ETF Trends
04-21-2008, 01:20 PM
ETF Trends - Keeping a Grip on Exchange Traded Funds (ETFs)
http://www.etftrends.com/images/2008/04/21/bofabase2.jpg (http://etftrends.typepad.com/photos/uncategorized/2008/04/21/bofabase2.jpg) Financial exchange traded funds (ETFs) took a hit in midday trading after Bank of America (BAC (http://finance.yahoo.com/q?s=BAC&x=22&y=17)) reported that its profit fell 77% in the first quarter.
It was worse than expected, as analysts had been anticipating a profit of 41 cents per share, reports Ieva M. Augstums for the Associated Press (http://biz.yahoo.com/ap/080421/earns_bank_of_america.html). Instead, it reported earnings of 23 cents per share, compared with $1.16 per share a year earlier. Bank of America's stock was down 1.6% in midday trading.
The earnings report is weighing on the already troubled financial ETFs that count Bank of America as a major component.
Regional Bank HOLDRs (RKH (http://finance.yahoo.com/q?s=rkh)): Bank of America is 9.1% of the fund; down 7.3% year-to-date
Financial Select Sector SPDR (XLF (http://finance.yahoo.com/q?s=xlf)): BAC is 8.8%; down 8.8% year-to-date
iShares Dow Jones US Financial Services (IYG (http://finance.yahoo.com/q?s=iyg)): BAC is 11.7%; down 10.2% year-to-datehttp://www.etftrends.com/images/2008/04/21/z.png (http://etftrends.typepad.com/photos/uncategorized/2008/04/21/z.png)
complete story here... (http://feeds.feedburner.com/~r/etftrends-feed/~3/274857619/bank-of-america.html)
http://www.etftrends.com/images/2008/04/21/bofabase2.jpg (http://etftrends.typepad.com/photos/uncategorized/2008/04/21/bofabase2.jpg) Financial exchange traded funds (ETFs) took a hit in midday trading after Bank of America (BAC (http://finance.yahoo.com/q?s=BAC&x=22&y=17)) reported that its profit fell 77% in the first quarter.
It was worse than expected, as analysts had been anticipating a profit of 41 cents per share, reports Ieva M. Augstums for the Associated Press (http://biz.yahoo.com/ap/080421/earns_bank_of_america.html). Instead, it reported earnings of 23 cents per share, compared with $1.16 per share a year earlier. Bank of America's stock was down 1.6% in midday trading.
The earnings report is weighing on the already troubled financial ETFs that count Bank of America as a major component.
Regional Bank HOLDRs (RKH (http://finance.yahoo.com/q?s=rkh)): Bank of America is 9.1% of the fund; down 7.3% year-to-date
Financial Select Sector SPDR (XLF (http://finance.yahoo.com/q?s=xlf)): BAC is 8.8%; down 8.8% year-to-date
iShares Dow Jones US Financial Services (IYG (http://finance.yahoo.com/q?s=iyg)): BAC is 11.7%; down 10.2% year-to-datehttp://www.etftrends.com/images/2008/04/21/z.png (http://etftrends.typepad.com/photos/uncategorized/2008/04/21/z.png)
complete story here... (http://feeds.feedburner.com/~r/etftrends-feed/~3/274857619/bank-of-america.html)