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NEW YORK ( ETF Expert) -- FedEx (FDX) recently blamed its weak profitability prospects on $4 jet fuel, as producers may be opting out of costly air shipments.

Railway transporters don't expect a bottom-line bonanza either. Norfolk Southern (NSC) lowered its earnings outlook on weakness in coal transportation as well as general merchandise; NSC shares fell in after-hour trading as a result.

For all of the bullish enthusiasm surrounding multi-year highs for the SPDR Dow Jones Industrials Trust (DIA), transporters have failed to confirm the excitement. Corporations that move goods air, truck, rail or sea have been ratcheting down forecasts.

The technical picture for ETFs exposed to the sector is somewhat disturbing. Guggenheim Shipping ETF (SEA) as well as the more widely known iShares DJ Transportation Fund (IYT) both reside below longer-term 200-day trendlines.

Majesco Entertainment (COOL), a software company in the videogaming realm, recently hit a 52-week low on worse-than-expected losses on its earnings report.

More noteworthy, Adobe Systems (ADBE) has disappointed on revenue for three consecutive quarters. The corporation blamed less-than-anticipated sales numbers of foreign currency exchange rates. (Blame a strong yen or a weak euro?)

One should make note of the fact that iShares North America Tech Software (IGV) has a 6% exposure to Adobe Systems. While that may not seem like a significant impact, Adobe's disappointing results may carry over to companies including Intuit (INTU) and/or Symantec (SYMC). If you own IGV at these levels, you might want to place a stop-limit order near its 50-day moving average.

Israel's Teva Pharmaceuticals Industries (TEVA) creates, manufactures and sells drug products worldwide. Geopolitical concerns notwithstanding, its cash flow from operations rates particularly low.

Adventurous types might employ the iShares MSCI Israel Fund (EIS) as a means to diversify in the region. However, EIS has 22.5% in TEVA alone; that's an awfully large commitment to a single corporation if MENA (Middle East North Africa) unrest becomes increasingly violent. (Note: EIS is still below a 200-day moving average.)

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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