This Week's ETF Winners & Losers
Exchange-traded funds related to financials were among the best performers of a winning week, despite mixed earnings reports from key names in the sector.
On Wednesday,
Merrill Lynch
(MER)
sank sector ETFs, following its greater-than-expected $7.9 billion writedown due to the credit crisis. The stock, however, rebounded Friday on rumors CEO Stan O'Neal would be forced out of the position.
Countrywide Financial's
(CFC)
rosy guidance on Friday also buoyed financial names, helping the stock to finish the week higher.
The
Ultra Financial ProShares
(UYG) - Get Report
added 5.2% to $54.79. The
iShares Dow Jones U.S. Broker-Dealers
(IAI) - Get Report
was higher by 5.1% to $53.93. The
KBW Bank
(KBE) - Get Report
ETF rose 3% to $51.02.
Energy-related ETFs were also among the winners, as crude set multiple records during the week. The December benchmark contract touched a high of $92.22 a barrel on Friday. Crude ultimately added 5.6% over the course of the week to close at $91.86.
The
United States Oil
(USO) - Get Report
added 6% to $71.17. The
iPath S&P GSCI Crude Oil Index
(OIL) - Get Report
ETF finished up 5.9% to $52.66.
ETFs tracking Internet and software stocks were also higher for the week, following strong reports from
Microsoft
(MSFT) - Get Report
,
Akamai Technologies
(AKAM) - Get Report
and
Apple
(AAPL) - Get Report
, among others.
The
Internet HOLDRs
(HHH)
gained 4.3% over the five sessions to $67.28. The
First Trust Dow Jones Internet Index
(FDN) - Get Report
added 3.3% to $27.78. The
iShares S&P GSTI Software
(IGV) - Get Report
ended up 2.2% to $52.24.
On the other hand, chip-related ETFs were the week's worst decliners, following gloomy earnings releases from
Texas Instruments
(TXN) - Get Report
,
Broadcom
(BRCM)
, and
Altera
(ALTR) - Get Report
.
The
Ultra Semiconductor ProShares
(USD) - Get Report
ETF slipped 7.2% to $79.24. The
Semiconductor HOLDRs
(SMH) - Get Report
ETF slid 5.2% to $33.79. The
PowerShares Dynamic Semiconductors
(PSI) - Get Report
ETF was down 2.6% to $17.85.