Cisco Weighs on Tech ETFs
NEW YORK (
) -- Stocks continue to decline for the third straight day on Thursday after jobless claims unexpectedly rose and
Cisco
(CSCO) - Get Cisco Systems Inc. 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) - Get iShares North American Tech-Multimedia Networking ETF Report
, which has a 9% holding in Cisco, is down 3.3%.
Other tech ETFs such as
PowerShares Semiconductor ETFs
(PSI) - Get Invesco Dynamic Semiconductors ETF Report
and
TheStreet Recommends
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) - Get Invesco Solar ETF Report
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) - Get SPDR Gold Shares ETF Report
is gaining 1% in afternoon trading. ETFs tracking gold miners are doing better, with the
Market Vectors Junior Gold Miners ETF
(GDXJ) - Get VanEck Junior Gold Miners ETF Report
rising 3.3% and the
Market Vectors Gold Miners ETF
(GDX) - Get VanEck Gold Miners ETF Report
rising 2.5%.
-- Reported by Shanthi Venkataraman in New York.
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