Tech ETFs On Bleeding Edge
The B2B Internet HOLDR plunged to an
all-time low Monday as tech-focused exchange-traded funds followed their
component stocks south once again.
The B2B HOLDR fell 10.0%, the biggest
loss of the session among the
funds. All
charts in this commentary use a logarithmic price scale as well as 50-day moving
averages for price (red) and volume (blue). Some charts may also include a
200-day moving price average (in black).
Analysts attributed Monday’s sharp
declines in business-to-business issues to negative news at Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating).
A key executive last week left the database giant to join rival Veritas Software
(
VRTS |
Quote |
Chart |
News |
PowerRating). Among the B2B HOLDR’s component stocks, Commerce One
(
CMRC |
Quote |
Chart |
News |
PowerRating)
shed 15.5%, VerticalNet
(
VERT |
Quote |
Chart |
News |
PowerRating) 14.7%, Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) 11.4%, Agile
Software
(
AGIL |
Quote |
Chart |
News |
PowerRating) 8.2%.
The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) broke
support around 157-158 and lost 7.6%.
Among its components, Millennium
Pharmaceutical
(
MLNM |
Quote |
Chart |
News |
PowerRating) forfeited 23.7%, Human Genome Sciences
(
HGSI |
Quote |
Chart |
News |
PowerRating)
16.2%, Celera Genomics
(
CRA |
Quote |
Chart |
News |
PowerRating) 13.2%, Enzon
(
ENZN |
Quote |
Chart |
News |
PowerRating) 11.2%, Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating)
9.8%.
The Internet Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating)
lost 7.3%, the Dow Jones Internet iShares
(
IYV |
Quote |
Chart |
News |
PowerRating) 7.2%, the Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating)
6.9%, the Internet Architecture HOLDR
(
IAH |
Quote |
Chart |
News |
PowerRating) 5.2%, the Dow Jones Technology
iShares
(
IYW |
Quote |
Chart |
News |
PowerRating) 4.4%.
Old Economy and financial ETFsÂ
also felt the market’s sting. The Cyclicals-Trasnportation SPDR
(
XLY |
Quote |
Chart |
News |
PowerRating)
dropped 2.4%, the Dow Jones Consumer Cyclical iShares
(
IYC |
Quote |
Chart |
News |
PowerRating) 2.2%, the Dow
Jones Basic Materials iShares
(
IYM |
Quote |
Chart |
News |
PowerRating) 1.7%, the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) 3.0%,
the Dow Jones Financial iShares
(
IYF |
Quote |
Chart |
News |
PowerRating) 1.9%, the Banking HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating)
1.7%.
The defensive ETFs held up reasonably
well. The Dow Jones Healthcare iShares
(
IYH |
Quote |
Chart |
News |
PowerRating) lost only 0.2%, the Utility
HOLDR
(
UTH |
Quote |
Chart |
News |
PowerRating) 0.3%, the Consumer Staples SPDR
(
XLP |
Quote |
Chart |
News |
PowerRating) 0.3%.
On the upside, the Utilities SPDR
(
XLU |
Quote |
Chart |
News |
PowerRating)
gained 1.0%, the Pharmaceutical HOLDRÂ
(
PPH |
Quote |
Chart |
News |
PowerRating) 0.8%.
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