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Under normal circumstances, at least 80% of the funds total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the index. The index follows a rules-based methodology that tracks the performance of 500 of the largest U.S.-listed companies weighted based on a proprietary mix of their market capitalization and fundamental factors.

Nvidia Corp.

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Nvidia results will be a critical indicator for the broader market, particularly for those invested in semiconductor and technology sectors.

10 ETFs Poised For Wild Swings Following Nvidia Earnings

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Nvidia (NVDA) leads AI race with advanced chips, CEO Jensen Huang to speak at Taiwan&#39;s Computex event. US restricts AI chip exports to Middle East.

What&#39;s Going On With Nvidia Stock On Friday?

Fintech news covering the emerging Financial Technology services sector

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Last year, fintech company SoFi introduced its first batch of exchange traded funds, including a pair with no annual fees.

Even today&#39;s climate of seemingly never ending fee cuts on ETFs, some critics asserted SoFi&#39;s no fee scheme was just that: a scheme and a ploy to gain attention among investors. The issuer is showing it&#39;s no gimmick.

No Gimmick Here As SoFi Extends No Fee Waiver On 2 ETFs For Another Year

SoFi Select 500 ETF

SoFi Social 50 ETF

SoFi Next 500 ETF

Stock Split

SoFi Approved 1 For 5 Reverse Stock Split For SoFi Select 500 ETF

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is set to report its highly anticipated earnings Wednesday, and the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40597015/will-nvidia-continue-to-deliver-investors-sweat-over-hyped-up-expectations-and-pote">stakes couldn't be higher.</a>
As the undisputed leader in the AI revolution, Nvidia&#8217;s results will be a critical indicator for the broader market, particularly for those invested in semiconductor and technology sectors.
This highly followed market event offers both risk and opportunity. For traders seeking to capitalize on Nvidia's earnings without the direct exposure to single-stock volatility, ETFs with substantial Nvidia holdings present an appealing alternative. 
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40596306/market-eyes-305b-shift-in-nvidias-market-cap-as-options-pricing-forecasts-9-8-post-">Market Eyes $305B Shift In Nvidia&#8217;s Market Cap As Options Pricing Forecasts 9.8% Post-Earnings Move: &#8216;A Lot Of That Insurance Is FOMO&#8217;</a>
<h3 class="wp-block-heading">Nvidia Earnings Expectations: A High Bar Set</h3>
Wall Street has set an ambitious target for Nvidia this quarter, with revenue expected to hit $28.74 billion — a staggering 17% increase from the previous quarter and an eye-popping 156% jump from the same quarter last year. 
Earnings per share (EPS) are forecasted to rise to 65 cents, up from 56 cents in the prior quarter and 21 cents in the same period last year.
Goldman Sachs&#8217; semiconductor analyst, Toshiya Hari, is bullish on Nvidia&#8217;s prospects, predicting the company will surpass these already lofty expectations. 
&#8220;We believe customer demand across the large Cloud Service Providers and enterprises is strong, and Nvidia&#8217;s robust competitive position in AI/accelerated computing remains intact,&#8221; Hari stated in a note published this month. 
The driving force behind this optimism? Data Center revenues and strong operating leverage. Hari highlights three key areas: robust demand for the H100 GPUs, the launch of volume shipments of the H200, and the ramp-up of Nvidia&#8217;s Ethernet-based networking product, Spectrum-X. These factors could fuel a significant earnings beat, potentially leading to upward revisions in EPS.
Shares of the AI tech giant are up 159% year to date, after surging by 239% in 2023. 
<h3 class="wp-block-heading">Historical Volatility: A Look At Past Nvidia Earnings</h3>
Nvidia&#8217;s stock has a history of sharp rallies post-earnings, with an average one-day boost of 9% over the past eight quarters and 7.1% over the last four.
A Goldman Sachs analysis identified the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) as having the highest average post-earnings move (3.4%) following Nvidia's past eight earnings releases. 
It was followed by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) at 2.9% and the ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) at 2.4%.
<h3 class="wp-block-heading">Top 10 ETFs With Nvidia Exposure</h3>
For traders looking to gain exposure to Nvidia's potential earnings-driven rally, here are 10 ETFs with the largest holdings in the stock:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name</th>
<th>Nvidia Weight %</th>
<th>YTD Performance (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>ProShares Ultra Semiconductors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USD#NYSE">USD</a>)</td>
<td>30.69%</td>
<td>136%</td>
</tr>
<tr>
<td>Strive U.S. Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>)</td>
<td>29.54%</td>
<td>19.2%</td>
</tr>
<tr>
<td>Simplify Volt RoboCar Disruption (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCAR#NYSE">VCAR</a>)</td>
<td>22.83%</td>
<td>12.7%</td>
</tr>
<tr>
<td>VanEck Semiconductor ETF </td>
<td>21.95%</td>
<td>41.3%</td>
</tr>
<tr>
<td>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>21.29%</td>
<td>16.7%</td>
</tr>
<tr>
<td>Grizzle Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DARP#NYSE">DARP</a>)</td>
<td>20.32%</td>
<td>13.9%</td>
</tr>
<tr>
<td>Franklin Focused Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFOG#NYSE">FFOG</a>)</td>
<td>18.07%</td>
<td>26.4%</td>
</tr>
<tr>
<td>iShares Global Tech ETF (IXN)</td>
<td>17.55%</td>
<td>21.6%</td>
</tr>
<tr>
<td>iShares ESG Advanced MSCI USA ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USXF#NYSE">USXF</a>)</td>
<td>16.05%</td>
<td>22.4%</td>
</tr>
<tr>
<td>SoFi Select 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFY#NYSE">SFY</a>)</td>
<td>15.96%</td>
<td>20.5%</td>
</tr>
</tbody>
</table>
</figure>
Now Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40600345/big-tech-is-your-flight-to-safety-and-your-flight-to-growth-says-expert-ahead-of-nv">&#8216;Big Tech Is Your Flight To Safety And Your Flight To Growth,&#8217; Says Expert Ahead Of Nvidia Earnings</a></li>
</ul>

