Tech ETFs Anticipate Amazon Earnings, Facebook IPO (QQQ, XLK, VGT, IYW, AMZN)
Technology Sector ETFs rose today in anticipation of Amazon’s earnings reports and a possible Facebook IPO filing
Technology Sector ETFs including the PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ), the Technology SPDR ETF (NYSEARCA:XLK), the Vanguard Information Technology ETF (NYSEARCA:VGT) and the iShares Dow Jones US Technology ETF (NYSEARCA:IYW) have all risen today in anticipation of a positive Amazon (NASDAQ:AMZN) earnings report and a rumored Facebook IPO filing.
Amazon’s earnings for fourth quarter 2011 are expected to be higher than fourth quarter 2010 as the online giant’s Kindle Fire has made significant inroads into the tablet world. Amazon is expected to release its earnings report tomorrow afternoon after market close, so tech ETFs will likely rise in anticipation again for tomorrow.
Perhaps the greatest anticipation of all surrounds rumors of a Facebook initial public offering filing scheduled this Wednesday. The company is already expected to be worth anywhere from $75-100 billion and will likely trade on the New York Stock Exchange.
Technology Sector ETF Summary:
- PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ): +0.05 (0.08%)
- Technology SPDR ETF (NYSEARCA:XLK): +0.07 (0.26%)
- Vanguard Information Technology ETF (NYSEARCA:VGT): +0.08 (0.12%)
- iShares Dow Jones US Technology ETF (NYSEARCA:IYW): +0.15 (0.22%)
Bottom Line: Technology sector ETFs have surged this year, as tech monoliths including Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) led the NASDAQ to its 11 year high last Wednesday. Positive Amazon (NASDAQ:AMZN) earnings reports and a publicly owned Facebook will likely continue the Tech Sector ETF euphoria for quite some time.
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Disclaimer: Wall Street Sector Selector trades a wide variety of ETFs and positions can change at any time.
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