The Best (And Worst) ETFs Of Last Week Amid Social Media's Collapse
The rug was unceremoniously pulled out from under the bulls this past week as several key earnings misses and economic data surprises led to a muted decline in stocks.
The SPDR S&P 500 ETF Trust (NYSE: SPY) jostled lower for much of the week and continues to underscore the difficulty in forecasting price trends this year.
Social media stocks Twitter Inc (NYSE: TWTR), LinkedIn Corp (NYSE: LNKD) and Yelp Inc (NYSE: YELP) were all deeply discounted after releasing earnings results. Investors were disappointed with recent progress and forward guidance estimates, which prompted heavy selling across the board in this sector.
The following ETFs represent a sample of the best- and worst-performing funds over the last five trading sessions.
BEST: Greek Stocks
After months of selling, the Greek stock market rebounded last week as speculation over financial negotiations for this indebted nation took a positive turn.
The Global X Funds (NYSE: GREK) gained more than 14 percent since the previous Friday’s close and touched its highest levels in nearly two months.
GREK tracks the 20 largest and most liquid stocks on the Athens stock exchange. This country-specific ETF has attracted nearly $200 million in new assets this year as deep value-seeking investors bet on a turn around.
Despite progress over the week, GREK still has quite a ways to go in order to foster confidence in a sustainable recovery.
WORST: Biotechnology Stocks
The biotechnology sector came under fire as a result of earnings reports and sentiment shifts. Many ETFs in this sector saw some of their highest volume trading in several years, as worries over big money exiting these stocks led to heighten volatility.
The BioShares Biotechnology Clinical Trials Fund (NASDAQ: BBC) experienced a drop of over 11 percent over the last five trading sessions as the smaller companies in this fund fell precipitously. BBC contains 68 stocks engaged in early stage trials of new drugs and medical sciences.
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