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock is trading in a volatile session on Friday as it continues to lead the artificial intelligence race with its advanced chips.
CEO&nbsp;Jensen Huang prepares to deliver <a target="_blank" href="https://www.benzinga.com/news/24/05/39102792/nvidia-ceo-jensen-huang-along-with-amd-arm-intel-bosses-will-converge-at-taiwans-ai-tech-fest-event" rel="noreferrer noopener">his opening speech</a> on Sunday at Taiwan&#8217;s Computex event.
Global chip company CEOs, including Nvidia, Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), have gathered at the event to discuss the artificial intelligence prospects in the hometown of Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).
Meanwhile, the U.S. has issued a <a target="_blank" href="https://www.benzinga.com/general/politics/24/05/39098684/us-taps-brakes-on-ai-chip-sales-to-middle-east-over-national-security-concerns" rel="noreferrer noopener">temporary embargo on</a> exporting AI chips to the Middle East, citing national security concerns.
The U.S. government is undergoing a review of high-volume sales to the United Arab Emirates and Saudi Arabia.
A year ago, the U.S. issued similar restrictions on China. The embargoes are taking a toll on chip companies, including Nvidia and AMD, which have sizable exposure to countries.
<a target="_blank" href="https://www.benzinga.com/news/24/05/39086351/nvidia-could-surpass-microsoft-in-market-value-says-jim-cramer-heres-why" rel="noreferrer noopener">CNBC&#8217;s Jim Cramer</a> expects Nvidia to beat Microsoft Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) market capitalization backed by AI, cloud computing, and data center moats.
While AMD <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39107696/jim-cramer-says-amd-under-150-would-be-terrific-but-it-doesnt-have-what-nvidia-has" rel="noreferrer noopener">according to Cramer</a> has a lot of catch up to reach the levels of Nvidia.
Analysts flagged Nvidia as the key AI beneficiary, backed by the Blackwell production pipeline and U.S. Big Tech customers. The company is also looking to resolve its supply constraints regarding chip-on-wafer-on-substrate (CoWoS) packaging.
Nvidia stock gained over 192% in the last 12 months. Investors can gain exposure to the stock via Grizzle Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DARP#NYSE">DARP</a>) and SoFi Select 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFY#NYSE">SFY</a>).
Price Action:&nbsp;At the last check on Friday, NVDA shares were trading lower by 0.63%&nbsp;at&nbsp;$1,098.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

What's Going On With Nvidia Stock On Friday?

