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Fri, Oct. 17, 4:20 PM
Wed, Oct. 15, 3:08 PM
- Way out in front on the way down, might the Russell 2000 (IWM -0.4%) lead the path back up? An afternoon move higher has the small-cap index down just 0.25% after being off nearly 2%.
- The Dow (NYSEARCA:DIA) has moved 170 points off of its low, now down 1.6%, and the Nasdaq 100 (NASDAQ:QQQ) - lower by nearly 3% at one point - is off just 1.25%.
- Small-cap ETFs: IWM, TZA, TNA, IWC, UWM, VB, IJR, SLY, RWJ, URTY, SCHA, TWM, RWM, SRTY, SAA, DWAS, VTWO, VIOO, SDD, PZI, SBB, FDM, RSCO, JKJ, WMCR, FYX, EWRS, XSLV, TWOK, SMLV, PXSC, CSF
Mon, Oct. 13, 1:33 PM
- Electronic Cigarettes International Group, Ltd. (OTCQB:ECIG) is set for its IPO of 33.3M shares of common stock at a prospective price of $4.50 per share. The firm is selling 28,443,133 shares and selling shareholders are offering 4,890,200.
- The company markets and distributes electronic cigarettes and accessories through over 50K outlets in multiple countries.
- Proforma 2013 financials: Revenues: $113.2M; Gross Profit: $55.5M; Operating Expenses: $48.9M; Operating Income: $6.5M; Net Loss: ($11.4M); Loss Per Share: ($0.11).
- Proforma 1H 2014 financials: Revenues: $48.5M; Gross Profit: $26.8M; Operating Expenses: $57.9M; Operating Loss: ($31.1M); Net Loss: ($10.5M); Loss Per Share: (0.08).
- Actual 1H 2014 financials: Revenues: $15.4M (+862.5%); Gross Profit: $8.2M (+780.1%); Operating Expenses: $92.8M (-999%); Operating Loss: ($84.6M); Net Loss: ($84.5M); Loss Per Share: ($1.23); Quick Assets: $5.6M (+166.7%); Cash Burn Ops: ($10.9M) (-999%).
- The company expects Q3 2014 revenues to be $16M - 17M (pro forma net $22.9M - 24.3M).
- ETFs: IWM, TZA, TNA, IWC, UWM, VB, IJR, SLY, RWJ, VBK, URTY, SCHA, TWM, IWO, RWM, IJT, SRTY, SAA, DWAS, VTWO, SLYG, VIOO, SDD, RZG, PZI, SBB, RSCO, FDM, JKJ, UKK, VTWG, VIOG, WMCR, FYX, EWRS, XSLV, TWOK, SKK, JKK, SMLV, PXSG, FYC, PXSC, CSF
- ETFs: IRY, IXJ (IPO -0.5%)
Fri, Sep. 19, 2:41 PM
- There's not a lot of action in the large cap averages this session, but the Russell 2000 (IWM -1.1%) continues to shed ground both absolutely and relative to the S&P 500, and has now turned negative for the year - it's lower by 1.1% YTD, ceding about 1000 basis points to the S&P,
- Maybe bearish, but probably bullish for those with a contrarian streak, technicians are starting to warn about the dreaded "Death Cross" - the 50-day moving average moving below the 200-day moving average. Ryan Detrick points out 19 instances since 1988 where the Russell 2000 has completed a Death Cross - it's tended to be bearish in the very short-term, but bullish over longer periods.
- ETFs: IWM, TZA, TNA, IWC, UWM, VB, IJR, SLY, RWJ, URTY, SCHA, TWM, RWM, SRTY, SAA, DWAS, VTWO, VIOO, SDD, SBB, PZI, FDM, JKJ, RSCO, WMCR, XSLV, FYX, EWRS, TWOK, SMLV, PXSC, CSF
Fri, Jul. 25, 2:31 PM
- Hammering away at the misconception that it pays to seek active managers in supposedly "less efficient" sectors like small caps, S&P Dow Jones' Philip Murphy finds - even choosing among the top mutual fund share classes - an alarmingly small number of managers failed to beat the benchmarks.
- Starting at the March 2009 bottom and going out five years, only 9 of 139 share classes beat the S&P SmallCap 600 benchmark (that's 5.9% of the starting set).
