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Tech ETFs Fall on Adobe Miss

NEW YORK ( TheStreet) -- Technology ETFs took a knock on Thursday, a day after Adobe Systems (ADBE - Get Report) issued a forecast that was below analyst expectations.

Software HOLDRS (SWH - Get Report), which has a nearly 10% exposure to Adobe was falling 2.3% to $41.71. iShares S&P North American Tech-Software (IGV), with a 6.5% stake, was shedding 1.7% to $44.56.

Semiconductor ETFs were also falling steeply in overall tech weakness. SPDR S&P Semiconductors ETF (XSD) was sliding 2.2% to $42.87.

Gold and treasury ETFs were in favor on Thursday as traders poured money into safe havens amid a weaker dollar. Market Vectors Gold Miners ETF (GDX) was rising 0.7% to $56.05. Other precious metals were also rising, with the ETFS Physical Palladium Shares (PALL) also rising 1.3%.

Base metals were also stronger, with the Global X Copper Miners (COPX) rising 1.5% and the Emerging Global's Emerging Market Metals and Mining Titans (EMT) rising 1.3%.

More signs of defensive buying were evident in the performance of utility ETFs. The iShares Dow Jones Utility ETF was up 0.6%.

-- Written by Shanthi Venkataraman in New York

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

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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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SWH $117.91 0.00%
ADBE $94.22 0.00%
COPX $17.19 0.00%
GDX $25.83 0.00%
IGV $100.39 0.00%


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