Last year, fintech company SoFi introduced its first batch of exchange traded funds, including a pair with no annual fees.
Even today&#39;s climate of seemingly never ending fee cuts on ETFs, some critics asserted SoFi&#39;s no fee scheme was just that: a scheme and a ploy to gain attention among investors. The issuer is showing it&#39;s no gimmick.
<h3>What Happened</h3>
In a filing with the Securities and Exchange Commission, California-based SoFi said it&#39;s extending the no fee waivers on the SoFi Select 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfy#NYSE">SFY</a>) and the SoFi Next 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfyx#NYSE">SFYX</a>) <a href="https://www.sec.gov/Archives/edgar/data/1742912/000089418920003063/sofiselectandnextfeewaiver.htm">for another year</a>.
That means the number of no fee ETFs is now five when including SFY, SFYX, a pair of recent launches from Bank of New York Mellon and the Salt Low truBeta US Market ETF (CBOE: LSLT), which features a fee rebate program.
<h3>Why It&#39;s Important </h3>
What&#39;s interesting about SFY not carrying an expense ratio is that it&#39;s basically a smart beta fund, a class of ETFs that usually sport higher fees than their cap-weighted rivals. SFY provides exposure to the 500 largest domestic companies and &ldquo;weights each company based on three key growth signals&mdash;not just market capitalization as many traditional indexed ETFs do,&rdquo; <a href="https://www.sofi.com/invest/etfs/sfy/">according to SoFi</a>.
The same is true of SFYX, which is classified as a mid-cap growth fund. In either case &mdash; growth, mid-cap or a combination of those styles &mdash; those funds cost more than their cap-weighted equivalents. SFYX tracks the Solactive SoFi US Next 500 Growth Index.
<h3>What&#39;s Next</h3>
Another <a href="https://www.sec.gov/Archives/edgar/data/1742912/000089418920003060/sofi50supplement2020.htm">SoFi SEC filing</a> indicates the issuer is changing the underlying index for its SoFi 50 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfyf#NYSE">SFYF</a>). Currently, that fund follows the Solactive SoFi US 50 Growth Index, a collection of companies with strong sales growth and robust forward sales estimates.
SFYF will soon move to the SoFi Social 50 Index.
&ldquo;The Index is designed to reflect the 50 most widely held U.S.-listed equity securities in the SoFi Accounts as weighted by aggregate holdings within the SoFi Accounts. Securities eligible for inclusion in the Index must: (a) be U.S.-listed equity securities held in SoFi Accounts, and (b) have an average daily trading volume of at least $10,000,000 during the preceding one-month and six-month periods,&rdquo; according to the filing.
SoFi had over 100,000 self-directed accounts at the end of the first quarter.

Exponential ETFs, an upstart fintech exchange traded funds issuer behind a unique family of funds, topped $500 million in assets under management.
Detroit-based Exponential offers a pair of its own in-house ETFs: the American Customer Satisfaction ETF (CBOE:ACSI) and the Reverse Cap Weighted U.S. Large Cap ETF (CBOE:RVRS).
&ldquo;As asset managers face increasing margin pressure, we will continue to find ways to bring efficiencies and automation to the operational and portfolio management functions so that our partners can continue to provide their clients with differentiated investment strategies,&rdquo; <a href="https://www.businesswire.com/news/home/20200106005153/en/Exponential-ETFs-Crosses-500-Million-Assets-Management">Exponential founded and CEO Phil Bak said in a statement</a>.
<h3>Why It&#39;s Important</h3>
Exponential&#39;s ascent up the ranks of the ETF industry assets under management ranks is important because it shows upstarts with fresh approaches can find success. That&#39;s vital amid increasing concerns about competition in a business where the three largest issuers combine to manager more than 80% of assets.
In addition to the aforementioned ACSI and RVRS, Exponential acts as the sub-advisor for a dozen other ETFs, including a slew of newer products.
Some of the well-known names among that group include the SoFi Select 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfy#NYSE">SFY</a>) and the SoFi Next 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfyx#NYSE">SFYX</a>), which are known for having 0% expense ratios.
Exponential also acts as the sub-advisor for The Acquirers Fund ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/zig#NYSE">ZIG</a>), Amplify Transformational Data Sharing ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blok#NYSE">BLOK</a>) and the Amplify Advanced Battery Metals and Materials ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/batt#NYSE">BATT</a>), among others.
<h3>What&#39;s Next</h3>
With the pace of new ETF launches still robust, Exponential&#39;s sub-advisory business is poised to benefit as more issuers test the waters with unique concepts challenging the pure beta fare often offered by the industry&#39;s behemoths.
&ldquo;The AUM milestone comes as Charles Ragauss, Managing Director, is promoted to the newly created position of Chief Operating Officer,&rdquo; according to Exponential. &ldquo;In his new role, Mr. Ragauss will continue to oversee and manage the day-to-day operations of the firm, including its proprietary strategies and portfolio management sub-advisory business. Meanwhile, Josh Blechman, Director of Capital Markets, is being promoted to Managing Director and will oversee the firm&rsquo;s expansion of its capital markets service offerings.&rdquo;
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Specialty ETFs

