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UltraPro Short MidCap400

Maryland-based ProShares, the largest issuer of inverse and leveraged ETFs and sixth-largest U.S. issuer overall, announced share splits for six of its funds and reverse splits for 11 of its products.

ProShares will split four of its ETFs on a 2-for-1 basis. Those funds are as follows: The ProShares Ultra QQQ (NYSE: <a class="ticker" href="/stock/qld#NYSE">QLD</a>), the double-leveraged equivalent of the PowerShares QQQ (Nasdaq: <a class="ticker" href="/stock/qqq#Nasdaq">QQQ</a>), the ProShares UltraPro QQQ (Nasdaq: <a class="ticker" href="/stock/tqqq#Nasdaq">TQQQ</a>), which is the triple-leveraged answer to QQQ, the ProShares Ultra 20+ Year Treasury (NYSE: <a class="ticker" href="/stock/ubt#NYSE">UBT</a>) and the ProShares Ultra 7-10 Year Treasury (NYSE: <a class="ticker" href="/stock/ust#NYSE">UST</a>).

The ProShares UltraPro Dow30 (NYSE: <a class="ticker" href="/stock/udow#NYSE">UDOW</a>) and the ProShares UltraShort DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/kold#NYSE">KOLD</a>) will be split on a 3-for-1 basis, ProShares said in the statement.

All splits will apply to shareholders of record as of the close of the markets on May 8, 2012, payable after the close of the markets on May 10, 2012, the firm said. Tickers and CUSIPs will remain the same.

Six bearish ProShares funds will be split on a 1-for-4 basis. They are as follows: The ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), the ProShares UltraShort Dow30 (NYSE: <a class="ticker" href="/stock/dxd#NYSE">DXD</a>), the ProShares UltraPro Short QQQ (Nasdaq: <a class="ticker" href="/stock/sqqq#Nasdaq">SQQQ</a>), the ProShares UltraPro Short MidCap400 (NYSE: <a class="ticker" href="/stock/smdd#NYSE">SMDD</a>), the ProShares UltraShort Consumer Services (NYSE: <a class="ticker" href="/stock/scc#NYSE">SCC</a>) and the ProShares UltraShort Russell1000 Growth (NYSE: <a class="ticker" href="/stock/sfk#NYSE">SFK</a>).

The following five funds will be split on a 1-for-5 basis: The ProShares UltraPro Short S&amp;P500 (NYSE: <a class="ticker" href="/stock/spxu#NYSE">SPXU</a>), the ProShares UltraShort Silver (NYSE: <a class="ticker" href="/stock/zsl#NYSE">ZSL</a>), the ProShares UltraPro Short Russell2000 (NYSE: <a class="ticker" href="/stock/srty#NYSE">SRTY</a>), the ProShares Ultra DJ-UBS Natural Gas (NYSE: <a class="ticker" href="/stock/boil#NYSE">BOIL</a>) and the ProShares UltraShort Russell3000 (NYSE: <a class="ticker" href="/stock/twq#NYSE">TWQ</a>). 

In the case of BOIL, that product has plunged more than 69% year-to-date and more than 83% in the past six months amid slumping natural gas prices.

All reverse splits will apply to shareholders of record as of the close of the markets on May 10, 2012. The funds will trade at their post-split prices on May 11, 2012, ProShares said in the statement. Tickers and CUSIPS will remain the same.

ProShares had over $23.5 billion in assets under management at the end of March, according to data from the ETF Industry Association.

Guess? (NYSE: <a class="ticker" href="/stock/ges#NYSE">GES</a>) is scheduled to report second-quarter fiscal 2012 results later today, after the markets close. Investors will be watching to see whether expansion in Europe and Asia will again offset domestic weakness and provide another positive earnings surprise, as it did in the first quarter.

Analysts are looking for the apparel maker to report earnings of $0.81 per share, which is an increase over $0.72 in the same period of last year. That EPS estimate has crept up from $0.79 per share 90 days ago. And note that analysts have underestimated the company's per-share earnings in every quarter going back to 2008.

The analysts' forecast also calls for the company to post revenues of $656.4 million, which would be 13.7% higher than a year ago. Looking ahead to the current quarter, analysts so far are looking for sequential and year-over-year growth of both revenues and per-share earnings. And the forecast for the full year so far calls for revenues up 12.1% year over year and EPS 8.1% higher.

The Company

Los Angeles-based Guess? designs, markets and licenses lifestyle collections of apparel and accessories for men, women and children. Offerings include jeans, skirts, dresses and jackets, while licensed products include eyewear, watches, handbags and swimwear. It operates more than 400 stores in the U.S. and Canada, as well as more than 30 in Europe. The company also sells its products through wholesale, e-commerce and licensing distribution channels. The company was founded in 1981 and now has a market cap of $2.9 billion.

During the three months that ended in July, the company announced that founder and chairman Maurice Marciano would step down as an executive officer, and also announced that it had secured a new five-year $200 million revolving credit facility.

Performance

The company has a long-term earnings per share growth forecast of 13.9%, a return of equity of 25.6% and a dividend yield of 2.5%. Its 11.0 P/E ratio and 0.8 PEG ratio are less than the industry averages. The company keeps more than enough cash on hand to cover its long-term debts. Nine of 15 analysts rate the stock a Buy or Strong Buy, while none rate it a Sell.

Shares recently hit a 52-week low of $30.21 and the share price is now more than 32% lower than six months ago. The stock has underperformed competitors such as Polo Ralph Lauren (NYSE: <a class="ticker" href="/stock/rl#NYSE">RL</a>) and True Religion Apparel (NASDAQ: <a class="ticker" href="/stock/trlg#NASDAQ">TRLG</a>), as well as the broader markets, year to date.

Action Items:

Bullish: Traders interested in exchange traded funds invested in Guess? might want to consider the following trades:

<ul><li>Rydex S&amp;P Midcap 400 Pure Growth (NYSE: <a class="ticker" href="/stock/rfg#NYSE">RFG</a>): up more than 28% in the past year</li>
<li>SPDR S&amp;P MidCap 400 (NYSE: <a class="ticker" href="/stock/mdy#NYSE">MDY</a>): up more than 15% in the past year</li>
<li>iShares S&amp;P MidCap 400 Index (NYSE: <a class="ticker" href="/stock/ijh#NYSE">IJH</a>): up more than 15% in the past year</li>
</ul>

Bearish: Traders may want to consider these alternative positions:

<ul><li>ProShares UltraPro Short MidCap400 (NYSE: <a class="ticker" href="/stock/smdd#NYSE">SMDD</a>): up more than 46% in the past month</li>
<li>Direxion Daily Mid Cap Bear 3X Shares (NYSE: <a class="ticker" href="/stock/mwn#NYSE">MWN</a>): up more than 45% in the past month</li>
<li>ProShares Short MidCap400 (NYSE: <a class="ticker" href="/stock/myy#NYSE">MYY</a>): up more than 17% in the past month
</li></ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

UltraPro Short MidCap400 declares quarterly distribution of $0.1187

UltraPro Short MidCap400 declares quarterly distribution of $0.1799

UltraPro Short MidCap400 declares quarterly distribution of $0.0332

ProShares UltraPro Short MidCap400 -3x Shares

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Latest News for UltraPro Short MidCap400 (ARCA:SMDD)

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