BlackRock Floating Rate Income Strategies Fund (FRA) and Eaton Vance Floating Rate Income Fund (EFT)...
Biotech ETFs Jump Again
08/28/2014 7:00 am EST
The four major biotech ETFs jumped high on Monday and had a good follow-through on Tuesday, notes John Burke of Wall Street Sector Selector.
All four major biotech ETFs demonstrated good follow-through on Tuesday, after jumping higher than 2% on Monday.
The biotech sector had another strong session on Tuesday, after beginning the week with a rally. Monday's excitement began when Roche Holding AG made an $8.3 billion takeover bid for InterMune (ITMN), causing ITMN shares to skyrocket 35.41%. The bullishness in the sector sent all four major biotech ETFs more than 2% higher, with two members of the group jumping higher than 3%.
The biotech ETFs demonstrated good follow-through on Tuesday, when the smallest gain was made by the First Trust NYSE ARCA Biotechnology Index ETF (FBT), which climbed 0.99% to $92.04. The iShares Nasdaq Biotechnology Index ETF (IBB) jumped 1.13% to $275.71. The Market Vectors Biotech ETF (BBH) surged 1.06% to $106.40. The SPDR S&P Biotech Index ETF (XBI) soared 2.69% to $162.89.
The 3D printing sector experienced a full spectrum of results on Tuesday. Stratasys (SSYS) surged 0.85% to $115.94. 3D Systems (DDD) climbed 0.78% to $51.44. Voxeljet (VJET) advanced 0.35% to $17.26. 3D bioprinting company, Organovo (ONVO) declined 0.25% to
$7.92. ExOne (XONE) fell 0.83% to $28.66.
Although the solar sector had a generally disappointing session on Tuesday, two members of the group had a good day. Canadian Solar (CSIQ) rose 0.14% to $35.48. SunPower (SPWR) advanced 0.08% to $37.86, crossing back above its 50-day moving average of $37.84. Meanwhile, the Guggenheim Solar ETF (TAN) dipped 0.07% to $44.11. First Solar (FLSR) declined 0.20% to $71.02. SolarCity (SCTY) dropped 1.27% to $70.48.
The beaten-down Real Goods Solar-now known as RGS Energy (RGSE)-continued its journey to Hades on Tuesday, plunging 7.40% to $1.50 after Monday's 2.42% decline. The descent began with Wednesday's release of a dismal second quarter report, which triggered a 17.12% swoon, followed by a 9.78% nosedive on Friday. The company's CEO, Kamyar Mofid was replaced by Dennis Lacey, the President of its Residential Solar Division, after a decision to focus on residential-rather than commercial-installations.
The major ETFs expected to respond to developments in the technology sector are:
- Technology Select Sector SPDR ETF (XLK): +0.05%
- Vanguard Information Technology Index ETF (VGT): +0.21%
- iShares Dow Jones U.S. Technology Sector Index ETF (IYW): +0.09%
- Market Vectors Semiconductor ETF (SMH): +0.02%
- iShares PHLX SOXX Semiconductor Sector ETF (SOXX): +0.01%
- SPDR S&P Semiconductor ETF (XSD): +0.20%
The four major biotech ETFs continued to head higher on Tuesday, as the sector attracted more attention from investors in search of a windfall.
By John Burke of Wall Street Sector Selector
Related Articles on ETFS
iShares Russell 2000 (IWM) is an ETF that tracks the Russell 2000 Index (RUT). It is the most liquid...
O’Shares Global Internet Giants ETF (OGIG) is the newest addition to O’Shares’ gro...
The iShares MSCI Brazil ETF peaked on January 25 and has since declined 30.8%, officially entering c...