New ETFs

ACSI

BATT

BLOK

RVRS

Detroit's Exponential ETFs Tops $500M In Assets Under Management

One of the more prominent themes in the world of exchange traded funds this year has been diminishing costs. Whether it&#39;s by way of brokers eliminating commissions, issuers lowering annual expense ratios and some even <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/04/13526678/zero-fee-etfs-are-here">introducing ETFs with no fees</a>, it&#39;s clear &ldquo;cheap&rdquo; is here to stay in ETF Land.
<h3>What Happened</h3>
Data continue to confirm that the ETFs with expense of ratios of 0.10% per year ($10 on a $10,000 investment) or less command the bulk of investors&#39; assets. Those data points also indicate issuers pushing products with fees too far above 0.20% annually better be offering something spectacular or risk not garnering investors&#39; capital.
Still, low fees aren&#39;t guarantees of immediate success for some ETFs.
&ldquo;Investor infatuation with low-cost ETFs remained high in 2020, though not necessarily as CFRA forecast a year ago. In the first 11 months of 2019, ETFs that charged just $0.05 for every $100 dollar (0.05% net expense ratio) or less gathered $85 billion, equal to 32% of the industry&rsquo;s net inflows,&rdquo; <a href="https://www.cfraresearch.com/">CFRA Research </a>Director of ETF &amp; Mutual Fund Research Todd Rosenbluth said in a Monday note.
&ldquo;However, ETFs that launched in 2019 from upstarts with a much-anticipated zero or a negative fee pulled in just $67 million of this new money, as investors instead chose to pay a small fee to more established asset managers iShares, Schwab, State Street Global Advisors and Vanguard.&rdquo;
<h3>Why It&#39;s Important</h3>
The SoFi Select 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfy#NYSE">SFY</a>) debuted in April as part of a pair of ETFs with 0% expense ratios. SFY is showing inklings of being a success story with nearly $59 million in assets under management, a tally that&#39;s solid considering the length of time the fund has been on the market and that SoFi is still accumulating brand recognition in the ETF space.
SFY is a refreshed view on traditional growth ETFs as the SoFi fund uses account sales growth, revenue growth and forward sales estimates to measure growth.
As Rosenbluth notes, investors have been fans of more prosaic growth ETFs this year, such as the Vanguard Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vug#NYSE">VUG</a>) and the SPDR S&amp;P Growth ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spyg#NYSE">SPYG</a>).
VUG and SPYG both charge 0.04% per year and have taken in $1.6 billion and $1.1 billion, respectively, in new assets this year.
<h3>What&#39;s Next</h3>
It&#39;s clear investors have an affinity for low-cost ETFs, but they should also look under the hood before jumping in.
&ldquo;While there is an intense battle among the large ETF providers to appeal to cost-conscious advisors and investors, CFRA recommends the focus be on what&rsquo;s inside the fund since that plays a larger role in future performance,&rdquo; Rosenbluth said.
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Cheap ETFs Are All The Rage, But Investigation Is Required

