NEW YORK ( TheStreet) - Earnings season has gotten into full swing following Alcoa's ( AA) report on Monday.
In the coming weeks, companies across the market spectrum will follow Alcoa's lead and share how they have fared over the past quarter. Performance numbers for the most recent quarter will prove intriguing for investors looking to gain insight into the state of the economic recovery. Equally important will be the companies' respective outlooks and guidance for the remainder of the year. ETF investors will want to keep a close watch on the earnings calendar. As the season presses on, a large number of major index components will step up to the plate. For instance, when JPMorgan ( JPM) and Bank of America ( BAC) release their reports on during the second half of the week, investors holding the SPDR KBW Bank ETF ( KBE) will want to pay close attention. These two firms are top holdings of KBW, and on top of directing the fund's performances over the next week, they will likely provide clues as to how other major financial institutions fared during the opening months of 2011. Google ( GOOG) is another hotly anticipated household name that is on tap to report its quarterly earnings this week. On top of monitoring the performance of search, Android, and the company's various other branches and divisions, investors will likely have a close eye on how founder Larry Page is adjusting to his new role as the company's CEO. In the short time since taking over the reins from Eric Schmidt, Page has already generated plenty of attention from the media. Most recently, he made headlines when he announced a dramatic shake-up to the company's management structure. It will be interesting to see what else Page has in store. The company's performance and outlook for the rest of the year will heavily influence the popular First Trust Dow Jones Internet Index Fund ( FDN). Google accounts for close to 10% of the fund's total portfolio, making the search giant FDN's largest position. Following Google, earnings numbers from other top index constituents such as eBay ( EBAY) and Netflix ( NFLX) will make FDN an exciting fund to watch in the near term. However, this fund boasts qualities that make it attractive as a long-term bet as well.
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR S&P Bank ETF where we have detected an approximate $60.2 million dollar outflow -- that's a 2.4% decrease week over week (from 78,152,118 to 76,302,118). Among the largest underlying components of KBE, in trading today City National Corp.