weak investor sentiment.

Solar ETFs were prominent gainers amid selling on Thursday morning. On Tuesday LDK Power (LDK) and SunPower (SPWRA) announced strong results and raised their guidance spurring further buying interest in the sector. Claymore/MAC Global Solar Energy (TAN) and Market Vectors Solar ETF (KWT) are rising by 2.3% and 1.7% respectively.

Gold ETFs are also up as gold prices inch higher to $1214.70 an ounce. The SPDR Gold Trust (GLD) is gaining 1% in afternoon trading. ETFs tracking gold miners are doing better, with the Market Vectors Junior Gold Miners ETF (GDXJ) rising 3.3% and the Market Vectors Gold Miners ETF (GDX) rising 2.5%.

-- Reported by Shanthi Venkataraman in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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LDK $0.00 0.00%
CSCO $26.43 -1.60%
GLD $122.35 -0.50%
GDX $23.40 -5.10%
GDXJ $34.63 -5.90%


Chart of I:DJI
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S&P 500 2,051.66 -11.71 -0.57%
NASDAQ 4,729.0210 -34.2030 -0.72%

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