After years of speculation&nbsp;<a href="https://www.benzinga.com/news/19/02/13241315/zero-fee-etfs-its-happening-and-sofi-looks-to-be-the-first">that recently intensified</a>, exchange traded funds with zero fees arrived Thursday with the debuts of the SoFi Select 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfy#NYSE">SFY</a>) and the SoFi Next 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfyx#NYSE">SFYX</a>).
Both new ETFs from SoFi have fee waivers in place to keep the funds&#39; expense ratios at zero through at least June 30, 2020.
<h3>What Happened</h3>
While the arrival of zero-fee ETFs was widely anticipated, the surprise is not that zero-fee ETFs are finally here, but rather their sponsor.
Many industry experts speculated that the first no-fee ETFs would arrive courtesy of a growing issuer looking to take market share from other sponsors or an entrenched ETF issuer with a reputation <a href="https://www.benzinga.com/news/19/02/13241315/zero-fee-etfs-its-happening-and-sofi-looks-to-be-the-first">for low costs</a>.
The new SFY and SFYX represent SoFi&#39;s debut on the sponsorship side of the ETF business. The other surprise is that SoFi&#39;s zero-fee ETFs are not cap-weighted funds. SFY and SFYX are smart beta products, and alternatively weighted ETFs usually carry higher fees than their cap-weighted rivals.
<h3>Why It&#39;s Important</h3>
SFY, which provides exposure to the 500 largest U.S. companies, &ldquo;uses a composite growth score to adjust companies&rsquo; weightings in the ETF,&rdquo; <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi_SFY_FS_041019_A.pdf">according to SoFi</a>. &ldquo;The score takes into account sales growth, revenue growth, and forward-looking revenue estimates. Companies with stronger growth characteristics receive a higher weight.&quot;&nbsp;
That new ETF tracks the Solactive SoFi US 500 Growth Index, while SFYX, the mid-cap offering, targets the Solactive SoFi US Next 500 Growth Index. Home to the 501st though 1,000th-largest U.S. companies, SFYX uses the same methodology and criteria as the large-cap SFY.
&ldquo;SoFi&rsquo;s entry into the ETF space comes shortly after the general availability of SoFi Invest, an investing platform that offers both Active (brokerage) and Automated (robo-advisor) investing with no commissions or management fees,&rdquo; according to the California-based company. &ldquo;SoFi&rsquo;s new ETFs will be available through SoFi Invest, as well as through any other brokerage account.&rdquo;
<h3>What&#39;s Next</h3>
Over the past several years, many of the top asset-gathering ETFs have had fees of 0.2&nbsp;percent per year or less, and many of those funds had expense ratios of 0.1&nbsp;percent or less. Zero-fee ETFs could alter the ETF landscape, assuming advisers and investors flock to the funds.&nbsp;
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Zero-Fee ETFs Are Here

Earlier this week, online lender Social Finance, popularly known as SoFi, filed for industry&#39;s first zero-fee ETFs. The SoFi 500 ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sfy#NYSE">SFY</a>) and the SoFi Next 500 ETF (NYSE: SFYX) have an expense ratio of 19 basis points each that would be waived for the first year, making them free to investors.
These two broad market ETFs will hold mid-cap and large-cap stocks, selecting and weighting them by four growth-oriented fundamental factors, including sales growth and EPS growth.
<iframe allow="autoplay; encrypted-media" frameborder="0" height="315" src="https://www.youtube.com/embed/zA9deuV3QdA?rel=0" width="560"></iframe>
Last year, Fidelity had launched four zero-fee index funds. Fidelity got a lot of publicity after free funds that gathered more than $3 billion within weeks of their launch but the interest has since waned.
After Fidelity&#39;s move, we knew that a zero fee ETF would be launched very soon. But, we expected a free ETF from one of the major players in the asset management industry.&nbsp; In fact, there is a lot of speculation that JPMorgan Chase &amp; Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>)&nbsp;will be&nbsp;launching one soon. Therefore, the move from a newcomer was surprising but it does make a lot of sense.
Large providers have also been aggressively cutting fees on ETF trading. Last year, Vanguard Group announced commission free trading on about 1,800 ETFs, even those sold by its competitors. Earlier this year, Fidelity and Charles Schwab more than doubled commission free ETFs on their platform.
As funds accumulate assets, it becomes easier for providers to cut fees due to economies of scale. Many ETF providers also generate additional income through security lending.
While costs matter a lot, the difference becomes insignificant when it comes to a few basis points. And expense ratios are not the only factor that investors should consider while selecting ETFs. They should also look at trading costs and other implicit costs.
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Analyst Ratings

ALLY

Guggenheim Says Ally Financial Replaces Synchrony Financial As Best Idea Citing Preference FOr Ally's Superior Core Earnings Growth Rate & Compressed Valuation

Shares of Swift Energy Halted News Pending

<ul>
<li>
		In a report issued Thursday, Cantor Fitzgerald analyst Brad Carpenter took a look into short interest in the market as of November 30.</li>
<li>
		As per the note, short interest in E&amp;Ps generally surged.</li>
</ul>

	According to a Cantor Fitzgerald report issued Thursday, short interest in oil and gas exploration and production stocks generally rose over the second half of November. Across the 50 companies screened by the firm, the average and median short interest surged 2.5 percent and 1.4 percent, respectively.

	Over the second half of November, the SIG Oil Exploration &amp; Production (EPX) Index fell by roughly 80 basis points. Over the same period, front month crude rose 2.2 percent and front month natural Henry Hub lost 5.3 percent.

