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Mon, Jul. 7, 3:56 AM
- The U.S. has warned China that treaties and other global negotiations could be in danger if negotiations fail regarding their high-tech product international trade agreement. The agreement includes an annual $2T in trade, and eliminates tariffs and other trade barriers on IT products.
- China has recently excluded approximately 60 new product categories, including medical devices and next-generation silicon chips, from the trade agreement. American authorities are looking to use this week’s annual U.S.-China Strategic and Economic Dialogue to update the 1996 Information Technology Agreement.
- U.S. officials warn that if an agreement is not reached, increased opposition will be taken in Congress toward other trade deals with China.
- ETFs: XLK, VGT, FDN, SOXL, KWEB, TECL, USD, SMH, PNQI, IYZ, TDIV, IYW, ROM, VOX, CQQQ, SOXX, QQQC, XSD, SOXS, PBS, TECS, FTEC, IGV, RYT, IGM, QTEC, PSCT, FXL, IGN, PSI, MTK, SSG, REW, PXQ, XSW, XTL, PSJ, PTF, FCOM, LTL, TLL
Tue, Feb. 4, 9:28 AM
- Three of ten sectors tracked by Bespoke have nearly fallen off the screen - trading more than three standard deviations below their 50-day moving averages. The three: Consumer Discretionary (XLY), Consumer Staples (XLP), and Energy (XLE). Telecom (XTL) is nearly in the same boat - 2.97 standard deviations below its 50-day.
- Only one sector - the defensive utility group - is above its 50-day moving average.
- Consumer Discretionary ETFs: XLY, VCR, FXD, FDIS, RCD, PEZ, PSCD
- Consumer Staples ETFs: XLP, VDC, FXG, RHS, PSL, FSTA, PSCC
- Broad energy ETFs: XLE, ERX, OIH, VDE, ERY, DIG, DUG, IYE, PXJ, PXI, PSCE, FXN, FENY, RYE, DDG
- Telecom ETFs: IYZ, VOX, XTL, LTL, FCOM, TLL
- Utility ETFs: XLU, IDU, VPU, NLR, GRID, JXI, NUCL, DBU, IPU, RYU, PUI, UPW, FXU, SDP, FUTY, PSCU, AXUT, UTLT
Wed, Jan. 8, 10:34 AM
- "The Safety Bubble Deflates," goes the title of a new report from Bernstein's Seth Masters, adding his name to those voices suggesting "safe" assets have become otherwise.
- Even though utilities, telecom, and consumer staples have underperformed of late, says Masters, their relative valuations are still well above the average over the last 50 years. "In periods of stress, investors tend to prize stability and safety too much. But in time, investors discover that every investment carries with it some degree of risk: if not risk of loss, then risk of inadequate growth."
- Related ETFs: XLU, IDU, VPU, NLR, GRID, JXI, NUCL, DBU, IPU, RYU, PUI, UPW, FXU, SDP, PSCU, AXUT, FUTY, UTLT, XLP, VDC, FXG, RHS, FSTA, PSL, PSCC, IYZ, VOX, IXP, IST, XTL, LTL, FCOM, TLL, AXTE
- Barron's Jack Hough says the "low beta" approach is a flawed one: First, volatility can change quickly as companies' or industries' fortunes shift; Second, beta tells one nothing about whether a stock's valuation is high or low. In a similar warning over low volatility stocks, BAML suggests looking for companies with smooth earnings rather than smooth stock prices. Screening for such, Hough finds CSX Corp (CSX -0.6%), DuPont (DD +0.6%), Cisco (CSCO -0.6%), and Halliburton (HAL -0.8%).
- Low volatility ETFs: SPLV, USMV, ACWV
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.
Sep. 12, 2013, 1:39 PM
- Dividend payers may be a good place to hide out from rising interest rates, but those stocks sporting the highest yields - telecoms and utilities - tend to have slow payment growth, making them less-attractive as rates rise. Checking back to the 1994 bond bear market, telecoms and utilities were among the market's worst performers.
- Better to shop for modest payers, but above-average payment growth. Barron's screens for those characteristics combined with reasonable overall valuation and turns up three names: Boeing (BA), CVS Caremark (CVS), and GE.
- Certain dividend ETFs employ this strategy as well, with Vanguard's Dividend Appreciation (VIG) - almost zero exposure to telecoms and utilities - and WisdomTree's U.S. Dividend Growth ETF (DGRW) coming to mind. Others include DGRS, DNL, EMDG, DGRE.
