Exchange traded funds (ETFs) tracking the Nasdaq-100 and Internet stocks are getting into the earnings groove midweek with investors set to get a quarterly update from online auction giant eBay (NasdaqGS: EBAY) after Wednesday’s closing bell.
Wall Street is looking for first-quarter profit of 46 cents a share from eBay.
“eBay is our recommendation for investors seeking exposure to eCommerce, and while we expect strong first quarter results we also see this fairly priced into the stock given the 18% YTD gain,” said BGC Partners in an earnings preview.
“eBay’s combination of marketplace, price discovery tools, and payment is well built for the mobile space,” BGC said.
PowerShares QQQ (NasdaqGM: QQQ) was up fractionally in the last hour of trading Wednesday. It has a 1.5% stake in eBay.
Internet HOLDRS (AMEX: HHH) has more than 20% in the stock. It rallied 3% Wednesday as top holding Amazon (NasdaqGS: AMZN) gained 6% after its quarterly conference call. [Amazon Rally Powers Internet Sector ETFs.]
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.