	Also over the period comprised between the November 13 and November 30 settlement dates, the stocks that witnessed the largest increases in short interest (as measured by the change in the ratio of float shorted) were:
<ul>
<li>
		Sanchez Energy Corp (NYSE: <a class="ticker" href="/stock/sn#NYSE">SN</a>)</li>
<li>
		Continental Resources, Inc. (NYSE: <a class="ticker" href="/stock/clr#NYSE">CLR</a>)</li>
<li>
		Swift Energy Company (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>)</li>
<li>
		SM Energy Co (NYSE: <a class="ticker" href="/stock/sm#NYSE">SM</a>)</li>
<li>
		Laredo Petroleum Inc (NYSE: <a class="ticker" href="/stock/lpi#NYSE">LPI</a>)</li>
</ul>

	Out of these stocks, only Continental Resources rose (5.9 percent) between November 13 and November 30.

	<img alt="" src="https://www.benzinga.com/files/u82070/screen_shot_2015-12-10_at_15.49.03.png" />

	Source: Cantor Fitzgerald

	On the other hand, the following stocks was the largest decreases in short interest over the period:
<ul>
<li>
		Antero Resources Corp (NYSE: <a class="ticker" href="/stock/ar#NYSE">AR</a>)</li>
<li>
		Approach Resources Inc. (NASDAQ: <a class="ticker" href="/stock/arex#NASDAQ">AREX</a>)</li>
<li>
		Clayton Williams Energy, Inc. (NYSE: <a class="ticker" href="/stock/cwei#NYSE">CWEI</a>)</li>
<li>
		Eclipse Resources Corp (NYSE: <a class="ticker" href="/stock/ecr#NYSE">ECR</a>)</li>
<li>
		Callon Petroleum Company (NYSE: <a class="ticker" href="/stock/cpe#NYSE">CPE</a>)</li>
</ul>

	Once again, only one of these names posted positive equity performance between November 13 and November 30: Callon Petroleum.

	Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Short Ideas

Commodities

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CWEI

Shorts Are Targeting E&P Stocks

Goldman Sachs downgraded TerraForm Global Inc (NASDAQ: <a class="ticker" href="/stock/glbl#NASDAQ">GLBL</a>) from Neutral to Sell.. TerraForm Global shares closed at $4.41 on Tuesday. 
Analysts at Keefe Bruyette &amp; Woods downgraded Eagle Bancorp, Inc. (NASDAQ: <a class="ticker" href="/stock/egbn#NASDAQ">EGBN</a>) from Outperform to Market Perform. The price target for Eagle Bancorp has been raised from $48 to $55. Eagle Bancorp shares closed at $55.18 on Tuesday.
Stifel Nicolaus downgraded OncoGenex Pharmaceuticals Inc (NASDAQ: <a class="ticker" href="/stock/ogxi#NASDAQ">OGXI</a>) from Buy to Hold. OncoGenex Pharmaceuticals shares closed at $2.62 on Tuesday.
Analysts at Wells Fargo downgraded Cepheid (NASDAQ: <a class="ticker" href="/stock/cphd#NASDAQ">CPHD</a>) from undefined to Market Perform. Cepheid shares closed at $35.21 on Tuesday.
Analysts at JMP Securities downgraded ARM Holdings plc (ADR) (NASDAQ: <a class="ticker" href="/stock/armh#NASDAQ">ARMH</a>) from Outperform to Market Perform. ARM Holdings shares closed at $50.96 on Tuesday.
Citigroup downgraded ArcelorMittal SA (ADR) (NYSE: <a class="ticker" href="/stock/mt#NYSE">MT</a>) from Buy to Neutral. ArcelorMittal shares closed at $4.89 on Tuesday. 
William Blair downgraded Johnson Controls Inc (NYSE: <a class="ticker" href="/stock/jci#NYSE">JCI</a>) from Outperform to Market Perform. Johnson Controls shares closed at $45.46 on Tuesday. 
Analysts at Wells Fargo downgraded Swift Energy Company (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) from Market Perform to Underperform. Swift Energy shares closed at $0.384 on Tuesday.

Downgrades

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Benzinga's Top Downgrades

Wells Fargo downgrades Swift Energy (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) from Market Perform to Underperform.

