ETF Trends
ETF Trends

Financial-sector exchange traded funds (ETFs) were flat in afternoon trading Tuesday despite big moves in individual components after a flood of earnings reports.

MasterCard (NYSE: MA) rose nearly 3% after its quarterly update, while Legg Mason (NYSE: LM) and Hartford (NYSE: HIG) shares were in retreat after their reports.

“MasterCard reported strong first-quarter results, exceeding our above-consensus expectations,” said analysts at Duncan-Williams in a note.

“While the stock has rebounded sharply following Durbin-related concerns, we are reiterating our strong buy rating here as global volumes continue to accelerate, the company is benefitting from higher gas prices, foreign currency should be a significant tailwind in the near-term, and we think the valuation on the stock remains compelling,” they wrote.

Separately, Legg Mason shares were under attack Tuesday, shedding more than 7% at last check. Chief Executive Mark Fetting said costs in its Western Asset Management fixed-income unit will rise $74 million in the fiscal year, Bloomberg reported.

Also Tuesday in financials, Hartford shares dropped 2% as the insurer was cautious on share buybacks and dividends, MarketWatch reported.

Financial Select Sector SPDR Fund (NYSEArca: XLF) was little changed at last check.

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.