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Medtronic Drags Healthcare ETFs

NEW YORK (TheStreet) -- Weak existing-home sales data and worse-than-expected results from Barnes & Noble (BKS) and Medtronic (MDT) contributed to broad market weakness that is weighing on healthcare ETFs.

Healthcare stocks are trading lower after market leader Medtronic reported a decline in sales in the fiscal first-quarter and lowered its outlook for revenue and earnings for the year through next April. The iShares Dow Jones US Medical Devices (IHI), which has a 13.3% stake in Medtronic, is down 3.3%. Other top holdings in the fund including Thermo Fisher Scientific (TMO) and Stryker (SYK) were also weaker. The PowerShares S&P SmallCap Health Care ETF (XLVS) and Health Care Select Sector SPDR (XLV) were declining by 0.9% and 1.8% respectively.

The 27% plunge in existing home sales data led to a selloff in the SPDR KBW Mortgage Finance ETF (KME) shedding 3.8%. The Homebuilder ETFs remarkably remained in the positive territory with the SPDR Homebuilders ETF (XHB) rising 0.4% and the Dow Jones Home Construction (ITB) rising 1.2%.

Prominent among the gainers is the CurrencyShares Japanese Yen Trust (FXY), which is gaining 1.2% as the Yen touched a 15-year high against the dollar.

The iShares Silver Trust (SLV) is another notable gainer in Tuesday trading, up 2.4%.

--Written by Shanthi Venkataraman in New York.



>To contact the writer of this article, click here: Shanthi Venkataraman.

>To follow the writer on Twitter, go to Shanthi Venkataraman.

>To submit a news tip, send an email to: tips@thestreet.com.

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

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