Wells Fargo Downgrades Swift Energy to Underperform

Swift Energy Company (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) ("Swift Energy" or the "Company") announced today that its Board of Directors (the "Board") has adopted a net operating loss ("NOL") rights plan (the "Rights Plan") in an effort to prevent the imposition of significant limitations under Section 382 of the Internal Revenue Code on its ability to utilize its current NOLs to reduce its future tax liabilities. 
Swift Energy estimates that its NOLs for federal tax purposes totals approximately $718 million as of September 30, 2015, which can be used in certain circumstances to offset future taxable income and reduce federal income taxes. Swift Energy's ability to use these tax assets could be substantially limited if the Company experiences an "ownership change" (as defined in Section 382 of the Internal Revenue Code). In general, an ownership change occurs if there is a cumulative change in a company's ownership by "5% percent shareholders" (as defined in Section 382 of the Internal Revenue Code) that increases by more than 50 percentage points over the lowest percentage owned by such shareholders at any time during the prior three years on a rolling basis. 
The Board determined that the Rights Plan was warranted and in the best interests of the Company and its shareholders because of the substantial size of the NOLs, the importance of these potential benefits for future cash flows and the risk of Swift Energy experiencing an "ownership change". The Rights Plan, which is consistent with actions taken by other companies with sizable NOLs, has been adopted by the Board solely to protect the Company's ability to use its NOLs to offset future tax liabilities. 
The Rights Plan is not meant to be an anti-takeover measure, and the Board has established a procedure to consider requests to exempt certain acquisitions of Swift Energy stock from application of the Rights Plan if it determines that doing so would not limit or impair the availability of the Company's NOLs or is otherwise in the best interests of the Company. 
Pursuant to the Rights Plan, one right will be distributed to shareholders of the Company for each share of Company common stock owned of record by them as of the close of business on November 30, 2015. Initially, these rights will not be exercisable and will trade together with shares of the Company's common stock. If the rights become exercisable, each right will initially entitle shareholders to buy one-ten thousandth of a share of the Series A Junior Participating Preferred Stock of the Company at an exercise price of $7.50 per right. 
While the Rights Plan is in effect, any person or group that acquires beneficial ownership of 4.99% or more of any class of the Company's stock (such person, an "Acquiring Person") without approval from the Board would be subject to significant dilution in its ownership interest in the Company. In such an event, each right will entitle its holder to buy, at the exercise price, common stock of the Company (or, in certain circumstances, preferred stock or other securities or property of the Company) having a value of two times the exercise price of the right and the rights held by such acquiring person will become void. Shareholders who currently own 4.99% or more of the Company's stock will not trigger the Rights Plan unless they acquire additional shares, and such shareholders may be able to acquire additional shares pursuant to certain exceptions set forth in the Rights Plan designed to protect the availability of the NOLs. The Board may redeem the rights for $0.001 per right at any time before any person or group triggers the Rights Plan. The distribution of the rights is not a taxable event for shareholders of the Company and will not affect the Company's financial condition or results of operations (including earnings per share). 
The rights issued under the Rights Plan will expire on the earliest of (i) 5:00p.m., New York City time, on November 19, 2016 if shareholder ratification of the Rights Plan has not been received on or prior to that time, (ii) 5:00p.m., New York City time, on November 19, 2018, (iii) the time at which the rights are redeemed or exchanged under the Rights Plan, (iv) the time at which the Board determines that the NOLs are fully utilized or no longer available under Section 382 of the Internal Revenue Code, and (v) the effective date of the repeal of Section 382 of the Internal Revenue Code if the Board determines that the Rights Plan is no longer necessary or desirable for the preservation of the tax benefits associated with the NOLs. 
Additional details about the Rights Plan will be contained in

Press Releases

Swift Energy Adopts Right Plan to Protect Net Operating Loss Carryforwards

Earnings

Swift Energy Q3 EPS -$0.74 vs -$0.77 est, Revenue $60.1M vs $58.4M est

RBC Capital downgrades Swift Energy (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) from Outperform to Sector Perform and lowers the price target from $3.00 to $0.50, according to Reuters.

