Technology Select Sector SPDR ETF

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  • Oct. 22, 2013, 1:25 PM
    • The mutual fund giant greatly boosts its ETF presence, rolling out 10 sector ETFs on Thursday, with BlackRock (BLK) - whose iShares has its own suite of sector ETFs - as the funds' sub-advisor. State Street (STT), though, is better-known for its sector offerings. Launching on Thursday - and popular existing State Street SPDR ETFs they'll be competing with:
    • Fidelity MSCI Consumer Staples Index ETF (FSTA) - XLP.
    • Fidelity MSCI Consumer Discretionary Index ETF (FDIS) - XLY.
    • Fidelity MSCI Energy Index ETF (FENY) - XLE.
    • Fidelity MSCI Financials Index ETF (FNCL) - XLF.
    • Fidelity MSCI Health Care Index ETF (FHLC) - XLV.
    • Fidelity MSCI Industrials Index ETF (FIDU) - XLI.
    • Fidelity MSCI Information Technology Index ETF (FTEC) - XLK.
    • Fidelity MSCI Materials Index ETF (FMAT) - XLB.
    • Fidelity MSCI Telecommunications Services Index ETF (FCOM) - XTL.
    • Fidelity MSCI Utilities Index ETF (FUTY) - XLU.
    | Oct. 22, 2013, 1:25 PM | 1 Comment
  • Oct. 22, 2013, 11:40 AM
    • Opening for trade today is ETC's Robo-Stox Global Robotics and Automation Index ETF (ROBO), like its name says, a global play on the robotics and automation industry. The expense ratio os 0.95%.
    • The tracked index currently has 77 holdings in companies whose main businesses are "the technologies, services or devices that contribute to any type of robot, robotic action or automation system in realms including health care, manufacturing and military applications." There are also a few 3D printing names.
    • The fund is somewhat comparable to the XLK and IXN, but holdings will be a 40/60 balance between "bellwether" stocks who are clearly tied to robotics and automation, and "non-bellwether" names who get revenue from a specialized or unique contribution to the sector.
    | Oct. 22, 2013, 11:40 AM
  • Oct. 19, 2013, 3:40 PM
    • "I do worry a little bit that we're beginning to hear things that are reminiscent of the 1999-2000 period—the number of hits, the number of eyeballs," says UBS' Art Cashin, suggesting a new tech bubble is afoot.
    • Cashin doesn't claim all tech names are taking part - many large-caps still go for less than 15x trailing EPS and 3x sales - just some of those with strong cloud and/or mobile exposure. "We're beginning to see a case of old tech/new tech."
    • Though using P/Es to value growth-stage tech firms can be tricky, given how near-term earnings are often depressed by big investments, a look at price/sales multiples makes it clear valuations for many high-growth names have soared.
    • Facebook (FB), LinkedIn (LNKD), Zillow (Z) and YELP now respectively trade at 13.4x, 13.1x, 10.9x, and 14.8x 2014E sales. The story is similar for some enterprise-focused names: Workday (WDAY) and Splunk (SPLK) go for 20.7x and 17.3x FY15E (ends Jan. '15) sales, and ServiceNow (NOW), Tableau (DATA), and FireEye (FEYE) go for 11.9x, 14.4x, and 21.4x 2014E sales.
    • Price/billings ratios for enterprise firms that depend heavily on cloud subscriptions are a bit lower than price/sales ratios, but are still often in the double-digit range.
    | Oct. 19, 2013, 3:40 PM | 142 Comments
  • Oct. 17, 2013, 6:00 PM
    | Oct. 17, 2013, 6:00 PM
  • Oct. 11, 2013, 4:24 AM
    • The government shutdown could cause device makers such as Google and Apple to postpone the introduction of new smartphones and any other products that emit radio waves.
    • With 98% of FCC staff furloughed, there's no-one around to give the final approval that says the devices don't cause interference.
    • With output at zero, Commisioner Jessica Rosenworcel says the closure "could be something that’s a real drag on the digital economy the longer it goes on."
    • Meanwhile, the WSJ profiles how the businesses and workers are bracing for a protracted shutdown.
    | Oct. 11, 2013, 4:24 AM
  • Sep. 17, 2013, 1:43 PM
    • A number of big cap tech companies have fooled this generation of analysts, says Jim Chanos (about minute 11 of the video), by acquiring their way into growth as organic expansion grinds to a halt. He won't name names (HPQ is already trodden ground), but Cory Johnson's mentioning of IBM and 3D Systems (DDD) as fitting the bill has Chanos nodding his head, "Acquisitions are a way of capitalizing R&D."
    • "I'm very leery of tech companies that become value stocks," he says, partly explaining the reason for exiting another long - his stake in Microsoft (MSFT). Apple (AAPL)? He considers it more a consumer products stock than tech stock, and believes the company is still innovating.
    • Also from the video: Chanos on China.
    | Sep. 17, 2013, 1:43 PM | 17 Comments
  • Aug. 17, 2013, 9:02 AM
    • The market's more richly valued than you think, writes Jack Hough in Barron's, as Q4 S&P 500 (SPY) earnings are expected to rise 10.5% on just a 0.6% increase in revenue. "Where's that margin growth going to come from," asks S&P's Howard Silverblatt. "Most of us aren't exactly napping on the job as it is."