- Other dividend ETFs: FDL, FVD, MDIV, QDF, QDYN, QDEF, DIV, CVY, DVY, HDV, IYLD, PEY, PFM, SCHD, SDY, SDYL, DVYL, VYM, DHS, DTD, SYLD, KBWD, SPHD, DLN, DON, HILO.
- Telecom and utility ETFs: IYZ, XTL, VOX, LTL, TLL, IDU, PUI, XLU, VPU, RYU, FXU, PSCU, UPW, SDP, UTLT.
Jul. 1, 2013, 11:32 AMGet out of transports (IYT), says Citigroup, noting the sector will be hard-pressed to continue its 400 basis point outperformance to the S&P 500 over the last quarter. In addition to expected cyclical weakening, Citi says seasonals don't favor transports during the summer. Also lowered to underweight is telecoms (XTL, IYZ) despite attractive valuations, as Citi believes technology will continue to erode pricing power. | Comment!
May. 30, 2013, 3:26 AMWhile service providers have been worrying about households ending their cable TV subscriptions, a bigger trend has been customers dropping wire-line Internet. With consumers being able to take advantage of faster cellular networks and the proliferation of WiFi, 1% of households ended their Internet subscription last year vs 0.4% for pay-TV. | Comment!
May. 6, 2013, 7:27 AMThe S&P 500 (SPY) is fairly valued, says Goldman, but opportunity lies in cyclicals (XLY, XLE, XLI, XLB) which are more undervalued vs. defensives (XLU, XLP, XLV, XTL) than at any time in the last 15 years. "Given the 4 P/E multiple point head start, even a slight valuation normalization should translate into outperformance of cyclicals over defensives during the next 12 months." | 1 Comment
Mar. 12, 2013, 9:48 AMThe trailing P/E ratio on the S&P 500 (SPY) has creeped up to 15.25 from just above 13 late last spring, writes Bespoke. There's nothing unusual about rising valuations during rallies, they say, but keep it on your radar. Contributing most of late to rising multiples have been Staples (XLP) and Discretionary (XLY), but dividend favorites Telecoms (XTL) and Utilities (XLU) continue to trade at nosebleed (for them) valuations. | 3 Comments
Jan. 8, 2013, 3:29 PMVanguard's recent expense reduction means 9 of its 10 sector ETFs are now the cheapest available to U.S. investors. With an annual expense ratio of just 0.14%, VOX, VPU, VCR, VDC, VDE, VHT, VIS, VGT, and VAW stack up favorably vs. the 0.18% charged by State Street's Sector SPDRs (XLU, XLY, XLP, XLE, XLF, XLV, XLK, XLI, XLB and XTL which charges 0.35%) and the 0.47%-0.48% iShares sector ETFs (RXI, KXI, IYE, IYF, IYZ, IYH, IDU, IYW, IYM, IYJ) charge. At 0.19%, Vanguard Financials (VFH) is still slightly more expensive than the Financial SPDR (XLF). | 2 Comments
Oct. 29, 2012, 1:15 PMSome areas of the dividend universe (telecom, utilities) may be pricey, but dividend stocks are not in a bubble, says ClearBridge's Mike Clarfeld. He suggests looking not just at the upfront yield, but instead at the ability of the company to increase the payout over time. "The sweet spot ... attractive dividends, but really dividend growers - we don't think they are overvalued at all." | 1 Comment
May. 22, 2012, 12:22 PMDespite some individual names being taken out and shot, the consumer discretionary sector (XLY) continues a near year-long trend of outperforming the S&P, notes Bespoke. The weakest sectors - energy (XLE), industrials (XLI), materials (XLB) - suggest maybe slowing in China is driving macro more than events in Europe. | 1 Comment
Apr. 20, 2012, 8:50 AM
Jan. 25, 2012, 3:33 AM
Jan. 10, 2012, 10:52 AMLiquidity in the telecom and cable sector remains strong, says Fitch, while margins are solid despite competition. These factors should provide a "sufficient buffer to material negative rating changes" in the face of economic headwinds. Of Fitch-rated issuers, 90% have a Stable Outlook, 5% are Positive, and 5% are Negative. | Comment!
Jul. 8, 2011, 9:14 AMThe mobile industry accounts for 2% of the world's GDP, according to data released by analyst Chetan Sharma. As consumers' demand for data rises 4X-6X per year, carriers have to balance competitive pricing plans with protecting margins. Sharma sees carriers integrating Wi-Fi into networks as a way to boost profits. | Comment!
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