RBC Capital Downgrades Swift Energy to Sector Perform, Lowers PT to $0.50

Swift Energy Q2 EPS -$0.74 vs -$0.84 est, Revenue $66.2M vs $55.7M est

Allegheny Technologies Incorporated (NYSE: <a class="ticker" href="/stock/ati#NYSE">ATI</a>) shares fell 8.95 percent to $25.64 after the company issued a weak Q2 forecast. Allegheny Tech projected a Q2 loss of $0.17 to $0.15 per share.
Marten Transport, Ltd (NASDAQ: <a class="ticker" href="/stock/mrtn#NASDAQ">MRTN</a>) shares declined 7.67 percent to $21.06 after the company reported downbeat Q2 results.
Swift Energy Company (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) dropped 7.81 percent to $1.18. HMS Holdings Corp (NASDAQ: <a class="ticker" href="/stock/hmsy#NASDAQ">HMSY</a>) will replace Swift Energy in the S&amp;P SmallCap 600, after the close of trading on July 17.
Gevo, Inc. (NASDAQ: <a class="ticker" href="/stock/gevo#NASDAQ">GEVO</a>) dipped 5.66 percent to $2.17 after the company appointed Johannes Minho Roth to Gevo's board. Ganesh "Kish" Kishore will resign from the board.
 Mead Johnson Nutrition CO (NYSE: <a class="ticker" href="/stock/mjn#NYSE">MJN</a>) shares dipped 3.80 percent to $84.78 trading after the company lowered its FY15 earnings guidance. 
 Yum! Brands, Inc. (NYSE: <a class="ticker" href="/stock/yum#NYSE">YUM</a>) shares dropped 2.59 percent to $89.21. Yum! Brands reported better-than-expected earnings for its second quarter, but the company's sales missed analysts' estimates.
 Delta Air Lines, Inc. (NYSE: <a class="ticker" href="/stock/dal#NYSE">DAL</a>) shares slipped 2.06 percent to $42.76. Delta Air reported stronger-than-expected Q2 results. However, the company projects a decline in Q3 unit revenue.

Movers & Shakers

Intraday Update

GEVO

HMSY

MRTN

Morning Market Losers

Analysts at Goldman Sachs downgraded Phillips 66 (NYSE: <a class="ticker" href="/stock/psx#NYSE">PSX</a>) from Buy to Neutral. Phillips 66 shares closed at $83.40 yesterday.
Evercore ISI downgraded Cardinal Health Inc (NYSE: <a class="ticker" href="/stock/cah#NYSE">CAH</a>) from Buy to Hold. Cardinal Health shares closed at $86.12 yesterday.
Analysts at Piper Jaffray downgraded Hologic, Inc. (NASDAQ: <a class="ticker" href="/stock/holx#NASDAQ">HOLX</a>) from Overweight to Neutral. The target price for Hologic is set to $83. Hologic shares closed at $39.24 yesterday. 
UBS downgraded Orbitz Worldwide, Inc. (NYSE: <a class="ticker" href="/stock/oww#NYSE">OWW</a>) from Neutral to Sell. The target price for Orbitz Worldwide has been lowered from $12 to $10. Orbitz Worldwide shares closed at $11.40 yesterday.
Bernstein downgraded Intel Corporation (NASDAQ: <a class="ticker" href="/stock/intc#NASDAQ">INTC</a>) from Market Perform to Underperform. The target price for Intel has been lowered from $29 to $25. Intel shares closed at $29.73 yesterday.
B. Riley downgraded Remy International, Inc. (NASDAQ: <a class="ticker" href="/stock/remy#NASDAQ">REMY</a>) from undefined to Neutral. Remy International shares closed at $29.24 yesterday.
William Blair downgraded Vince Holding Corp (NYSE: <a class="ticker" href="/stock/vnce#NYSE">VNCE</a>) from Outperform to Market Perform. Vince Holding shares closed at $11.96 yesterday.
Analysts at KeyBanc downgraded Swift Energy Company (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) from Overweight to Sector Weight. Swift Energy shares closed at $1.26 yesterday.
Summit Research downgraded EMC Corporation (NYSE: <a class="ticker" href="/stock/emc#NYSE">EMC</a>) from Buy to Hold. The target price for EMC has been lowered from $34 to $26. EMC shares closed at $25.94 yesterday.
Analysts at Evercore Partners downgraded MedAssets, Inc. (NASDAQ: <a class="ticker" href="/stock/mdas#NASDAQ">MDAS</a>) from Buy to Hold. MedAssets shares closed at $22.30 yesterday.

HOLX

MDAS

REMY

VNCE

KeyBanc downgrades Swift Energy (NYSE: <a class="ticker" href="/stock/sfy#NYSE">SFY</a>) from Overweight to Sector Weight.

KeyBanc Downgrades Swift Energy to Sector Weight

Today was huge for Novavax (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>), as the vaccine producer revealed a new deal with Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>). The move was an unqualified winner ...

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