    • Avoid sectors particularly prone to estimates cuts like consumer discretionary (XLY) and telecom (IYZ), suggests Hough, but favor safer groups like tech (XLK, though Cisco last week calls "safe" into question) and health care (XLV).
    • A stock screen scoring companies by free cash yield as well as ability to still boost margins yields 5 top picks:
    • Pfizer (PFE) trades inline with a slow-grower like Merck (MRK) but maybe deserves a multiple closer to a fast-grower like Bristol-Myers Squibb (BMY).
    • Danaher (DHR) - it trades at what seems like a pricey 18x earnings, but just 15x projected free cash.
    • Lear (LEA) at 10x earnings is growing faster than the auto market as a whole as it picks up market share and electrical content in cars is rising.
    • Oracle (ORCL) and Qualcomm (QCOM) have both seen earnings growing faster than their share price of late, leaving them attractively priced.
    • The screen also yielded 3 to avoid:
    • Tiffany (TIF) at 20x earnings is pricing in faster earnings growth in 2014. Praxair (PX) expectations are for a near-doubling in earnings growth to 13%. Lennar (LEN) with 32% projected earnings growth remains pricey even as the housing recovery appears to be slowing.
    | Aug. 17, 2013, 9:02 AM | 3 Comments
  • Aug. 14, 2013, 7:07 PM
    • Nasdaq-100 futures (QQQ, XLK) -0.5% AH after Cisco provides relatively light FQ1 guidance to go with an FQ4 beat, and also reports Asia-Pac/Japan orders were down 3% Y/Y (macro is blamed).
    • Networking/telecom hardware vendors and some of their suppliers are naturally the biggest decliners. Many of them have run up strongly this year on hopes of gradually improving carrier capex and enterprise IT spending. ALU -3.3% AH. JNPR -2.4%. ARUN -1.4%. FFIV -2%. ARRS -2.4%. RVBD -3.2%. JDSU -1.6%. FNSR -2.8%. CIEN -2.2%. CAVM -2%.
    | Aug. 14, 2013, 7:07 PM | 1 Comment
  • Aug. 13, 2013, 3:07 PM
    | Aug. 13, 2013, 3:07 PM
  • Jul. 19, 2013, 4:31 PM
    The week's ETF movers - Gainers: TAN +8.46%. GDX +6.11%. BRF +4.12%. UNG +4.10%. GAZ +4.07%.
    ETF Losers: VXX -6.80%. PSLV -2.40%. SIVR -1.93%. SLV -1.72%. XLK -1.53%.
    | Jul. 19, 2013, 4:31 PM
  • Jul. 18, 2013, 5:17 PM
    Nasdaq 100 futures (QQQ) are down 1% in AH trading following earnings misses from Google and Microsoft; Dow and S&P 500 futures are up modestly. XLK -1.4%.
    | Jul. 18, 2013, 5:17 PM
  • Jul. 2, 2013, 5:49 PM
    Gartner cuts its 2013 IT spending growth forecast to 2% from an April forecast of 4.1%. A strong dollar accounts for nearly 3/4 (150 bps) of the change. The rest is largely due to PC weakness; whereas Gartner previously expected sales of personal devices to grow ~8%, it now forecasts 2.8% growth. Enterprise software is still seen growing 6.4% in spite of recent earnings misses. Interestingly, Gartner's cut comes as Bloomberg observes tech stocks just delivered their "best 10 weeks of relative performance since 2009," and that the performance is a sign investors see the economy entering a growth period in which capex will pick up. Tech ETFs: XLK, QQQ, QTEC, IGM, IYF, PTF  (IDC May forecast)
    | Jul. 2, 2013, 5:49 PM
  • Jun. 26, 2013, 9:58 AM
    Market Vectors debuts the Israel ETF (ISRA) today. The fund will track the BlueStar Israel Global Index and has an expense ratio of 0.59% vs. 0.60% for the iShares MSCI Israel ETF (EIS).
    | Jun. 26, 2013, 9:58 AM
  • Jun. 21, 2013, 8:58 AM
    Technology Select Sector SPDR ETF (XLK) announces quarterly distribution of $0.1546. 30-day SEC yield of 1.82% (as of 06/19/2013). For shareholders of record June 25. Payable July 01. Ex-div date June 21.
    | Jun. 21, 2013, 8:58 AM
  • Jun. 19, 2013, 10:53 AM
    "Sell in May and go into cyclicals," says Ralph Acampora after the last month. He reminds of an old adage saying sectors going down the least during a selloff become the new market leaders. During SPY's 5.2% decline from May 22-June 6, the best performers were Tech (XLK) and Industrials (XLI). The worst were Telecommunications (IYZ) and Utilities (XLU). This "rolling rotation" between sectors is necessary, he says, to give further life to the secular bull market begun in March 2009.
    | Jun. 19, 2013, 10:53 AM | 3 Comments
  • Jun. 8, 2013, 4:38 PM
    The percentage of the stock market now owned by hedge funds (5%) is the highest since Q2 2008, BofA Merrill Lynch finds in its Hedge Fund Quarterly Report. Hedge funds reduced cash holdings to the Q2 2007 trough of 4.3%, and raised net equity exposure to the Q2 2007 peak of 59%. Their largest exposure is to consumer discretionary stocks (XLY) followed by IT (XLK) and financials (XLF).
    | Jun. 8, 2013, 4:38 PM | 23 Comments
XLK Description
The Technology Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Technology Select Sector Index (ticker: IXT). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Sector: Technology
Country: United States
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