- Where alpha might be able to be delivered though, is in choosing which benchmark to track. A fund tracking the S&P SmallCap 600 (IJR, VIOO) would have outperformed one tracking the Russell 2000 (NYSEARCA:IWM) by 23% over the 5-year period.
- ETFs: IWM, TZA, IJS, TNA, IWC, UWM, VB, IJR, SLY, VBR, EES, RWJ, VBK, URTY, SCHA, TWM, IWN, IWO, IJT, RWM, SRTY, DWAS, SAA, VTWO, JKL, RZV, SLYG, SLYV, VIOO, SDD, PZI, RZG, FDM, SBB, RSCO, WMCR, VIOG, JKJ, VTWG, UKK, TILT, VIOV, FNDA, XSLV, FYX, FYT, EWRS, JKK, TWOK, SKK, VTWV, PXSV, SMLV, UVT, SJH, IESM, PXSC, VLU, FYC, PXSG
Thu, Jul. 10, 7:12 AM
- S&P 500 (SPY), Nasdaq 100 (QQQ), and DJIA (DIA) futures are all off about 0.9% and Russell 2000 (IWM) down 2% as trouble brews in the EU periphery.
- Banco Espirito Santo - Portugal's largest listed bank - is off another 16% as its parent reportedly considers bankruptcy protection unless a deal can be worked out with creditors. Portugal broad market is down another 4.1%, bringing its 7-session slump to 11%.
- Previously: Portugal tumbles on bank worry
- Europe's Stoxx 50 (FEZ) is down 2%, led by Italy (EWI) -2.5% and Spain (EWP) -2.6%.
- The 10-year U.S. Treasury yield is down four basis points to 2.51% and gold catches a serious bid, up $20 per ounce to $1,344.
- ETFs: SPY, QQQ, SH, DIA, IWM, TZA, TNA, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, IWC, UWM, TQQQ, VB, SPXL, QID, RSP, IJR, SQQQ, DOG, SLY, QLD, DXD, RWJ, RWL, URTY, EPS, UDOW, SCHA, TWM, SDOW, DDM, RWM, SRTY, SAA, BXUB, DWAS, VTWO, QQEW, QQQE, VIOO, SDD, SFLA, PZI, FDM, SPLX, QQXT, SBB, BXUC, WMCR, RSCO, JKJ, FYX, XSLV, EWRS, TWOK, SMLV, SPUU, PXSC
Mon, Jul. 7, 1:45 PM
- "Knowingly overpaying never has made sense to me, which I think people are doing," says small-cap fund manager Eric Cinnamond, notable for being up 14.5% at the midway point in 2009 vs. peers' average loss of 27%, but missing out on the bull market of the last three years thanks to his large cash holdings.
- The small cap stocks on his radar are as "expensive as I have ever seen them," he tells the WSJ. "We're just unwilling to overpay with other people's mooney in high-quality, small-cap stocks."
- ETFs: IWM, IJS, TZA, TNA, IWC, UWM, VB, IJR, SLY, VBR, EES, RWJ, URTY, SCHA, TWM, IWN, RWM, SRTY, SAA, DWAS, VTWO, JKL, RZV, SLYV, VIOO, SDD, PZI, FDM, SBB, RSCO, WMCR, JKJ, TILT, VIOV, XSLV, FYX, FNDA, FYT, EWRS, TWOK, VTWV, SMLV, PXSV, UVT, SJH, IESM, PXSC, VLU
Fri, Mar. 28, 4:23 PM
Tue, Mar. 25, 2:42 PM| Comment!
Mon, Feb. 24, 1:08 PM
- Up 2.5% for the year, the Russell Microcap Index - its members' median market value is $221M - is leading the major stock indexes (including a 1.3% gain today, the Russell Microcap Index ETF IWC is up 4% YTD).
- The Russell 2000 small-cap index (median size $699M) is ahead 0.1%. The Russell 1000 (median size $7.4B) is down 0.1%.
- If small is better, than why isn't the Russell 2000 benefitting, and if size is bad, why isn't the Nasdaq 100 (up 2%) lagging?
- Instead microcap outperformance is instead about biotech - think Intercept Phamra up 447% YTD, Ligand up 44%, Keryx up 28%, Sangamo up 45%. Intercept alone accounts for about a quarter of the microcap's index performance this year, according to the team at Citi.
- Related ETFs: IWC, FDM, PZI, WMCR
Fri, Feb. 7, 4:42 PM
Dec. 23, 2013, 12:46 PM| Comment!
Dec. 20, 2013, 4:32 PM
Nov. 29, 2013, 1:27 PM
Nov. 23, 2013, 2:53 PM
- As the taper approaches, it may be time to ring the register and book some gains, Barron's thinks. Add in the fact that the S&P's 26% YTD gain has "likely [left] many investors with a higher mix of stocks than they would prefer," and the issues isn't whether or not to sell, but rather "what to sell and where to put the cash."
- Food for thought from Jack Hough: "The S&P 500 trades above 17 times trailing earnings, versus a historical average of about 15 [and] U.S. shares are 57% more expensive than emerging markets and 67% more expensive than Europe" based on "a long-term average of earnings to adjust for cyclicality."
- Investors might want to consider putting small companies on the chopping block first, as they have outperformed their larger cap counterparts this year and their P/E premium to large caps has stretched well beyond its historical average.
- Small/Micro Cap ETFs: IWM, TZA, TNA, IWC, UWM, VB, IJR, SLY, RWJ, URTY, TWM, SCHA, RWM, SRTY, SAA, DWAS, VTWO, SBB, SDD, RSCO, JKJ, FDM, PZI, XSLV, WMCR, FYX, VIOO, EWRS, TWOK, SMLV, PXSC
- Large Cap U.S. ETFs: SPY, QQQ, SH, DIA, SSO, SDS, PSQ, IVV, SPXU, UPRO, SPLV, VOO, QID, PRF, SPXS, SPXL, TQQQ, DOG, RSP, SQQQ, DXD, QLD, RWL, EPS, UDOW, SDOW, DDM, VV, SCHX, IWB, SPHB, NY, BXUB, QQEW, QQQE, JKD, VONE, EQL, TRND, ROLA, SFLA, BXUC, QQXT, EEH, ONEK, SPXH, TRSK, BXDB, PXLC, FSU, FSE, EWRI, FWDD, TNDQ, LGLV, ALTL
Nov. 1, 2013, 12:03 PM
- Investors poured another $12.4B into global equity funds in the week ended Wednesday, with BAML's Michael Hartnett saying another $8B-$9B of inflows over the next two weeks would trigger a contrarian sell signal in his firm's flow-based model.
- This would coincide with BAML's Bull & Bear Index, which is getting a little to bullish for comfort. Fund manager cash levels were at 4.4% in October. A dip below 4% in November, says Hartnett, would trigger a bright red Sell alert.
- Stock index ETFs: SPY, QQQ, SH, DIA, IWM, VTI, TZA, TNA, SSO, SDS, PSQ, IWC, IVV, SPXU, UWM, SPLV, UPRO, VOO, QID, MDY, VB, SPXS, PRF, SPXL, DOG, TQQQ, IJR, RSP, DXD, SQQQ, SLY, QLD, PRFZ, MVV, RWJ, RWL, IJH, EPS, VO, SCHB, TWM, URTY, SCHA, SDOW, UDOW, VXF, USMV, DDM, EZM, MIDU, VV, RWM, RWK, IWV, SRTY, SCHX, IWB, ITOT, ONEQ, PDP, UMDD, IWR, OEF, SPHB, IYY, MGC, NY, SAA, SCHM, BXUB, DWAS, QQEW, VTWO, XLG, NYC, MIDZ, MZZ, QQQE, QUAL, DIM, IVOO, JKD, SBB, VONE, EXT, RSCO, CZA, FNX, EQL, JKJ, FVI, SDD, EUSA, ROLA, PZI, FDM, SFLA, TRND, RTLA, XMLV, THRK, XSLV, JKG, BXUC, SMDD, WMCR, MYY, FYX, QQXT, VIOO, TRNM, ONEK, EEH, SPXH, TRSK, IWL, VTHR, EWRS, TWOK, FSE, FSU, PXLC, EWRI, PWO, TOTS, SMLV, BXDB, EWRM, LGLV, UWC, TNDQ, FNDB, FWDD, ALTL, FMK, PXSC, SIZE, PXMC, PIQ, TWQ
IWC vs. ETF Alternatives
The iShares Russell Microcap® Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell Microcap® Index.
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